Deconstructing HAMP and HARP
By: Alan Aptheker
Homeowners, by in large, haven’t taken the full advantage of the super-low mortgage rates to refinance their homes, for reasons ranging from dinged credit, to more stringent lending standards.
A couple of responses to this dilemma are worth a re-look: The Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). They both were established in 2009, and as we move into 2015, time for some remedial reading about HARP and HAMP.
HARP is a lifeline for qualifying borrowers who are current on their payments, and whose mortgages are owned or guaranteed by Fannie Mae or Freddie Mac and can refinance even if they have insufficient equity to qualify for a traditional
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