Home Affordable Modification Program (HAMP)

Housing Vouchers * Public Housing * Homeless * Making Home Affordable

Lower Your Monthly Mortgage Payments with Home Affordable Modification Program (HAMP)

What is the Home Affordable Modification Program?

Enacted: February 18, 2009 – effective for mortgages originated on or prior to 01.01.2009

Making Home Affordable initiative ended on December 31, 2016

Explore 50 States Public Financial Assistance Guide

Home Affordable Modification Program or HAMP was developed by the U.S. Treasury Department as a result of the Emergency Economic Stabilization Act (EESA) of 2008 and the American Recovery and Reinvestment Act (ARRA) of 2009.

Basically the Home Affordable Modification Program offers incentives to mortgage lenders if they agree to and modify mortgage loans of struggling homeowners. Incentive payments to participating mortgage lenders are funded through the Troubled Asset Relief Program (TARP) and are not intended to be recovered. They are just that – incentive payments paid to mortgage lenders when they modify the terms of your mortgage loan and lower your monthly payments.

Purpose of the Home Affordable Modification Program

Homeownership preservation and home values protection.

Goal of HAMP

The main goal of the program is to help homeowners in hardship by modifying their home loans and lowering their monthly mortgage payments to less than 31% of their gross monthly income.

Who may be eligible?

All homeowners in financial hardship who:

  • Are delinquent or in danger of falling behind on their mortgage payments
  • Hold mortgage loans originated on or before January 1, 2009
  • Owe up to $729,750 on their primary residence
  • Have a monthly mortgage payment over 31% of their gross monthly household income
  • Have sufficient and documented income to support a modified payment
Contact your mortgage company to find out if you are currently eligible for Home Affordable Modification.

How to apply?

Contact your mortgage company servicer – the company to which you make your monthly mortgage payments and ask them for the Initial Application Package for Home Affordable Modification Program.

Your application should include the following:

  • Request for Modification and Affidavit – info about your home and financial situation.
  • Tax Form (Form 4506T-EZ ) or (Form 4506-T)   – this will give permission to your mortgage servicer to request a copy of your most recent tax return from the Internal Revenue Service (IRS).
  • Verification of income – documentation proving the source of your income.
  • Dodd-Frank Certification Form – you, the applicant, must certify that you have not been convicted of any crimes associated with a mortgage or real estate transaction within the past 10 years.

Call an HUD-approved housing counselor at 888-995-4673  (Hearing impaired: 877-304-9709 TTY) to help you understand your options, prepare your application, and work with your mortgage company.

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