Home Afford­able Mod­i­fi­ca­tion Pro­gram (HAMP)

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.

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