The Homeowner Affordability and Stability Plan offers two options for homeowners having difficulty repaying their mortgage: HAMP and HARP. Since you specifically asked about mortgage modification programs, this report focuses on the HAMP program (see OLR Report 2012-R-0023 for additional information on HARP, which helps homeowners who are current on mortgage payments but who cannot get traditional refinancing due to declining property values).

Servicers need certainly to actively solicit delinquent consumers

FHFA while the You.S. Institution out-of Treasury authored HAMP at the beginning of 2009. The application form facilitate consumers who’re delinquent, and additionally individuals whoever standard is certain. HAMP is very effective for mortgages originated into or prior to .

System Qualification. In order to qualify for the application form, the loan, debtor, and you can possessions need certainly to fulfill specific criteria. Getting entitled to the application:

2. Mortgages which have priority over all other liens or states into the property in case of default (first-lien mortgage loans) that are owned, securitized, otherwise guaranteed by Freddie Mac computer meet the criteria that have latest unpaid dominant balances as much as:

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