HAMP

1. The Home Affordable Modification Program

  • HAMP is a government-sponsored program that helps homeowners who are at risk of foreclosure lower their monthly mortgage payments.
  • To be eligible, you must have a first-lien mortgage that originated before January 1, 2009, and your mortgage payment must now be more than 31% of your monthly pre-tax income.
  • If you're eligible and you enroll in the program, your interest rate will be lowered and your loan terms will be extended, which will make your monthly payments more affordable.

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HARP

2. The Home Affordable Refinance Program

  • HARP is similar to HAMP in that it's a government-sponsored program designed to help struggling homeowners.
  • However, whereas HAMP is meant for those who are at risk of foreclosure, HARP is for homeowners who are currently on their mortgage but who owe more than their home is currently worth.
  • If you're eligible for HARP, you could refinance your home at a lower interest rate and actually end up with a shorter loan term.

3. The Making Home Affordable Loan Servicing Advocate

The Making Home Affordable Loan Servicing Advocate is a free service offered by the government that can help you if you're having trouble dealing with your mortgage servicer. If you're experiencing problems such as frequent miscommunications, delays in getting answers to your questions, or difficulty getting modifications approved, the Loan Servicing Advocate may be able to help resolve the issue.

If you're struggling to make ends meet on your current mortgage payments, know that you're not alone—and there is help available. Talk to your lender about the possibility of enrolling in one of these assistance programs; doing so could save you hundreds or even thousands of dollars over the life of your loan.