Home Loans and Support

Difference Between MHA and HAMP

Discussion in 'Making Home Affordable' started by MamaTea, Nov 22, 2009.

  1. MamaTea

    MamaTea LoanSafe Member

    Hi,

    I realize this is a basic question, but I cannot seem to find the answer. What is the difference between MHA (which I applied for) and HAMP?

    Thanks.
  2. c150000

    c150000 LoanSafe Member

    mha> making home affordable

    hamp >
    home affordable modification program

    there are one in the same as far as i know

    there is 2 programs> one is a modification for past due borrowers
    the other is refinance for current borrowers
  3. MamaTea

    MamaTea LoanSafe Member

    Thanks. We are current (just barely), and applied for MHA, so that sounds right.

    Do both of these programs include something like $5,000 off the principle if you stay current for 5 years after a modification? It seems like I heard that when the programs first came out.

    Thanks!
  4. rlhoneydew

    rlhoneydew LoanSafe Member

    Yes, you are right, if you make timely payments, they will pay $1,000.00 off of your principle each year for 5 years! :p
  5. Garry

    Garry LoanSafe Member

    The MHA program consists of HAMP and HARP. HAMP is a modification, HARP is a re-finance.
  6. robma

    robma LoanSafe Member

    What about Wachovia's MAP or MAAP?
    Does anyone know what that stands for?
  7. MamaTea

    MamaTea LoanSafe Member

    Thanks for the replies. I have one more question. With the MHA program are there usually trial payments?

    Thanks!
  8. davephx

    davephx LoanSafe Member

    HAMP (MHA) requires 3 trial payments. Often it takes 6-7 trials before their is a decision on a permanent modification

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