To be eligible for mortgage modification assistance through the Home Affordable Modification Program, or HAMP, homeowners must provide documents to prove financial hardship and have the financial ability to make modified monthly mortgage payments, reports the U.S. Department of the Treasury. To test their ability to keep up with payments, homeowners must complete a trial payment period without missing any payments, points out the U.S. Department of Housing and Urban Development.
Qualifying situations to prove financial hardship for HAMP include an uncontrollable increase in debt, income reduction, divorce, or sickness or death of a household member, explains SFGate. Necessary documents to prove financial hardship through divorce, for instance, may include income verification, employment records and divorce decree. To qualify, homeowners must have had the original loan for at least a year. Eligible mortgages must be in imminent default or already in default, but default mortgages must have no more than 12 late payments. The modified mortgage can be no more than 31 percent of the homeowner's gross income as of 2015.
Property owners can receive help through HAMP with rental properties as well as primary residences, according to Making Homes Affordable. Homeowners with second mortgages who qualify for HAMP may also benefit from the Second Lien Modification Program. Many mortgage companies participate in HAMP, but homeowners whose lenders do not participate should ask about other options for mortgage modification.