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Home Affordable Modification

Making Home Affordable Program for Freddie Mac-Owned Mortgages

If Freddie Mac owns your loan and you're behind in your mortgage payments, in the foreclosure process, or current on your payments but about to default as a result of a recently experienced hardship, you may be able to modify your loan to a lower rate through the Home Affordable Modification program (HAMP). Reach out to your lender, also known as a servicer, as soon as possible and ask for assistance with your mortgage.

Visit our secure Loan Look-up tool to see if Freddie Mac owns your loan.

HAMP can help bring your monthly mortgage payment to no less than 31 percent of your gross (before tax) monthly household income by:

• Reducing your interest rate, and if necessary,
• Extending your loan term (e.g., from 30 years to up to 40 years), and possibly
• Deferring a portion of the principal amount you owe. The deferred amount will not incur any interest and you would not be required to pay it back until the interest-bearing balance is paid off, the home is sold, or at the new extended maturity date.

General Eligibility

If your mortgage is owned by Freddie Mac, you may be eligible for HAMP if:

• You are late on your mortgage payment or are making your mortgage payments on time, but your mortgage is no longer affordable.
• You have a long-term or permanent hardship that you can document.
• You spend more than 31 percent of your pre-tax income on your mortgage payment (including principal, interest, taxes, insurance, and homeowners' association or condominium dues).
• You took out your mortgage on or before January 1, 2009.
• Your mortgage is for a 1- to 4-unit property, and you're currently occupying the property as your primary residence.

If your mortgage is not owned by Freddie Mac or Fannie Mae, you may be eligible for HAMP if your mortgage lender, also called a "servicer," has voluntarily agreed to participate in the program.

Find out if your lender participates in Making Home Affordable. If you don't see your lender's name listed, call them and ask if they participate.

Program Trial Period

• If you're eligible for HAMP, your lender will require you to make payments during a trial period before you are eligible for a permanent modified mortgage payment amount. To successfully complete this trial period, you will need to make your monthly trial period payments on time.
• Once you've successfully completed the trial period, your mortgage lender will permanently modify your mortgage.

Freddie Mac has directed its lenders/servicers to suspend foreclosures on mortgages we own for homeowners who have submitted all required documentation and are being evaluated for, are considering accepting, or are currently performing under one of our alternatives to foreclosure, including a trial period under HAMP.

Other Alternatives to Foreclosure

If you don't qualify for HAMP there are several other options that may be available to help you avoid foreclosure. Call your lender as soon as possible – the sooner you reach out the more options you will have.