What is the Home Affordable Modification Program?

The Home Affordable Modification Program (HAMP) is a mortgage modification program designed to help struggling homeowners in North Carolina and across the country. HAMP provides eligible homeowners with a modification of their mortgage payments, including an interest rate reduction, a repayment plan, and an extended loan term, which can reduce monthly payments and make them more affordable. HAMP is administered by the U.S. Treasury Department and the Department of Housing and Urban Development, and is regulated by the Federal Housing Finance Agency and state banking laws. Under HAMP, eligible homeowners must provide evidence of their income and have a hardship that is causing them to be unable to meet their mortgage obligations. If they are approved, they can have their loan payments reduced and their loan term extended. HAMP also offers incentives to lenders and servicers who modify loans, including payment incentives and a forbearance of principal. HAMP has been available to North Carolina homeowners since 2009 and has helped thousands of homeowners lower their mortgage payments. HAMP is designed to be a long-term solution to the foreclosure crisis, and can help homeowners avoid foreclosure by reducing their mortgage payments and helping them get back on track with their finances.

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What is the Home Affordable Modification Program?

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