The Home Affordable Modification Program, affectionately called HAMP, is a federal program passed in 2009 to help homeowners stay in their homes. This program was enacted in order to stem the alarming rate of foreclosures in the nation. With house values falling below what most people owe on their mortgages, getting refinanced and keeping up with mortgage payments seemed impossible for a lot of homeowners. HAMP encourages borrowers to work with their lenders towards finding a way to stay in their homes and get current on their mortgages.

Depending on your financial situation, the value of your home and the lender you are working with, HAMP can help you reduce the principal owed on your mortgage, or get your interest rate lowered to a point that makes your monthly mortgage payments more affordable. There are several requirements that you will have to meet in order to qualify for HAMP. You must be seeking a modification on your principal residence, and you must have signed your mortgage prior to January 1, 2009. If you meet those requirements, talk to your bank about the amount you owe and how it compares to the value of your home. You may be able to get a modification that makes payments more reasonable.

Many of the largest lenders in the nation are working with their borrowers through HAMP. If you are worried about foreclosure or you have struggled to make your mortgage payments, call your lender and find out if HAMP is an option for you. Stephen K. Hachey, a Florida real estate attorney, can help you navigate this process. Contact our offices at 813-549-0096.

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