what is the hamp program

The Home Affordable Modification Program (HAMP) was a government-backed program designed to help homeowners who were struggling with their monthly mortgage payments. The program ended on Dec. 30, 2016.

 · The Home Affordable Modification Program (HAMP) is a federal program designed to help homeowners in financial difficulty. The goal is to reduce your monthly mortgage payment to 31% of your pre-tax monthly income. Because HAMP is a voluntary program, you should check whether your mortgage company participates.

How HAMP Works. HAMP is a federal program that aims to make homeownership more affordable for existing homeowners. To accomplish this objective, participants receive one of the following:

Another important feature of HAMP is that the treasury requires lenders and servicers to apply a consistent process in calculating an affordable loan modification. In fact, the HAMP approach is similar to the process used in "Mod in a Box": A loan can be modified only if it yields a positive NPV using a "waterfall" procedure.

 · The Home Affordable Modification Program (HAMP) Explained. HAMP is a program (actually, half a program) developed by the Obama Administration as an attempted response to the foreclosure crisis in America. Unfortunately, due to pressure from the mortgage industry, the Administration backed away from the key part of the program,

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HAMP was designed to help families who are struggling to remain in their homes and show: Documented financial hardship; An ability to make their monthly mortgage payments after a modification. HAMP is a voluntary program that supports servicers’ efforts to modify mortgages, while protecting taxpayers’ interests.

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There are two government programs that homeowners qualify for; HAMP and HARP (Home Affordability Modification Program and Home Affordability Refinance Program). But many people are confused which program they qualify for. This article will hopefully clear up some things for you so you can get a better understanding as to which program you qualify for.

OBAMA HAMP Program Loan Modification Help A home loan modification program that includes a balloon requires a lump sum payment to be made by the borrower after a predetermined period of time, for example, ten years. The balloon payment is usually triggered by the lender’s act of granting a principal forbearance. Principal Forbearance: Lower Monthly HAMP Payments

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