Mortgage Servicing and Loan Modifications: 6.7.4 Home Affordable Unemployment Program (UP)
The Department of the Treasury on May 11, 2010, announced the Home Affordable Unemployment Program (UP), effective July 1, 2010.342 For up to twelve months, participants were able have their monthly mortgage payment reduced to less than or equal to thirty-one percent of their gross monthly household income, or their payments could be suspended in full.343 Servicers were given discretion to extend the period beyond twelve months, according to their investor/regulatory guidelines.