What is the difference between Loan Mod and the Obama Refinance Plan?
Lots of differences
HAMP - (Good parts) no costs, can get rate as low as 2%, can get possibly get principal reduction, the max LTV to be eligible
HAMP - (Bad Parts) need hardship, easier to get approved when in default or delinquent, must prove cannot afford current payment
HARP - (Good Parts) works for great credit, no maximum income to qualify, can refi up to 125% of current value and avoid PMI, can close in 30 days or less, no minimum FICO to be eligible
HARP - (Bad Parts) no 60 day mortgage lates in last 12 months allowed, harder to qualify for over 105% LTV, best case scenario new rate in the 4's or 5's. Written by Justin Sheftell with Courtesy Mortgage
HAMP=Home Affordability Mortgage Plane
HARP=Home Affordability Refinance Program
If you are needing to sell or buy a home on a Short Sale (Lender taking a shortage on the pay off) please call me at 801-589-2437 and I can answer or help you get what you want in the time you need it.
I hope this is helpful,
Northern Realty
Blake Rounkles
801-589-2437