HAMP Repeal and Deficit Reduction Act of 2011 - Prohibits the Secretary of the Treasury from providing any assistance on behalf of any homeowner under the Home Affordable Modification Program (HAMP) under the Making Home Affordable initiative, authorized under the Emergency Economic Stabilization Act of 2008, unless before the enactment of this Act the homeowner was extended an offer to participate in such Program on a trial or permanent basis.
Nullifies and terminates all contracts between the Secretary and mortgage servicers under HAMP, except with respect to such homeowners.
Provides for use of unobligated HAMP funds for reducing the federal debt.