The HAMP program was introduced a couple of years ago and there hasn't been a huge amount of success. There has been a lot, but it's minuscule compared to the number of homes going to foreclosure.
Recently there have been some changes and a time extension for the program.
1) The deadline has been extended to 12/31/2013
2) Debt Ratio Eligibility has been increased
3) Rental Property may now be eligible
4) Balance Reduction
5) Fannie and Freddie guaranteed loans are now eligible
You can find out more details by going to their website:
Making Home Affordable Modification.Gov
And, there is a video up on YouTube that talks about the program as well:
YouTube HAMP Video
Really, the basics that make me write about this again? Don't wait, don't wonder. Contact your lender before you get behind. There are many options, and you must be an advocate for yourself and your family.
Start by calling your lender