The Real Estate Bubble Burst
During major housing downturns, millions of struggling homeowners face mortgage default and foreclosure.
The Home Affordable Modification Program (HAMP) was established to restructure existing mortgage contracts into manageable monthly payments.
Objectives of the HAMP Program
HAMP aims to cap total front-end housing debt payments at 31% of gross income through rate reductions, term extensions up to 40 years, or principal forbearance.
Which Mortgages Qualify?
Eligible single-family home primary residence mortgages must have originated on or before January 1, 2009, with unpaid principal balances below statutory limits.
Homeowner Qualifications
Homeowners must document documented financial hardship (job loss, medical bills, rate resets) and demonstrate sufficient cash flow to cover the 31% target payment.
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Loretta Kilday
Debt Relief Specialist & Spokesperson, DebtCC
Loretta Kilday, Esq., is an accomplished litigator and transactional attorney with more than 30 years of experience across debt collection, bankruptcy, and related matters. DebtConsolidationCare features her as its spokesperson and public voice. She earned her J.D. from DePaul University College of Law and a B.S. in Finance from DePaul University.