According to Reuters, the Home Affordable Modification Program or HAMP has been extended for two additional years. The program, which was introduced in 2009 as a tool to help struggling borrowers keep their homes, was set to expire at the end of 2013. It is reported that of the $29.9 billion allocated for the program, only $5.2 billion has been spent by the Treasury Department. Under the program, lenders and servicers are paid to rewrite loan terms for borrowers who can't make their current mortgage payments.
Do you support programs such as HAMP as a method to assist borrowers who are behind on their mortgage payments?
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