The Home Affordable Modification Program  (HAMP), part of the government’s Making Home Affordable program, has been extended until December 31, 2015.
HAMP was developed to help homeowners who are struggling with their mortgage payments by modifying the terms (such as the interest rate or length) of the loan. To be eligible for HAMP, homeowners must have loans owned by Fannie Mae  or Freddie Mac —or loans serviced by a participating mortgage company  (if you’re not sure, click the links to check)—and meet other conditions.
“HAMP’s extension will give more homeowners the opportunity to get the help they need to lower their monthly mortgage payments,” comments Gary Neuman, manager of Fannie Mae’s national network of Mortgage Help Centers. “The most important thing is for homeowners to contact their mortgage company, or if their loan is owned by Fannie Mae, contact one of our Mortgage Helps Centers  for assistance. The sooner you act, the more options you may have. And even if you don’t qualify for HAMP, there may be other modifications or options, such as a Short Sale  or Mortgage Release , to help you avoid foreclosure,” he adds.
Fannie Mae’s Mortgage Help Centers offer free information and assistance with modifications to delinquent homeowners with loan owned by Fannie Mae. For more information, visit our Modification  section.