As far as I can see, the “Making Home Affordable Refinancing Program or HAMP, is intended to allow mortgage holders to refinance their mortgage by missing several payments or only paying a portion of the balance to bring the mortgage to a near default stage. Once these homeowners are in that magical near default stage, the lenders, by way of the Making Home Affordable Refinancing Program are highly encourage by Obama’s new policies to refinance at a much lower rate. The result is a very lower interest rate reward for the homeowner.
