What is the Home Affordable Modification Program?

The Home Affordable Modification Program (HAMP) is a mortgage assistance program that is offered to Kansas homeowners who are struggling to make their monthly mortgage payments. This program is part of the Making Home Affordable initiative, which was put in place by the Federal Government to help struggling homeowners keep their homes. Under the Home Affordable Modification Program, eligible homeowners may be able to have their mortgage payments reduced to an affordable and sustainable level. To be eligible for HAMP assistance, homeowners must be a primary resident of the home, have experienced a financial hardship, and the mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. In order to qualify, homeowners must also provide proof of their income and have a payment-to-income ratio that will be able to be modified to an affordable amount. Once homeowners have been determined to be eligible for HAMP, their lenders will work with them to modify their existing mortgage. This may include changing the interest rate, extending the length of the loan, reducing the principal balance, or forbearing a portion of the principal balance. In Kansas, homeowners who are eligible for the Home Affordable Modification Program may be able to keep their home and avoid foreclosure. This program is a great opportunity for Kansas homeowners who are struggling to make their mortgage payments.

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