The Treasury Department announced that the Home Affordable Modification Program (HAMP) – which is the sister program for HAFA – was extended by one (1) year through December 31, 2013.

This means eligible consumers will have more time to apply for a HAMP modification. Other changes to HAMP include higher Treasury paid financial incentives for Fannie Mae and Freddie Mac to forgive principal, and an easing of program guidelines so that homes occupied by renters are also now eligible for the program. Since HAFA is part of HAMP, it should be extended as well, although it is not yet in writing. I will provide updates to this information as soon as it is available and confirmed.