What are the eligibility requirements for the Home Affordable Modification Program (HAMP)?

To be eligible for the Home Affordable Modification Program (HAMP), certain criteria must be met. First, the mortgage should be owned or guaranteed by Fannie Mae or Freddie Mac, both government-sponsored enterprises. Additionally, the loan should have originated on or before January 1, 2009. The homeowner must also meet certain financial hardship criteria, such as being delinquent on mortgage payments or facing imminent default due to financial hardships like job loss or medical expenses. The property must be the primary residence, and the borrower's total monthly mortgage payment, including taxes and insurance, should be more than 31% of their gross monthly income. Lastly, applicants need to demonstrate their ability to make modified mortgage payments. Meeting these requirements allows homeowners to potentially qualify for a HAMP modification.