What is the Home Affordable Modification Program?

The Home Affordable Modification Program (HAMP) is a program created by the United States Department of the Treasury to help homeowners struggling with their mortgage payments in South Carolina. This program gives lenders the ability to restructure a homeowner’s loan to make it more manageable. The lender can provide a lower interest rate, lower the principal amount and extend the term of the loan. HAMP also allows borrowers to receive a principal reduction on their loan, or a “Principal Reduction Alternative”. In addition, the borrower gets to keep their home. The goal of this program is to prevent foreclosure and help homeowners stay in their homes by making the mortgage payments more affordable. In order to be eligible, the borrower must have a home loan that was originated prior to January 1, 2009, must live in the property, and have a total debt- to-income ratio of 31%. In some cases, they may also have to prove their hardship. HAMP is a great program to help homeowners in South Carolina get back on track financially and keep their homes. It is important that those who think they may qualify for the program contact their lender as soon as possible to discuss their options. With the help of the Home Affordable Modification Program, it is possible that homeowners can stay in their homes.

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What is the Home Affordable Modification Program?

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