The Making Home Affordable Program (“HAMP”) is the signature program of the Obama Administration to help struggling homeowners save their homes. When President Obama took office, he designated $75 billion from the massive $790 billion bailout for the banks to be used for homeowners. When borrowers qualify for HAMP part of their mortgage will be paid by the Federal government. The program came into effect in 2009 and was scheduled to end on December 13, 2013. Because of its massive success, the government extended HAMP through December 2015.
Our law firm has used HAMP to help thousands of homeowners around Florida to save their homes. HAMP modifications can employ any combination of the elements below:
- Lowering interest rates
- Extending note terms
- Creating balloon payments
- Forgiving principal
The driving idea behind HAMP is to give homeowners a payment that they can pay so that they don’t lose their homes.
The program has also been expanded so that there are more solutions for homeowners now than there have ever been. There are programs for principal reduction; FHA loans; special loan servicing; veteran’s loans; second liens and refinance programs as well as programs for unemployed borrowers.
Now is the time to look into these programs and apply before the program is gone. Our office has done hundreds of HAMP modifications since the program became available in 2009. We want to take full advantage of this program before it expires to help as many people as possible to avoid losing their homes to foreclosure.