Has anyone applied for a HAMP or a HARP?

[DJP0910]

I am considering going through the application process with my mortgage company and was hoping to hear from anyone who may have already gone through the HAMP or HARP.

If you did, do you feel like it was worth it? Were the modifications that substantial to get your head above water? Did your credit score take a hit?

I am not late on any payments but we are back to living paycheck to paycheck - wife lost her job and family expenses have increased so their is some hardship here.

Thank you.

[Petunia 100]

I did a HARP refi last year. There is no modification or debt forgiveness with HARP, so no real impact to my credit score. However, HAMP will impact your credit score. Here is some information from the Federal Reserve on this topic:

http://www.bos.frb.org/commdev/c&b/2010/fall/Chakrabarti_loan_modification.pdf

[Petunia 100]

I did a HARP refi last year. There is no modification or debt forgiveness with HARP, so no significant impact to my credit score. However, HAMP will impact your credit score. Here is some information from the Federal Reserve on this topic:

http://www.bos.frb.org/commdev/c&b/2010/fall/Chakrabarti_loan_modification.pdf

[deedee421]

We refinanced in January 2013 with our credit union's version of the HARP loan. I loved it because our interest rate went from 6.5% to 3.5% and we went from a 30 year fixed to a 15 year fixed rate mortgage. Like Petunia said, there was no hit to our credit score by doing this, and since we knew that we owed more than our home was worth, we liked the fact that we did not have to go through the expense or process of having an appraisal done.

[Jerry91]

HAMP or HARP are loan relief options and their impact on a person and his/her mortgage may vary depending upon his or her situation. Your situation will be unique. You should contact your lender and apply for any of these two options and check out if you can get any help. You can clarify all your doubts from the lender and then finally decide whether or not you will go for any of these options.

[himanshux22]

I am considering going through the application process with my mortgage company and was hoping to hear from anyone who may have already gone through the HAMP or HARP.

If you did, do you feel like it was worth it? Were the modifications that substantial to get your head above water? Did your credit score take a hit?

I am not late on any payments but we are back to living paycheck to paycheck - wife lost her job and family expenses have increased so their is some hardship here.

Thank you.

Why people don't rely on the HARP loan program. Either they don't trust government or Government plans are not trust worthy. I learned about HARP program from here mindxmaster.com/2016/07/harp-loan-program-guidelines.html and it sound great.