What is the Home Affordable Modification Program?

The Home Affordable Modification Program (HAMP) is a federal program created by Delaware law to help homeowners who are struggling to make their mortgage payments stay in their homes. This program is available to borrowers in all fifty states. Through this program, borrowers can apply for a loan modification with their mortgage servicer. A loan modification changes the terms of a mortgage, usually by lowering the interest rate and extending the length of the loan. To be eligible, the borrower must demonstrate financial hardship and meet income and loan-to-value criteria. Once the borrower has applied, the mortgage servicer will review the application and send a decision letter. If approved, the borrower will then be offered a loan modification agreement. This will clearly state the new terms of the loan. The Home Affordable Modification Program has helped many homeowners avoid foreclosure and stay in their homes. Thanks to this program, many homeowners have been able to stay in their homes, lower their monthly payments, and keep their credit ratings intact. For more information about the Home Affordable Modification Program in Delaware, contact your local housing agency or mortgage servicer. They can help you determine if you are eligible and what steps you need to take to apply.

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What is the Home Affordable Modification Program?

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