A mortgage modification

It is not a refinanced mortgage, which replaces the old mortgage with a new loan. Under Home Affordable Modification Program (HAMP), you may qualify for a mortgage modification if your home is your primary residence; your first mortgage's balance is no more than $729,750; you face financial hardship that is affecting or will affect your ability to make mortgage payments; you signed for your current mortgage on or before January 1, 2009 and your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) is more than 31 percent of your current gross income. Distressed homeowners who are facing the prospect of losing their home need to know that help is available for those truly interested in saving their homes. Watch the video below to learn more about HAMP. "Navigating HAMP" video walks homeowners through the steps necessary to obtain a modification and discusses the information homeowners need to provide their mortgage servicer, including:

  • Pay stubs or other verification of your monthly before-tax (gross) income.
  • Your most recent income tax return.
  • Statements for savings and other assets.
  • Your first and second mortgage (if any), home equity loan or line of credit statements
  • Account balances and minimum monthly payments due on all of your credit cards, car loans, student loans and other debts.
  • A completed Hardship Affidavit describing any circumstances that caused your income to be reduced or expenses to be increased.

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