Make Harp 3.0 Happen

Advocating for The Expansion of the Home Affordable Refinance Program

Latest HARP 3.0 News

  • FHFA announced last month that the HARP Program would be extended through 2015, though if the program is not expanded it is hard to envision it helping very many people beyond this year.

  • Mortgage Officials met with the White House in April at which time the Obama Administration continued to indicate its support for expanding HARP to private-label loans and extending the HARP eligibility date:
    At this point talk is cheap. Underwater homeowners want to see a little less talk and a lot more action, however so far the Obama Administration has not been willing to flex the political muscle needed to make the changes necessary to bring HARP 3.0 to fruition.

  • One positive piece of news is the nomination of Mel Watt to replace Ed Demarco as director of the FHFA. If Watt is confirmed it is conceivable he will lift restrictions such as the May 31, 2009 securitization cut off date for HARP eligibility.

  • There is no update to pending HARP legislation. The Responsible Homeowner Refinancing Act of 2013, bills H.R. 736 and S. 249, continue to sit idle in chamber committees.

  • The petition to expand the Merkley Mortgage to other states is still active. Please sign the petition if you have not already done so.

Updated: June 12, 2013 — 11:05 am


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  1. The HARP 3.0 program seems to be the only possible means of refinancing our home. After putting over $90,000.00 into remodeling, my wife and I were told that it may not be worth what it was before. The appraisal process by the bank is very risky, and therefore, we have declined to do so. Since our mortgage is not through Fannie Mae or Freddie Mac, we are not eligible for HARP 2.0 that does not require an appraisal. Like a lot of people, we’re stuck.

  2. The squeaky wheel gets the grease. I urge all to contact every local and national media outlet and politician possible. The responsible home owner that got stuck with a Non-Freddie or Non-Fannie backed loan and has remained current on their mortgage may end up being the biggest victim of the largest created real estate bubble in history. If HARP 3 is not approved soon rates will rise and we will have lost our opportunity to refi around 4%. There will be NO help for us if the economy improves and rates rise. For me, I purchased in 2005 and I’m still about $100,000 underwater and my rate is 6.375%. So, not only did I overpay due elevated prices due to a false demand created by our leaders and banking system I’ll also pay a couple hundred thousand extra over the next 30 years from having a higher interest rate than I could get today if I could only refi…. Not debt forgiveness…Not a loan modification… Just let me refi at today’s rate. Push HARP 3 now!!!

    1. Isreal, you are right the squeaky wheel gets grease. So we need to start squeaking loudly. Help promote the petition to expand the Merkley Mortgage. FHFA Director nominee Mel Watt has been included to the list of recipients for the petition. Tell your friends and family to support the petition. Post it on facebook, twitter, and all social media networks you participate in. Disenfranchised underwater home owners have not gotten loud enough on this issue. It won’t happen unless we get loud.

    2. You said it perfectly. I am in the same exact boat. The people who tried to do things right and be responsible are the ones getting stung the hardest. I will sign the petition.

  3. I settled in 9/2009 and my freddie mac mortgage is 51/2%. I can’t refinance becuz I’m underwater w no equity. My payments r still on time. Will harp 3 b able to help me? With rising interest rates I feel like I missed the boat. I m a single parent w child w disabilities and really need to lower my payments. Especially this year w furloughs again. Will harp 3 or one of these bills help me? I’d b happy to write to every senator. What can be done? If you know please post reply. Thank u in advance.

  4. We have a high ARM loan that was exetended with BOA in 2008 and now is up this October 2013 the way our loan is written our interest rate will increase 1.5% every six months until it reaches a ceiling of 17%, we are underwater and unable to refinance into today’s oustanding rate’s because we with Bank of New York (private investor). All we want to do is be locked in so we do not have to walk away from our home becaue of the interest rate. We have good credit and never have missed a payment and would be a perfect candidate for Harp 3. Please help us HARP 3 your our only hope! Duluth MN

  5. I am contacting a litigation attorney about the HSBC owned loans. I was told by Wells Fargo – who is our loan processor and who initially gave us our loan, that HSBC does NOT participate in any of the loan programs because they did not take any federal monies.
    We are all in trouble and it is NOT fair. When we get a loan we have absolutely no control who the initial purchased (who you sign the loan docs with) will sell these mortgages to on the second market. And because they sold them to investors who do not want to participate in the program makes me incredibly mad and frustrated.
    I say we all need to ban together and get a litigation attorney who will spank these banks once and for all.
    If we wait for the government we will all have lost our homes and health worrying about how to keep our homes. Banks are pure evil and I am sick and tired of being taken advantage of IF there is a loop hole. This is what is wrong with our system – if there is a way to get out of doing the right thing to make more money you can bet the majority of business will do this! I am willing to start something big – and have already contacted a litigation attorney who just won a big case against Wells Fargo regarding loan modifications.

    1. You are absolutely right. Chase and Bank of America had to pay a ton of money because of their banking practices. HSBC needs the next wake-up call. What does your attorney suggest as the next steps? How can we band together on this?

  6. I have a mortgage of 11.5% fixed 30 year with monthly payment of $2157.46 with Citi Financial. I am $100,000.00 underwater and don’t qualify for Harp 1 or Harp 2. Have attempted to refinance with no luck. Have never been late on house payment.

