A loan modification is an agreement between the borrower and the lender that permanently changes the terms of the current loan. The objective is to cure any default and make the loan more affordable for the duration of its term. If possible, it is often the best option for most borrowers.

The federal Making Home Affordable Program — which includes HAMP, HAFA, 2MP, Tier 2, and UP — ended on December 30, 2016. However, there are processing timelines for modification applications that were submitted before December 31, 2016 that go into 2017. The GSE’s HARP will be extended to September 30, 2017. For our summary of the expiration and wind-down timeline, see our Resources section. For the latest presentation of the sunset of the program, click here. Please note that FHA HAMP will continue as a permanent program.

All HAMP and Making Home Affordable guidance can be requested by emailing courina.yulisa@cnycn.org.