HAMP Extension and Streamlined Modification
“The extension of HAMP will benefit struggling homeowners across the country. Since its inception, HAMP has helped more than one million people stay in their homes. HAMP set the standard to extend assistance to borrowers and created a more fair and transparent process. As a result, modifications are performing better than ever. Everyone benefits when a borrower succeeds on a HAMP modification and stays in their home, no matter who owns that individual loan.
“FHFA also announced today that the Streamlined Modification program will be extended through the end of 2015. This program is up and running with many servicers and has created a simplified process to help homeowners avoid foreclosure.
“We will continue to work with FHFA to implement these extensions and provide guidance to servicers. We encourage homeowners who are having trouble paying their mortgage to reach out for help as soon as possible. For more information on the options available to struggling borrowers, visit https://www.knowyouroptions.com/ or https://www.makinghomeaffordable.gov/.”