In response to the skyrocketing mortgage defaults and the recession in the 2000s, Congress responded with the Making Home Affordable program in order to help homeowners to avoid foreclosure and stay in their homes. A major part of the Making Home Affordable program is the Home Affordable Modification Program, or HAMP. Its goal is to induce mortgage servicers and lenders to modify mortgages so that the payments are more affordable for homeowners.
Eligibility for HAMP
Homeowners may be eligible for HAMP if they meet all of the following requirements: