Your loan must have originated before Januto participate in HAMP. You must also have a documentable hardship - a significant reduction in income or increase in expenses that was beyond your control. To qualify, your housing payment, including principal, interest, property taxes, HOA dues and insurance, must exceed 31 percent of your gross (before tax) monthly income. HAMP offers a modification to your current loan so that you can avoid foreclosure.
HAMP is the Home Affordable Modification Program. Both are government programs designed to help homeowners who are having trouble making their mortgage payments.
