Loan Modification in The United States - Home Affordable Modification Program - Purpose

Purpose

The Home Affordable Modification Program (HAMP) was established on February 18, 2009 to help up from 7 to 8 million struggling homeowners at risk of foreclosure by working with their lenders to lower monthly mortgage payments. The Program is part of the Making Home Affordable Program which was created by the Financial Stability Act of 2009. The program was built as collaboration with banks, services, credit unions, the FHA, the VA, the USDA and the Federal Housing Finance Agency, to create standard loan modification guidelines for lenders to take into consideration when evaluating a borrower for a potential loan modification. Over 110 major lenders have already signed onto the program. The Program is now looked upon as the industry standard practice for lenders to analyze potential modification applicants.

Early 2012 the Treasury redesigned the HAMP as Tier 1 for the original first-lien modification process and in June 1, 2012 Tier 2 became available. Tier 2 is for either owner-occupied properties or rental properties. For mortgages secured by rental properties, only those that are two or more payments delinquent are eligible.

Read more about this topic:  Loan Modification In The United States, Home Affordable Modification Program

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Famous quotes containing the word purpose:

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    I am firmly opposed to the government entering into any business the major purpose of which is competition with our citizens ... for the Federal Government deliberately to go out to build up and expand ... a power and manufacturing business is to break down the initiative and enterprise of the American people; it is the destruction of equality of opportunity amongst our people, it is the negation of the ideals upon which our civilization has been based.
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