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 Home Affordable Modification Program (HAMP)

If you're not unemployed, but you're still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP). HAMP can lower your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income, which usually provides savings of hundreds of dollars per month.

Making Home Affordable is planning enhancements to the HAMP Program. Detailed information will be available for mortgage servicers in February 2012. The expanded program for homeowners is expected to be available in May 2012. We will update this site as more details become available.

Please refer to our homeowner Q&A document  or call 888-995-HOPE (4673) to speak with a housing expert.


+ Eligibility

You may be eligible for HAMP if you meet all of the following criteria:

  • • You occupy the house as your primary residence.
    • You obtained your mortgage on or before January 1, 2009.
    • You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
    • You owe up to $729,750 on your home.
    • You have a financial hardship and are either delinquent or in danger of falling behind.
    • You have sufficient, documented income to support the modified payment.
    • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

Get more information on how to apply for a modification ›

*Eligibility criteria are for guidance only. Contact your mortgage company to see if you may be eligible for HAMP.

+ Program Availability

Contact your mortgage servicer (the company to which you make your mortgage payments) to see if they participate in the program. Not all servicers do. If yours does not, they may offer their own foreclosure prevention solutions that might be best suited to your situation.

If your mortgage servicer does participate in the MHA program but makes the determination that you are not eligible for a HAMP modification, they may offer you modification alternatives of their own.

Program ends December 31, 2012.

+ Steps to apply for a HAMP Modification

To apply for HAMP, you need to complete and provide the following to your HAMP participating mortgage servicer.

If your mortgage is owned, insured, or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA, ask your mortgage servicer which solutions might be best suited to your situation.

+ More Information

If you have additional questions about getting mortgage help, contact one of our housing experts at 888-995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing experts like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.

If you qualify for HAMP and also have a second mortgage, you may also qualify for the Second Lien Modification Program (2MP).

+ Videos

Click here to watch video ›

Key Terms on This Page:

Verified Monthly Gross (pre-tax) IncomeThe amount of money earned or received each month before taxes and any payroll deduction are taken out, as confirmed by your paystub or other income documentation., Mortgage ModificationA process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower. For example: Changes in the interest rate, length of the loan or balance (how much you owe) on the loan.,
Second MortgageA secured loan that is secondary to another loan against the same property (also known as a second lien).

Last Updated: 1/27/2012 3:38 PM

Help is a Phone Call Away

888-995-HOPE (4673)
Hearing impaired: 877-304-9709 TTY

As you enter a process that can sometimes be overwhelming, it would be in your best interest to engage a housing expert to help you along the way. Let a HUD-approved housing counselor help you understand your options, prepare your application, and work with your mortgage company.

Homeowner's HOPE™ Hotline

Hear it from Homeowners

Curtis and Darlene, Chicago IL

Curtis and Darlene of Chicago, IL

Curtis and Darlene had lived in their home for 35 years when Curtis lost his job. That’s when MHA helped them cut their mortgage payments in half.

See their story (PSA)

Beware of Scams

 

Unfortunately, and far too often, homeowners looking for mortgage help end up victimized by scam artists. Know the warning signs to protect yourself, your money, and your home.

Get tips to avoid scams.

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