Eligibility requirements

The HAFA guidelines apply to lenders who voluntarily participate in the HAMP program. The Department of Housing and Urban Development says more than 100 servicers have signed up to participate in HAMP, covering more than 89 percent of mortgage debt outstanding in the country.

Other HAFA requirements include:

• Property is principal residence.

• Mortgage originated before Jan. 1, 2009.

• Mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.

• Borrower is delinquent or default is foreseeable.

• Homeowner demonstrates hardship.

• Borrower's total monthly housing payment exceeds 31 percent of gross income.

• Unpaid principal does not exceed $729,750.