Which two plans are referred to by HARP and HAMP under the Making Home Affordable Program?

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Multiple Choice

Which two plans are referred to by HARP and HAMP under the Making Home Affordable Program?

Explanation:
Under the Making Home Affordable program, two distinct plans address different homeowner needs: one helps you refinance the existing loan to lower payments, while the other helps modify the loan to make payments more affordable. The first plan, Home Affordable Refinance Program, lets eligible borrowers refinance into a new loan with better terms even if home value has fallen. The second plan, Home Affordable Modification Program, provides loan modifications to reduce monthly payments by adjusting the interest rate, loan term, or principal. These two plans are the ones referred to by HARP and HAMP within Making Home Affordable, while HELP, HOPE, or HOME are not the programs in this context.

Under the Making Home Affordable program, two distinct plans address different homeowner needs: one helps you refinance the existing loan to lower payments, while the other helps modify the loan to make payments more affordable. The first plan, Home Affordable Refinance Program, lets eligible borrowers refinance into a new loan with better terms even if home value has fallen. The second plan, Home Affordable Modification Program, provides loan modifications to reduce monthly payments by adjusting the interest rate, loan term, or principal. These two plans are the ones referred to by HARP and HAMP within Making Home Affordable, while HELP, HOPE, or HOME are not the programs in this context.

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