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.
The Homeowners Affordability and Stability Plan (HASP), announced by the U.S. government on February 18, 2009, aims to assist up to 9 million homeowners in avoiding foreclosure through cost-sharing and incentives, funded largely by the Housing and Economic Recovery Act of 2008.
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.
Mortgage modification refers to the process of making permanent changes to the terms of an existing loan agreement between a borrower and a lender. This is intended to make the loan more affordable for the borrower to avoid foreclosure.
A repayment plan is an agreement between a lender and a delinquent borrower in which the borrower agrees to make additional payments to pay down past due amounts while continuing to make regular scheduled payments.
