The Home Affordable Modification Program (HAMP) is a U.S. government initiative introduced in 2009 under the Making Home Affordable (MHA) program, designed to help financially struggling homeowners avoid foreclosure by modifying their mortgage loans to a more affordable level.
Loan modification refers to changes made to the original terms of an existing loan agreement between the lender and borrower, usually to prevent foreclosure and provide financial relief to the borrower.
