HAMP (Home Affordable Modification Program)

The Home Affordable Modification Program (HAMP) was a U.S. government initiative designed to help struggling homeowners avoid foreclosure. Launched in 2009, it aimed to make mortgage payments more affordable by modifying loan terms, such as reducing interest rates or extending the repayment period. Homeowners facing financial difficulties could apply for assistance to lower their monthly payments, making it easier to stay in their homes. The program was part of the broader effort to stabilize the housing market during the financial crisis, helping millions of Americans retain ownership and maintain their communities.