What is the Home Affordable Modification Program?

The Home Affordable Modification Program (HAMP) is a federal government program in the U.S. that helps home owners who are struggling with their mortgage payments. It is designed to provide assistance to homeowners who are in danger of having their home go into foreclosure. This program was created under the Obama Administration in 2009 in order to help homeowners who were struggling due to the economic crisis. HAMP helps homeowners by offering them a modification to their loan so that their payments are more manageable. This modification includes a lower interest rate, extended terms, and/or principal forgiveness. In order to qualify for this program, a homeowner must meet certain criteria, such as having a primary residence and being current on their mortgage payments. Homeowners must also provide documentation that shows that they have experienced a financial hardship. Once a homeowner has been approved for the HAMP program, they must enter into a trial period where they must make their revised payments. After successful completion of the trial period, the homeowner can enter into the permanent modification period. During this period, the homeowner will continue to make their modified payments until the loan is paid off. HAMP has been especially helpful to Oklahoma homeowners, as it has helped many of them stay in their homes even when they may have been facing foreclosure. If you’re a homeowner in Oklahoma who is struggling to make your payments, the Home Affordable Modification Program may be an option for you.

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What is the Home Affordable Modification Program?

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