General Legal Resources and Information; Legal Dictionaries
5 Basics to Know About the Government’s Mortgage Loan Modification Program (“HAMP”)
- The Home Affordable Modification Program (“HAMP”) is intended to help homeowners avoid foreclosure by modifying their mortgage loans so that the payments are affordable both now and over the long term, and can thus be made.
- Not all homeowners qualify, and not all mortgage loans qualify.
- Both FHA and private loans may qualify.
- HAMP is designed for primary mortgage loans, not secondary mortgage loans.
- Homeowners with no income usually will not qualify.