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 Home Affordable Modification Program (HAMP) is a U.S. government program designed to help homeowners reduce their monthly mortgage payments to make them more affordable, aiming to cap mortgage payments at 31% of a borrower’s verified monthly gross pretax income.
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.
