Effective April 1, 2015, the U.S. Department of the Treasury is enhancing the Home Affordable Modification Program (HAMP) "Pay for Performance"
incentive, giving eligible borrowers an opportunity to earn a one-time principal balance reduction payment of $5,000.
The enhanced "Pay for Performance" incentive is available to borrowers with a HAMP Tier 1 or Tier 2 loan modification in good standing. Eligible borrowers will have a one-time payment of $5,000 applied to their loan's principal balance one month after the sixth (6
) anniversary of the effective date of their HAMP trial period plan.
To qualify for this "Pay for Performance" incentive, a borrower must continue to make their monthly mortgage payments on time. If a loan loses good standing or is paid in full because of a refinance, the sale of the property or any other transaction, the borrower will not be eligible for the $5,000 incentive payment.
For more information about the HAMP program and the "Pay for Performance" incentive, please visit the Making Home Affordable website at http://www.makinghomeaffordable.gov/pages/default.aspx or read the announcement posted by the U.S. Department of the Treasury at http://www.treasury.gov/press-center/press-releases/Pages/jl9714.aspx. If you have any questions about HAMP, the enhanced "Pay for Performance" incentives or any other items related to your mortgage, please contact us at 1-800-781-7399.