Military Members Get HAMP Adjustments

By Kyle Chezum Updated on 9/25/2013

It’s no question that military members who buy homes and then get their stations changed can get stuck underwater with a mortgage payment if they can’t sell their homes quickly. According to Hope Now, an alliance of non-profit counselors and private sector mortgage firms, the Home Affordable Modification Program now helps military members in underwater situations.

The adjustments come through HAMP, which now allows military members the option to modify their loans when receiving a permanent change of station notice, requiring them to move to a new base. These changes were made once the government realized the financial strain on military members receiving these permanent change of station notices after already purchasing a home at their current station. This option was not previously available through any program, now with HAMP, military families may be able to rest easier when uprooting to a new area. There is additional information on VA Loans here at Lender411.com.