Tucson Real Estate

terra antigua realty logoHighly Experienced and Highly Educated Professional Short Sale Real Estate Agents serving Tucson, Oro Valley, Marana, Vail, Sahuarita and Green Valley.



Find Out Now!

Free - No Obligation - Automated Valuation of You Home Now!
cdpel logo
Pre Foreclosure Specialist Certification
cne logo

csp logo

equal housing logo

Chris Pendleton


Shannan Marty

Associate Broker - Realtor®, ABR®,CDPE, CSP, CNE, CSSN, SFR, a-REO, PSC

What is HAMP?

HAMP stands for Home Affordable Modification Program. HAMP is only one part of the government’s answer to affordability of homes.

This program was introduced by the U.S. Department of the Treasury on March 4, 2009. Freddie Mac announced the leadership role in its implementation. The government plans include short-sales and deed-in-lieu programs in the event the modification process cannot be completed. Additional help for borrowers is available for those with second mortgages.


This program will help millions of homeowners who are at risk of foreclosure stay in their homes. How does it work? Those that are eligible can lower their payments each month by 31% of their pre-tax income.



This program requires the process of modifying the loan must equal a greater value than foreclosure.

Modifications are temporary until three on-time payments are made by the homeowner. At this point the modification can be made permanent.



The government is providing thousands of dollars worth of incentives to mortgage companies and investors for participating.

Homeowners who pay their modified loans on time for five years may get a five thousand dollar credit toward reducing debt on the principal of their mortgage.



Must have a monthly mortgage amount no greater than $729,750.

Must have a monthly payment that is greater than 31% of pre-tax income.

The home must be a primary residence.

Homeowners must be unable to afford current payments.

Multi-unit property owners may qualify if living in one of the units as a primary residence.

Must have received a mortgage before January 1, 2009.


Application process information

  • Check to see if your loan company is participating in this voluntary program. Questions can be addressed on the website www.makinghomeaffordable.gov. Quick processing is not one of the program guarantees.

Additional Information on the program

  • If you are in immediate foreclosure risk, a HUD approved counselor is available at 1-888-945-4673. There is no charge for the counseling service.
  • The HAMP modification program is offered at no cost to the homeowner. Advantages to the homeowners are a no-cost modification fee. Late fees and past due costs associated with the mortgage may also be forgiven
  • If a homeowner loses his job during the modification, consideration can still be given before missing three mortgage payments.
  • If the property is worth less than your amount owed, check on information from HAMP on your circumstances. Mortgage companies could offer principal reductions or interest rate reductions. Extensions on the loan are also a viable option.

Remember the purpose of HAMP is to help homeowners avoid foreclosure. Do your research on this government program for benefits on your circumstances.