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Our HAMP calculator gives you a chance to figure your ability to take advantage of the federal Home Affordable Modification Program. This program can reduce your mortgage payments and afford foreclosure.
HAMP works by encouraging participating mortgage servicers to modify mortgages so struggling homeowners can have lower monthly payments and avoid foreclosure. It has specific eligibility requirements for homeowners and includes strict guidelines for servicers.
Calculations are based on independent research of public documents describing HAMP loan modification procedures. Docs can be downloaded below. The calculator is implemented in 100% javascript and may be examined at the source code repository .
6 Αυγ 2015 · HAMP helps troubled homeowners by reducing their mortgage payments so that these payments are 31 percent of their pre-tax monthly income. You can use this calculator to estimate how much your mortgage payments might be reduced under this program.
28 Ιουλ 2023 · To mitigate foreclosures, the government created the Home Affordable Modification Program (HAMP) in 2009. The program reduced mortgage payments for homeowners facing financial hardship, and...
To help distressed homeowners lower their monthly mortgage payments, the U.S. Departments of the Treasury and of Housing and Urban Development established the Home Affordable Modification Program SM (HAMP SM) for mortgage loans that are not owned or guaranteed by Fannie Mae or Freddie Mac.
“Best‐Case” Loan Modification • Where the borrower meets the HAMP eligibility criteria, use HAMP’s program limits to test your “Best‐Case” loan modification, by finding the lowest allowable monthly payment using a mortgage calculator or MS Excel formula.
