Home Affordable Modification Program (HAMP)

Lowers the monthly mortgage payment to 31% of verified Gross income by lowering interest rate, extending loan term or reducing principal amount;

- Must own a one-four unit home as a primary residence
- Must have received mortgage on or before January 1, 2009
- Must have a monthly mortgage payment that's more than 31% of monthly Gross income
- Must complete a 3-4 month trial period after initial loan modification is complete before   the mortgage is permanently modified
- Less impact on credit score than a foreclosure