Paying on time can pay off big time!Through the Home Affordable Modification ProgramSM (HAMP®), you could earn up to $10,000 in principal reduction just for making your mortgage payments in full and on time—up to $1,000 per year for the first five years and a $5,000 one-time payment at the end of year six. After year six, you may be eligible to recast (or re-amortize) your reduced mortgage balance to further lower your monthly mortgage payment for the life of the loan.  Received a notice from your mortgage company?If you have any questions about the terms of your modification, please call a housing counselor at 888-995-HOPE™ (4673).    Quick Reference GlossaryRecast/Re-AmortizeIn certain instances when a substantial payment or contribution is made to reduce the unpaid principal balance of a homeowner’s mortgage loan, the homeowner could have the unpaid principal balance recast or re-amortized. This is when the mortgage company recalculates the monthly payment based on the lowered principal balance, using the same interest rate and time remaining under the existing mortgage terms.