Trial Period or Trial Period Plan

HAMP requires homeowners to enter into a trial period plan before receiving a permanent HAMP modification. During this period, homeowners must submit all required trial period payments. The trial period is at minimum, a three or four month period to see if the new reduced payment is sustainable, while providing relief and preventing any possible foreclosure sales from occurring. During the trial period, the terms and conditions of the original loan remain unchanged and only after all trial payments are made on time and all documents are submitted and verified can the loan be permanently modified.