    1. William I’m in the same boat with Citi Financial. You can get a modification and deferred payments when needed. I have gotten both since I’ve been with them the last 6-7 years. I’m patiently waiting on the Harp 3 program because that would help us both tremendously.

  7. Government help the the mortgage companies for what ever reason and they been trying help the the people that are late and still leaving their homes effecting everybody that are responsible in this situation. Let now take a different approach— What about helping all these responsible people that have never been late on their mortgage payment that can definitely improve this overall economy… No more delay on this Harp 3!

  8. I echo everything everyone else has said. I am in the same position. Now, what steps can we take to get this passed? Who do we contact? I have contacted my state’s representatives, urging them to vote for the new director and for harp 3.0. It is a republican vs. democrat issue, unfortunately. How can we light a fire under the republicans responsible for stalling?

  9. 160 foreclosures a month in Arizona at this time. These are mainly underwater homes that had conventional mortgages and didn’t qualify for HARP Freddie or Fannie. Now my neighbors are giving up. They were holding on waiting for HARP 3.0 but GOP Congress plays games, takes vacations and filibusters Mel Watt for HUD. We will remember in November 2016.

  10. I hope the president are listing to the people we hare keeping our promise while we suffer and the big banks enjoying all the benefits, it should not have to take the government to forced the banks to fixed our rate.

  11. I’m confused about how or IF HARP 3.0 can help homeowners with 2 mortgages. I could modify the first mortgage under HARP but it looks like there is no hope in sight to modify 2nd mortgage and preferably refinance it into the first. This mortgage is on a 15 year balloon and is interest only. It was designed to be refinanced. Now I’m wondering what happens in 7 years when the full amount is due and cannot be refinanced. The amount due is $89K so there is not much hope of paying it off with alternative type of loan or cashing out 401K – another joke on hardworking people. How many cashed out 401K only to pay capital gains tax on monies LOST?

  12. My 2 cents…Almost daily I search for news on Harp 3 and as reported by Make Harp 3.0 Happen the thousands of results are mostly advertisement which is so disappointing. I’ve called a few and even the ads claiming to offer Harp 3.0 are currently doing so to appear to have the latest and greatest product but it’s old Harp 2.0 they are actually selling. I do see a glimmer of hope to reignite Harp 3.0 which is a trending slow down in the real estate market. In several major areas of the country over the last year and ending about a month ago inventory was extremely low, in my area 4-5 months ago it was the lowest I’ve seen in the last 20 years. Generally speaking we “appear” to have hit bottom and bounced up about 20%-30% over the last year+. Unfortunately, this feeds the argument not to pass Harp 3.0. Opponents of Harp 3.0 will say “look the market has recovered”. However, now as inventory accumulates as scene in recent months and supply and demand battle a bit resulting in a slow down in the real estate market Harp 3.0 may get a new push forward. Unfortunately our politicians don’t care or don’t realize the significant number of borrowers that have loans that are not backed by Freddie or Fannie and are still upside down in their mortgage. For example, if you take a home price of $500,000 and subtract 50% that equals $250,000 after the market declined. Now take that $250,000 home and add 25% which equals $312,500 after the recent rebound in values and a home owner that is STILL upside down in their mortgage even if they put down 20% when purchased. Let’s roll Harp 3.0.

  13. Does not matter if this program comes out or not. The rates are above 5 percent and climbing. If it becomes available the rate will be the same or just a touch below where you all are. I have no remorse if you took cash out or have a second loan. If you put 20 percent down and now you want to get a lower rate then you should be able to. For all of you who want principle reduction I doubt you gave the equity back to the bank… You took it out and spent it on things you could not afford. Live within your means, move if you can’t afford to live, save and don’t put all eggs into one basket.

    1. You don’t have a clue what your talking about. There are millions of home equity loans coming due between now and 2018. These loans were sold as mortgages but were really predatory loans. These loans were not freddie mac or fannie may backed loans. How is it that these people don’t deserve help? They are in jeopardy of losing there home if his does not pass. I’m talking about people that pay their bills every month so they don’t quality for any help because they are not in default of their loan. Its not about people mismanaging their funds. Get in the real world Joe Smith. Quit believing everything you hear in the news. This economy is not any better. I am a counselor and see 8 to 10 people everyday who just can’t make it. They have to go to food pantries and beg for food from relatives. No they don’t mis spend – they don’t have enough to live on. The help that comes from the government is not what we are led to believe. It is called Selective Help.

  14. screw you joe smith work everyday pay every bill raise 2 disabled children not on Medicaid on a healthcare plan that I pay for never cashed out equity and spent it on stupid stuff and I pay taxes just want a lower payment!!!!

  15. It is sad that I can no refinance my mortgage because I own more than the actual value of the house. However loan companies are able to sell the loans to some other companies and that is ok; they are any restrictions as long as we continue to get screw and PAY more. Finish with the HARP 3…. May be there will be a light on this tunnel…

  16. I am like everyone else I’ve tried 20 different lenders who promise they can get it done just to be told I do not have enough equity in my home. No No No we are sorry we can not grant you a loan at this time.

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