His or her loan will be modified (interest rate reduced or principal forgiven) and because of new more lenient HAMP rules, when she or he defaults again, the loan can be rejiggered yet one more time.
"Teams that need the revenue will always continue to build new facilities, " says Hamp Howell, president of industry consultant Sports Facilities Marketing Group.
After approving my loan mod in 2010, they said that after three or four payments at the new payment my trial would be approved, and my loan MODIFIED according to the HAMP program.