Alternatives to Home Affordable Modification Program

The HAMP program started in 2009. HAMP mean Home Affordable Modification Program. The HAMP program expired at the end of 2016. While the standard HAMP program might have sufficed for some people working 40 hours a week, it won’t work for those who don’t work a job but still need help. In fact, many banks had in-house loan modification programs that offered delinquent homeowners even better loan modifications. If you’re a veteran who is disabled, otherwise can’t work, on active duty or other government workers due benefits for their labors in the past, special HAMP programs exist.

This is a great solution for those that need help. Applications are still being accepted for in-house programs. Borrowers can still get a loan modification because they are facing foreclosure of their home or need help refinancing but can’t qualify for a refinance.

There are multiple variations of the standard HAMP modification that include lighter requirements and simpler paperwork as well as fantastic success rates in applications overall. These are the easier ways to get HAMP loan modifications if you find yourself facing foreclosure. They are also incentives for making you payments on time – such as reducing the principle balance.


The Veterans’ Affairs department will be all too happy to help ailing veterans keep a handle on their homes and their lives with specially designed VA-HAMP services. These are not widely available and members of the general public shouldn’t even ask; this kind of assistance is available only to those who put their lives on the line in active military service.

Unfortunately, like other veterans’ benefits, the wait lines are long, maybe so long you’ll be homeless and suffering from foreclosure by the time your country comes to your aid.


The Federal Housing Administration also offers a handful of HAMP loan modifications. These programs have no expiration date. If your mortgage has been bought up, guaranteed or otherwise insured by this agency, you’re getting help from one of the biggest, best and longest operating networks in the country.

There are hundreds of thousands of FHA homeowners depending on these FHA-HAMP loan modifications to keep them going and as long as the money is there, these people can get lower more affordable payments with plans designed to keep them in their homes.

There are multiple programs and tiers of FHA loan modifications available. These include:
1) Forebearance
2) Partial Claim
3) Traditional Loan Modification
4) FHA-HAMP loan modification

There can be permanent cures to mortgage issues and while they are tailor made for each family, homeowners should be looking for ways to increase income or reduce costs for the immediate future.

FHA Short Refinance

While exactly a HAMP program; it is a viable alternative when you’ve already qualified for and still need further assistance. In the event your home has become worth less than its original mortgage amount, you may qualify for this short refinance which effectively eliminates a portion of your principal balance and reduces your mortgage principle balance down to a more manageable and fairer amount. Generally this is at the lenders discretion and the overall performance of property values can and will effect their willingness to offer this loan modification or loss mitigation option.

When you think about it, this is very much like the hundreds of billions of dollars that which let large banks continue to do business despite being bankrupt at the end of the year. As long as it keeps you in your home, why sweat the details?

Home Affordable Unemployment Program (UP)

HAMP is helpful but useless to people who are currently without employment. Do not despair; thanks to programs like UP, you can still get help keeping your home even if you don’t have any money coming in. Qualifying for UP is simple and as long as you qualify for unemployment benefits in your state, you can pretty much sign up with UP without a thought.

This is a great alternative to HAMP when you need some kind of immediate help but none is forthcoming from elsewhere. A home loan modification attorney can tell you more about this, including the restrictions and special circumstances which exist for homeowners whose homes were guaranteed by either Fannie Mae or Freddie Mac, two big, bad banks.

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