The Home Affordable Modification Program (HAMP)

Many people avoided foreclosure with the federal government's Home Affordable Modification Program (HAMP).

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), Tier 1 and Tier 2. 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—now exist to help struggling homeowners modify their loans. Also, the other major component of the Making Home Affordable initiative is the Home Affordable Refinance Program—or "HARP"—remains in effect until December 31, 2018. HARP is the mortgage refinance option under the MHA initiative. With HARP, you might be able to:

  • get a lower interest rate on your mortgage loan
  • get a shorter loan term, and/or
  • change from an adjustable to fixed-rate mortgage.

(To learn more about that program, see The Home Affordable Refinance Program.)

If you’re struggling with your mortgage payment and facing a possible foreclosure, contact your mortgage company or a HUD-approved housing counselor at 888-995-HOPE (4673) as soon as possible. (Learn more about what HUD-approved housing counselors do.)

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