Home Affordable Modification Program (HAMP)

The Home Affordable Modification Program (HAMP) was a U.S. government initiative designed to help struggling homeowners avoid foreclosure during the mortgage crisis. Launched in 2009, it aimed to make mortgage payments more affordable by allowing lenders to modify the terms of the loan. This could include reducing the interest rate or extending the loan term. HAMP targeted homeowners who could demonstrate financial hardship and sought to keep them in their homes by making monthly payments manageable, ultimately stabilizing communities and the housing market as a whole. The program ended in 2016, but it helped millions of homeowners during its operation.