HAMP Timeline

If you are a homeowner who has fallen behind on your mortgage payments through no fault of your own because of the downturn in the economy, loss of employment, or loss of value in your home, you may be interested in the Home Affordable Modification Program. The Home Affordable Modification Program (HAMP) is a program intended to help individuals stay in their homes by working together with their mortgage companies to modify their mortgage so that it becomes affordable and so that foreclosure is averted.  The HAMP program has specific deadlines and timelines that must be met by both lender and mortgagee, however, so you will want to familiarize yourself with these timelines so that you don’t miss out on a valuable opportunity to modify your mortgage.

HAMP Deadlines

• The first part of the HAMP timeline is that there is a deadline of thirty days from the date that the participating lender receives the completed application from the mortgagee to the date that the borrower is either approved or denied for HAMP assistance. 
• Within this thirty day period there are a number of important sub deadlines that must be met by the lender, but in general, the program is intended to provide assistance to the homeowner as rapidly as possible so that the homeowner does not fall any further behind on his mortgage or face the risk of foreclosure as a result of waiting to hear whether he has been approved for HAMP or not.
• Within ten days of receiving a written request for assistance from the homeowner, the lender is required to provide written confirmation of the receipt of this request so that the homeowner knows that the request has been received. 
• After that, the application must be approved or denied by the lender within a thirty day period following the initial request for receipt.
• If the application for HAMP assistance is denied, the homeowner must be offered alternate methods for getting out of their mortgage by the lender. 
• If the HAMP modifications are approved, there will be a three month trial period for the modifications, after which they can become permanent.

Getting Help

The HAMP program provides for timely assistance for individuals who are struggling to pay their mortgage and who are afraid that they may be facing foreclosure.  If you have questions about the HAMP program, you may wish to contact your real estate attorney, or contact your lender directly to determine whether or not they participate in HAMP and will be able to assist you.