HAMP, HAFE and now UP.
UP is the Home Affordable Unemployment Program. It is a new program designed to supplement the Home Affordable Modification Program (HAMP) which provides assistance to unemployed borrowers by granting them a forbearance period which reduces or suspends their monthly mortgage payment.
This program goes into effect on July 1, 2010 for participating HAMP mortgage servicers. It applies to first mortgages taken out prior to 1/1/09 on one to four family units that are the principal residence.
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