2014 – 2015 HAMP Mortgage Modification Program Extension

0 comments

The Obama administration, via the Federal Housing Finance Agency (FHFA) has directed government sponsored entities Fannie Mae and Freddie Mac to extend the Home Affordable Modification Program (HAMP) through year-end 2015. The HAMP program allows struggling homeowners to refinance to a lower rate and stay in their homes. he HAMP program was scheduled to expire at the end of this year. Also announced today was the extension of HAMP for non-Fannie Mae and Freddie Mac loans.

The HAMP program works by helping borrowers with loans originated before Jan. 1, 2009, to re-work loan terms to lower monthly payments to about 31% of their incomes, and reduce interest rates. Lenders get an incentive fee from Fannie Mae or Freddie Mac to encourage participation. If you’re a mortgage borrower in need of help visit MakingHomeAffordable.gov for more information or call 1-888-995-HOPE (4673). There is no charge for this service and you can work with HUD-approved counselors to help you through the process.

How Does the HAMP Program Work

How Does the HAMP Program Work

Leave a Reply

Be the First to Comment!


wpDiscuz

Previous post:

Next post:

Disclaimer: The information contained on Saving to Invest (this site) is for general information purposes only and does not constitute factual or professional financial advice. In accordance with FTC guidelines, we disclose that we may have a financial relationship with some of the merchants/companies mentioned on this website. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers. Refer to the Privacy Policy and Terms of Use for more information