Chapter 1-What’s the Difference Harp versus Hamp?
HARP is the Home Affordable Refinance Program. This is when the existing loan is paid off with a new loan. You will need to go to a loan officer or mortgage banker for this product. Try this program If you loan balance exceeds the value of your home.
HAMP is the Home Affordable Modification Program. This is when your existing servicer restructures your existing loan to terms that could be more affordable. A PRO report is a must to help with this program.
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