In 2009, the federal government unveiled the Making Home Affordable program to help homeowners stay in their houses and avoid foreclosure. One of the major components of the Making Home Affordable initiative was the Home Affordable Modification Program (HAMP). The goal of HAMP was to induce lenders and servicers to modify homeowners' loans so that payments become more affordable.
While the HAMP program ended on January 1, 2017, other programs—like the Fannie Mae and Freddie Mac Flex Modification Program, as well as proprietary (in-house) modification programs—exist to help struggling homeowners modify their loans. If you’re struggling with your mortgage payment, contact your mortgage company or a HUD-approved housing counselor at 888-995-HOPE (4673) as soon as possible.
(The other major component of the Making Home Affordable initiative is the Home Affordable Refinance Program—or "HARP"—which expires on December 31, 2018. To learn more about that program, see The Home Affordable Refinance Program.)