Home Affordable Modification Program - HAMP

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Dictionary Says

Definition of 'Home Affordable Modification Program - HAMP'

A loan modification program introduced in 2009 to promote stability in the housing market. The Home Affordable Modification Program (HAMP) was aimed at helping homeowners who were devoting more than 31% their of gross income toward mortgage payments. Eligible homeowners can receive adjustments to the mortgage principal, interest rate or payments in order to get the percentage of income going to payments below 31%.
Investopedia Says

Investopedia explains 'Home Affordable Modification Program - HAMP'

The government refers to the ratio of payments to gross income as the front-end debt-to-income (DTI) ratio. Working in conjunction with mortgage lenders, the HAMP program provided incetives for banks to reduce the DTI ratio to less than or equal to 38%; the Treasury will then step in to help reduce the DTI ratio to 31% or less. Mortgage servicers received an up-front payment of $1,000 for each eligible modification they performed plus up to $1,000 per year for up to three years while borrower is in the program.
Search results for

'Home Affordable Modification Program (HAMP)'

  • It's A HAMP Shame: Feds Seek To Share The Mortgage Blame ...

    http://financialedge.investopedia.com/financial-edge/1209/Its-A-HAMP-Shame-Feds-Seek-To-Share-The-Mortgage-Blame.aspx
    ... The Home Affordable Modification Program ( HAMP ) has failed. Designed to
    encourage banks to modify the terms of loans made to people ...

  • Bankruptcy Filing Changes That Could Affect You

    http://www.investopedia.com/articles/pf/09/update-bankruptcy-laws.asp
    ... Rao noted that there have been efforts to help borrowers with loan modification
    through the Home Affordable Modification Program (HAMP) announced in the spring ...

  • The Nation's Mortgage Horror Stories - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0911/The-Nations-Mortgage-Horror-Stories.aspx
    ... A Wall Street Journal article cited an unemployed homeowner who originally qualified
    for the Home Affordable Modification Program (HAMP) and was notified she ...

  • Avoid Foreclosure: How To Handle An Underwater Mortgage

    http://www.investopedia.com/articles/mortgages-real-estate/09/avoid-foreclosure-proper-handling.asp
    ... The Making Home Affordable Program of 2009 included the Home Affordable Modification
    Program (HAMP), which enabled struggling homeowners to pay their monthly ...

  • More Housing Woes Hit Homebuilders

    http://stocks.investopedia.com/stock-analysis/2010/More-Housing-Woes-Hit-Homebuilders-DHR-NVR-LEN-KBH-PHM-BZH-HOV0625.aspx
    ... The government continues to offer loan modifications through its Home Affordable
    Modification Program (HAMP) and to purchase mortgage-backed securities through ...

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