Got HAMP? Mortgage payments will increase

By Polyana da Costa

( — Monthly house payments will go up soon for homeowners who received government-sponsored loan modifications after the financial crisis.

The first wave of rate and payment increases will begin this year, affecting about 30,000 homeowners who modified their mortgages in 2009 through the Home Affordable Modification Program, or HAMP. Next year, more than 290,000 homeowners will see their rates reset. Eventually, the majority of homeowners who have received a HAMP refinance will pay more for their mortgages.