HARP and HAMP Loan Programs

What is the difference between the HARP and HAMP Loan Programs

Homeowners have a variety of options available to them if they are struggling to keep up with their mortgage payments. Unfortunately, there are so many programs that have similar names but include a wide variety of qualifications, that homeowners often get confused and don’t get the help that’s available to them.

Some of the programs out there that often cause confusion are the HARP and HARM programs. With acronyms that only differ by one letter, it’s no surprise that homeowners are misinformed about what these programs are and who qualifies for them.

HARP or Home Affordable Refinance Program is for homeowners who need assistance with refinancing their mortgage. The program has strict qualifications including the fact that you must be current on your mortgage at the time of the refinance. You also cannot have had a late payment in the past six months and you can’t have had more than one late payment in the last 12 months. Because we specialize in helping people who are behind on payments, Distressed Mortgage Solutions does not offer this program to their clients.

The HAMP or Home Affordable Modification Program is what we offer to our clients who are eligible. HAMP is for homeowners who are struggling with their mortgage payments and does not eliminate those who are behind. Eligibility requirements are less strict than HARP and it focuses on homeowners who have:

  • Experienced financial hardships

  • Purchased their home prior to January 1, 2009

  • Fallen behind on payments or are in danger of falling behind

  • A property that hasn’t been condemned

  • Primary residence that they owe up to $729,750

If you are worried about losing your home or you’re having trouble making your mortgage payments, we urge you to contact the team at Distressed Mortgage Solutions to get help now. Our financial experts can walk you through the steps to qualify for HAMP or any other assistance programs you may be eligible for.

Protect your investment and contact us today for assistance.

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Distressed Mortgage Solutions, And Its Independent Agents, Are Not Attorneys Or A Law Firm And Not A Substitute For The Advice Of An Attorney. Distressed Mortgage Solutions Does Not Engage In The Practice Of Law, Loan Modification, Short Sale Or Foreclosure Defense. The Company Is Compliant With The Federal M.a.r.s. Act, In That, The Services Offered To Homeowners Is A Securitization - Forensic Mortgage Audit Provided To Consumers As Related To The Mortgage Loan. Consumers Are Encouraged To Seek The Advice Of A Qualified Lawyer Or Law Firm On Legal Matters Related To Forensic Audit Errors And/or Violations, Loan Modification, Foreclosure Defense, Property Sale Dates And Related Legal Matters. At The Request Of Consumers, Distressed Mortgage Solutions May Refer And/or Recommend The Client To A Qualified Attorney Or Law Firm For Further Evaluation Of Their Specific Mortgage-related Legal Matters.