The Home Affordable Modification Program, or HAMP, has helped many homeowners lower their payments and save their homes from foreclosure. The Federal Housing Administration has a HAMP program targeted specifically for the loans they insure.
If you have a loan that is insured by the FHA, you may be eligible for the FHA Home Affordable Modification Program, or FHA-HAMP. This modification will lower your mortgage payment to 31% of your monthly income. Similar programs are available from the USDA (United States Department of Agriculture) and VA (Department of Veterans Affairs) for the mortgages they insure.
If your mortgage is insured or guaranteed by FHA, VA or USDA, you can speak to a housing counselor from a HUD-approved agency about their HAMP programs. A housing consultant can help you determine the best course of action for you, complete your application, and increase your likelihood of having a successful outcome.