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what is hamp loan modification

What is a loan modification? Consider it a lifeline for homeowners in trouble.. So far, HAMP has helped more than 2.2 million homeowners modify their loans. (The HAMP program is slated to.

"You have to think about HAMP in the context of who it was supposed to help and why," she told the Washington Post. "It set a framework for evaluating mortgage modifications that moved the industry to.

About the Author: Marc W. Gunn is a Shareholder with Gunn & Gunn P.C. and has been practicing law in Oregon since 1995. Marc’s areas of practice include Criminal Defense, Bankruptcy, DUII Defense, Creditor Representation and Business Reorganizations.

Home Affordable Modification Program. The Home Affordable modification program (hamp) is a government program introduced in 2009 to respond to the subprime mortgage crisis. HAMP is part of the Making Home Affordable program (MHA), established in concert with the hardest hit fund program (HHF) under the Troubled Asset Relief Program.

The U.S. government’s mortgage assistance initiative is known as the "Home Affordable Modification Program," and is more commonly referred to as HAMP. A HAMP loan modification is when your current mortgage that is held by Fannie Mae, Freddie Mac, FHA and or VA loan is modified by changing the terms to a more affordable monthly payment.

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The Home Affordable Modification Program (HAMP) is a federal mortgage modification program targeting homeowners at risk of foreclosure. First announced in March 2009 as part of the broad Making Home Affordable program, HAMP is designed to help homeowners who are employed, but who are struggling to make their mortgage payments due to a financial.

The Home Affordable Modification Program (HAMP) is designed to help financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. This is done by interest rate reduction, fixing the interest rate, principal reduction or forbearance, and term extension.

The predominant loan modification program currently available is the Home Affordable Modification Program (HAMP), which was formed and funded by the federal government in 2009. Under HAMP, banks that took TARP bank bailout money are required to offer HAMP modification to borrowers whose loans are backed by Fannie Mae and Freddy Mac, two.

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