Home Affordable Modification Program (HAMP) now has a calculator to figure out if you qualify
The Treasury Department is offering a free online calculator that helps borrowers estimate whether or not they qualify for the Home Affordable Modification Program (HAMP).
The calculator is available at CheckMyNPV.com.
In the two years since its launch, HAMP has helped more than 270,000 borrowers receive permanent loan modification, thus lowering their monthly mortgage payments. That number falls far short, however, of the millions of homeowners at risk of foreclosure - which is bad for homeowners and bad for the housing market. The current glut of foreclosures - stalled by paperwork delays - poised to hit the market is already far more than can be absorbed by first-time homebuyers, according to the research firm Campbell Surveys.
That is why HAMP is so important. Every homeowner who modified a loan and stays in a distressed property is one less property that will flood an already crowded market.