What Is the Home Affordable Modification Program?

The Home Affordable Modification Program was set up by the U.S. government to help homeowners facing foreclosure get loan modifications from their lenders. The program was supposed to prevent millions of foreclosures, but has fallen far short of that goal.

Eligibility for the Home Affordable Modification Program

In order to quality for HAMP, borrowers must have mortgages that were initiated no later than Jan. 1, 2009. The amount owed on the home cannot exceed $729,750 for a single-family home, and the mortgage being modified must be a first mortgage. There are also income requirements for getting a modification through the Home Affordable… Read more »