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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. Try this FREE financial calculator and become very knowledgeable when it comes to HAMP!
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.
Use this calculator to estimate your payment for mortgage, home equity, credit card, auto, student or any fixed interest loan. Use up to three calculations to check your monthly payments, compare borrowing cost and to determine how quickly you’ll pay off your loan by making additional monthly payments.
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 · The FHA offers several loan modification programs if you fall behind on your FHA mortgage. These include the option to extend your loan to a 40-year mortgage .
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.
11 Οκτ 2022 · Calculate whether your monthly mortgage is too high. To qualify for HAMP, your mortgage payments must be more than 31% of your gross (pre-tax) household income. Add up your income from every source. Include things like disability payments, Social Security benefits, rental income, alimony, and child support.
