The Home Affordable Modification Program (HAMP), as part of the Making Home Affordable program, assists homeowners in crisis to modify their mortgage to make their payments more affordable. So far, more than 1 million homeowners have received a permanent modification through the Home Affordable Modification Program (HAMP). Homeowner should contact their mortgage company to see if they participate in the HAMP program. If they don’t, homeowner should asked their mortgage company if they have an alternative program.
Who is Eligible for HAMP?
- You obtained your mortgage on or before January 1, 2009.
- You owe up to $729,750 on your primary residence or single unit rental property
- You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property
- The property has not been condemned
- You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
- You have sufficient, documented income to support a modified payment.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.Homeowners who are applying for a modification on a home that is not their primary residence, but the property is currently rented or the homeowner intends to rent it.