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What is HAMP?


HAMP® is designed to lower your monthly mortgage payments, making them more affordable and sustainable for the long-term. With its focus on affordability, it could provide just the help you need to make your mortgage payments successfully.

Application Deadline: December 31, 2016

You may be eligible for HAMP if you meet the following basic criteria:

  • You are struggling to make your mortgage payments due to financial hardship.

  • You are delinquent or in danger of falling behind on your mortgage.

  • You obtained your mortgage on or before January 1, 2009.

  • Your property has not been condemned.

  • You owe up to $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).

If you qualify for HAMP and you have a second mortgage, you may also qualify for MHA's Second Lien Modification ProgramSM (2MPSM).

If homeownership is just not affordable right now, even with a modification, MHA's Home Affordable Foreclosure Alternatives Program (HAFA) could be right for you. With relocation assistance and relief from your remaining mortgage debt, HAFA could help give you a fresh start.

If you're current on your mortgage and your mortgage is not FHA-insured, MHA's FHA Short Refinance for Borrowers with Negative Equity (FHA Short Refinance) could be another good option for you.

Home Affordable Unemployment Program. UP reduces or suspends your monthly mortgage payment, giving you some much needed breathing room while you search for your next job. UP forbearance temporarily suspends your monthly mortgage payments or reduces them to no more than 31 percent of your gross income. UP offers a break from your regular mortgage payments for up to 12 months.

The Making Home Affordable (MHA) Program is a critical part of the Administration's broad strategy to help homeowners avoid foreclosure and stabilize the nation's housing market. Eligible homeowners can lower their monthly mortgage payments and get into more stable loans at today's low interest rates. And for those homeowners for whom ownership is no longer affordable or desirable, the program can provide a way out that avoids foreclosure.

HARP. The Home Affordable Refinance Program was created to help underwater and near-underwater homeowners refinance their mortgages. The objective of a refinance under HARP is to provide creditworthy homeowners the opportunity to get into a new mortgage with better terms.

Studies suggest that homeowners who work with experts are more successful and have better long-term outcomes. If you’re one of these homeowners, you could save a great deal of money by reducing the amount of interest you pay over the life of the loan.

Application Deadline: December 31, 2016

Start today. There is no cost to you for a consultation.

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