As of August 15, borrowers with Federal Housing Administration (FHA) home loans became eligible to seek a loan modification under the terms of a newly announced FHA-Home Affordable Modification Program (FHA-HAMP). In a release announcing the program, HUD stated that it expects all servicers to implement the changes by August 15. A mortgage letter outlining the program's details was distributed to all FHA lenders on July 30. For each FHA loan modified under the program, FHA will pay an incentive to loan servicers, HUD said. The FHA-HAMP program is designed to bring payments for struggling borrowers down to an affordable level.
New FHA loan-mod program launched to curb foreclosures Anonymous Mortgage Banking; Sep 2009; 69, 12; Docstoc pg. 10 Reproduced with permission of the copyri
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