After 5 years, it is due to go up 1%, and each year an additional 1% til it reaches the market rate at the time the original mod was done.
If your loan wasn't a Freddie or Fannie loan, you were not eligible.
Fortunately, they have additional tools in place should your first bump cause a burden. One is actually refinancing through the HARP program, but that is due to expire at the end of this year.
The Treasury has been looking very closely at those that did utilize the HAMP program to stay in their home. They indicate there are several differently timed safety nets at your disposition.
Do Not Wait. If you did get a loan mod through the HAMP program, check with your lender about when your bump is scheduled for. See what the anticipated amount is and if you are not comfortable with that, think you can't do the increase, talk to them now!
Yep, take action before it's too late!