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As a Homeowner in New Mexico, Can the Home Affordable Modification Program (HAMP) Help Me?

In the early period of the financial crisis in March 2009, the federal government instituted the Home Affordable Modification Program (HAMP) to help homeowners who were either facing foreclosure or who owed more on their mortgages than what their home was valued at. Since then, the program has evolved in to serving a variety of constituencies. Some aid the unemployed; others help those with second loans. Below is a list of the different programs being offered and what they intend to achieve:

  • Home Affordable Modification Program (HAMP) - designed to enable borrowers that meet eligibility requirements to avoid foreclosure by modifying loans to a level that is affordable for borrowers and sustainable for the long-term.
  • Home Affordable Unemployment Program (HAUP) - provides servicers with the flexibility to provide assistance to borrowers whose hardship is related to unemployment and is a supplemental program to the Home Affordable Modification Program (HAMP). Specifically, HAUP requires servicers to grant qualified unemployed borrowers a forbearance period during which a borrower's monthly mortgage payment may be reduced or suspended prior to considering such borrowers for HAMP.
  • Second Lien Modification Program - designed to enable borrowers struggling with their mortgage to lower payments on second mortgages.
  • Home Affordable Foreclosure Alternatives Program - provides borrowers that do not qualify for a HAMP modification with options to avoid foreclosure through a short sale or deed-in-lieu.
  • Treasury FHA-HAMP - provides certain incentive payments under HAMP to eligible borrowers with FHA-insured first lien mortgage loans that are modified under applicable FHA guidelines.
  • Treasury FHA/2LP - designed to enable borrowers who are current on a negative equity mortgage to restructure their debt and refinance into an FHA-insured first lien loan.
  • RD-HAMP - provides certain incentive payments under HAMP to eligible borrowers with RHS-guaranteed first lien mortgage loans that are modified under applicable RHS guidelines.

If you are an “underwater” homeowner, you may qualify for one of these programs. At the Law Office of George "Dave" Giddens, P.C. we offer consultation and advice on important real estate matters, including loan workouts. We represent many homeowners in all areas of New Mexico, including Albuquerque, Santa Fe, Farmington, and Roswell. Our conveniently located office has free parking and is easily accessible by public transportation. We offer flexible office hours upon request. To make an appointment for a consultation about any real estate matters, contact us online or call us at (505) 633-6298. See more at

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