What is a HAMP Loan Modification?

What is a HAMP Loan Modification?

If you are one out of the millions of homeowners trying to get your loan modified, chances are you might have heard the term HAMP loan modification in the news recently. Now a lot of us already know what it means to get your home loan modified but what exactly is this new term that people are talking about and more importantly, how does it help you?

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To begin with, HAMP Home Affordable Modification stands for Program. It is part of President Obama's ambitious mortgage stimulus package for American homeowners who are currently struggling to pay their mortgage payment.

Although HAMP was formally announced in March of this year, it is only now that this program has started to gain momentum especially as more and more homeowners are inquiring as tohow this program could help them save their homes. Even mortgage lenders and banks seem to be warming up to President Obama's plans and are much more willing to cooperate with their borrowers to see if they qualify under this package.

The HAMP loan modification program is actually quite significant and is something that homeowners cannot afford to ignore anymore. You can now check if you qualify for a loan modification under the HAMP program and file an application with your mortgage lender to check if they can give you a better interest rate. In some cases, homeowners have been able to get modified interest rates as low as 2% after applying under the HAMP program.

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