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The Home Affordable Modification Program was another program that was launched to curb the rate of foreclosures after the market had crashed. <\/p>\n
The Home Affordable Modification Program, unlike HARP, refinances, were intended for borrowers for whom defaulting on the loan was unavoidable, or who had already defaulted. The program expired in 2016, before HARP.<\/p>\n
The Home Affordable Modification Program could only be obtained through the current lender, and every lender had their own set of requirements for eligibility. <\/p>\n
Though modifying a mortgage loan alters the terms of the mortgage, it is different from refinancing.<\/p>\n
A modification can sometimes show on the credit report of the borrower as having altered the terms of the mortgage. <\/p>
Modifications can also affect a borrower\u2019s future creditworthiness in some cases. <\/p>
Several borrowers may also have to deal with an additional tax, as the terms of modifications sometimes include writing off a part of the loan that is owed, and the Internal Revenue Service may consider this as an income earned.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t