JP Morgan Chase HAMP Loan Modification Program

Did you participate in the JP Morgan Chase HAMP (Home Affordable Modification Program) Loan Modification Program and Have Your Loan Permanently Modified between 2009 and 2013?

Homeowners with mortgages through JPMorgan Chase Bank, N.A. who participated in the HAMP loan modification program should contact us to discuss their participation in the program.

HAMP, which stands for Home Affordable Modification Program, is a government mortgage modification program that began in 2009 in response to the subprime mortgage crisis. It was designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments. Homeowners were offered the opportunity to modify their mortgage loans through HAMP if the loan originated on or prior to January 1, 2009.

HAMP modification included a trial period and many borrower’s mortgages ultimately do not get permanently modified following the trial period.

What is the HAMP?

HAMP is the largest program within by the Making Homes Affordable Act (MHA). The intention of the program was to provide an opportunity to reduce monthly payments to an affordable amount for homeowners who were at risk for foreclosure. To qualify for a HAMP loan, homeowners had to show documented proof of financial hardship, as well as an ability to afford modified payments under the terms of the new loan.

HAMP was created in response to the housing crisis of the mid-2000s and is a voluntary program designed to protect taxpayers and support efforts by mortgage lenders to modify loans. The program began in 2009 and was expanded in 2012 to include more homeowners.

The HAMP program has specific eligibility requirements and strict guidelines. Incentives were promised to everyone involved in the program and the average family supposedly could reduce their monthly mortgage payment by more than $500.

According to the US Department of Treasury:

When the housing crisis began, the mortgage industry was ill-equipped to respond adequately. Mortgage servicers had insufficient resources to address the needs of a market that was reeling from increasing foreclosures. In addition, their servicing expertise and infrastructure was limited to overseeing collections and foreclosing on those who failed to pay. They did not have the systems, staffing, operational capacity, or incentives to engage with homeowners on a large scale and offer meaningful relief from unaffordable mortgages.

HAMP supposedly provided a standard approach for mortgage lenders to help homeowners make their mortgages affordable and the Department of Treasury claims the program helped nearly five million American homeowners.

If you participated in the HAMP program and your loan was permanently modified after the trial period, you should contact us to learn more.

Has HAMP Failed?

Despite claims from the Department of Treasury, many believe the HAMP program did not help as many American as the program originally intended. Many homeowners did not receive the modification they anticipated and their mortgage troubles continued.

If you have questions about the HAMP program or your mortgage loan was permanently modified after the trial period, you should contact us to discuss your participation in the program. If you’d like to learn more or you have questions the HAMP program, contact us for a free consultation.