2. Home Affordable Modification Program (HAMP)

2. Home Affordable Modification Program (HAMP) Homeowners who are employed but can’t afford their mortgage payments should consider applying for the Home Affordable Modification Program. This loan modification program reduces the amount owed by mortgage holders so their debt is more manageable. The catch is that your mortgage servicer must have agreed to participate in HAMP, and you can only get relief through this program if they are participating. The pool of potentially eligible homeowners was expanded in June 2012, so it’s worth checking to see if you qualify for help. HAMP Eligibility If you meet the following eligibility requirements as per the Making Home Affordable website, contact your mortgage provider to find out if they are participating in HAMP: You obtained your mortgage on or before January 1, 2009. You owe up to $729,750 on your primary residence or single unit rental property; $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property. The property has not been condemned. You are behind on mortgage payments or in danger of falling behind due to financial hardship. Your income is high enough to cover the modified mortgage payment and you can prove it. You haven’t been convicted of real estate-related felony larceny, theft, fraud, forgery, money laundering or tax evasion in the past 10 years.