HAMP, Way Out For Delinquent Borrowers And Those Without Fannie

It seems Obama?s administration has a program for every issue. If you are struggling with your mortgage but are keeping up with your payments (wouldn?t that be 90% of us) you can get help with HARP. If you are delinquent (behind in your monthly mortgage payments) you can try your luck with HAMP. HAMP stands for Home Affordable Modification Program. The program is designed to help borrowers who are struggling to keep their loans current or who are already behind. HAMP does this by providing incentives to mortgage loan servicers to modify existing first lien (primary) mortgages. The Treasure hopes this will motivate mortgage providers to move faster with loan modifications. It doesn?t seem to be working quite as planned but the effort is certainly there. What makes HAMP any different to the