options for keeping your home
The Home Affordable Modification Program (HAMP)
To qualify for a HAMP, you must first prove you have strong, justifiable reasons to request a modification. HAMP modifications are offered through the federal Making Home Affordable Program and are designed to help struggling homeowners who have loans that are owned by Freddie Mac, Fannie Mae, or a participating lender. Who can apply?
- Homeowners who could soon fall behind on their loan payments.
- Homeowners who are already behind on their loan payments.
- Homeowners who are currently facing foreclosure.
These homeowners may ALL apply for a HAMP. Under this option, the rate of interest may be reduced, payments may be extended, or applicants may receive forbearance on a portion of their loans. In rare cases, lenders may forgive a portion of the loan balance. This program is available through December 31, 2013.