If you have obtained a HAMP modification and you have redefaulted, you may be eligible for a new modification under HAMP Tier 2.

HAMP 2 allows a second HAMP modification if there is a new hardship.

The Making Home Affordable Program was introduced in February, 2009. The HAMP Tier 2 program became effective June 1, 2012. Changes to the program have now been implemented in an effort to increase participation and the number of homeowners who are eligible in the hopes of preventing foreclosures.

The new guidelines fall under the title of HAMP (Home Affordable Modification Program) Tier 2, expanding the qualifications and deadlines to be eligible for a loan modification under HAMP or other relief available through Home Affordable Unemployment Program, the Home Affordable Foreclosure Alternatives Program or the Second Lien Modification Program. As set forth in Tier 1, HAMP Tier 2 also does not apply to mortgage loans through Fannie Mae or Freddie Mac or loans guaranteed by the Veterans Administration, the Department of Agriculture Rural Housing Service or the Federal Housing Administration, (FHA).

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