How to Apply for the Home Affordable Modification Program (HAMP)

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The Home Affordable Modification Program (HAMP) is a federal government program designed to help homeowners who are struggling to make their mortgage payments. If you are having difficulty paying your mortgage, you may be eligible for a loan modification through HAMP. Here are the steps to apply for HAMP:

1. Contact your mortgage servicer: Your mortgage servicer is the company that collects your mortgage payments each month. You can find their contact information on your monthly mortgage statement or on the servicer's website. Contact them and explain that you are interested in applying for a HAMP loan modification.

2. Gather your financial information: Your mortgage servicer will ask for information about your income, expenses, and debts. This may include pay stubs, tax returns, bank statements, and other financial documents.

3. Complete the HAMP application: Your mortgage servicer will provide you with the HAMP application form. Fill out the form completely and accurately, and provide any additional documentation that your servicer requests.

4. Wait for a response: Your mortgage servicer will review your application and let you know if you are eligible for a HAMP loan modification. If you are eligible, your servicer will offer you a trial modification period, during which you will make reduced mortgage payments to demonstrate that you can make the modified payments on time.

5. Complete the trial modification period: During the trial modification period, you must make the reduced mortgage payments on time and in full each month. If you successfully complete the trial period, your loan modification will become permanent.

It is important to note that HAMP is just one option for homeowners who are struggling to make their mortgage payments. There may be other options available to you, such as a forbearance plan, a repayment plan, or a short sale. Contact your mortgage servicer to learn more about your options and to determine the best course of action for your situation.

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