Paying on time can pay off big time!
Through the Home Affordable Modification ProgramSM (HAMP®), you could earn up to $10,000 in principal reduction just for making your mortgage payments in full and on time—up to $1,000 per year for the first five years and a $5,000 one-time payment at the end of year six. After year six, you may be eligible to recast (or re-amortize) your reduced mortgage balance to further lower your monthly mortgage payment for the life of the loan.
RECEIVED A NOTICE FROM YOUR MORTGAGE COMPANY?
If you have any questions about the terms of your modification, please call a housing counselor at 888-995-HOPE™ (4673).
QUICK REFERENCE GLOSSARY
In certain instances when a substantial payment or contribution is made to reduce the unpaid principal balance of a homeowner’s mortgage loan, the homeowner could have the unpaid principal balance recast or re-amortized. This is when the mortgage company recalculates the monthly payment based on the lowered principal balance, using the same interest rate and time remaining under the existing mortgage terms.
Last Updated: 8/1/2017 12:45