Agencies Announce New Relief Measures for HAMP Homeowners

The Home Affordable Mortgage Program allowed participating homeowners the ability to combine lower interest rates and modified loan terms to reduce monthly payments. Homeowners who remained current after the modification were eligible to earn up to $5,000 to be applied to the loan's principal over the first five years of the modification. HUD and the Treasury have just announced revisions that will allow these homeowners to earn an additional $5,000 in the sixth year for a total of a $10,000 credit to principal. [12/8/14]