What is the Home Affordable Modification Program?

The Home Affordable Modification Program (HAMP) is a program created by the federal government and available in North Carolina to help struggling homeowners lower their monthly mortgage payments. HAMP allows homeowners to modify their monthly payments with their servicer in order to make them more affordable. This program provides incentives for eligible homeowners and participating mortgage servicers to modify mortgages. Eligibility for the program is based on certain criteria, such as the homeowner’s income, loan origination date, and lien position. If eligible, homeowners may be able to reduce their interest rate, extend the term of their loan, and even reduce the principal balance of their loan. The benefits of HAMP can be substantial for both homeowners and lenders. Homeowners can lower their monthly payments, making them more manageable. For lenders, they can avoid the costs associated with foreclosure and get a lower loan repayments. Through the program, homeowners and lenders can work together to ensure that the loan is paid off in an equitable manner. In North Carolina, the Home Affordable Modification Program is administered by the North Carolina Housing Finance Agency. If you are a homeowner struggling to make your mortgage payment, contact the agency to learn more about HAMP and how it might be able to provide you with assistance.

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What is the Home Affordable Modification Program?

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