Home Affordable Modification Agreement
Document outlining terms for modifying a mortgage for financial relief.
Last updated
December 2, 2024
The Home Affordable Modification Agreement (HAMP) is a critical document used by financial institutions to formalize the terms under which a borrower may modify their existing mortgage. This agreement is designed to provide homeowners struggling with financial hardship an opportunity to lower their monthly mortgage payments, ensuring they can maintain home ownership while managing their financial obligations more effectively.
Through HAMP, borrowers can potentially reduce their interest rates, extend the term of their loans, and, in some cases, even reduce the principal balance owed. The agreement typically includes specific details about the loan modification terms, such as the adjusted loan amount, new payment schedule, and relevant dates that are crucial for both the borrower and the lender.
The significance of the HAMP lies in its role in helping to prevent foreclosure and stabilize the housing market by providing viable solutions for distressed homeowners. It not only benefits borrowers but also aids lenders by minimizing defaults and enhancing the overall performance of their loan portfolios.
Extractable Data Fields
Below is a table listing the key data fields that Vaultedge can extract from the Home Affordable Modification Agreement. Please refer to the table below for detailed information.
|
| Document Type | Yes | text |
| Document Type CLF | Yes | text |
| Document Title | Yes | text |
| FHA OR VA Case Number | Yes | text |
| Mers/Min Number | yes | number |
| Loan Number | yes | number |
| Investor Loan Number | Yes | number |
| Date of First Lien | yes | date |
| Unpaid Principal Balance | Yes | amount |
| Original Loan Amount | Yes | amount |
| New Money | Yes | amount |
| Mod Effective Date | Yes | date |
| Document Date | Yes | date |
| Borrower Name | yes | text |
| Co-Borrower Name | yes | text |
| Lender or Servicer Name | yes | text |
| Property Street Address | yes | text |
| Property City | yes | text |
| Property State | yes | text |
| Property Zipcode | yes | number |
| Current Interest Rate | Yes | text |
| Mod First Payment Date | Yes | date |
| Maturity Date | Yes | date |
| Current Principal and Interest payment | Yes | amount |
| New Principal Balance | Yes | amount |
| First ARM Change Date | Yes | date |
| Subsequent Change Interval | Yes | text |
| Deferred Principal | Yes | amount |
| Borrower Signature Name | yes | text |
| Co-Borrower Signature Name | yes | text |
| Deferred Interest | Yes | text |
| Current Unpaid Principal Balance | Yes | amount |
| Current Unpaid Advance Balance | Yes | amount |
| Expiration date | Yes | date |
| Recast Effective Date | Yes | date |
| Interest Bearing Principal Balance | Yes | amount |
| Final Balloon Payment | Yes | amount |
| Interest Rate Change Date | Yes | date |
| Monthly Escrow Amount | Yes | amount |
| Total Monthly Payment | Yes | amount |
| Number of Monthly Payments | Yes | number |
| Recast Current Interest Rate | Yes | text |
| Recast Interest Rate Change Date | Yes | date |
| Recast Current Principal and Interest | Yes | amount |
| Recast Monthly Escrow Amount | Yes | amount |
| Recast Total Monthly Payment | Yes | amount |
| Recast First Payment Date | Yes | date |
| Recast Number of Monthly Payments | Yes | number |
| Deferred Principal Reduction Amount | Yes | amount |
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