Make Harp 3.0 Happen

Advocating for The Expansion of the Home Affordable Refinance Program

The Petition

Petition II – 4/11/2013 – Petition U.S. Treasury and States to use Hardest Hit Funds to Help Underwater Homeowners by Implementing the Merkley Mortgage

U.S. Treasury and State Housing Agencies that disperse Hardest Hit Funds: Help Underwater Homeowners by Implementing the Merkley Mortgage

Refinancing can save thousands of dollars per month and prevent foreclosures for families underwater on their home loans. Millions of Americans are underwater and are unfortunately not eligible for existing programs such as HARP. The Rebuilding American Homeownership Assistance Pilot Project (aka. The Merkley Mortgage) expands on HARP by allowing people with non-Fannie and Freddie held loans to refinance. It would also allow refinancing for people that have been disqualified due to the arbitrary securitization cut-off date set by the FHFA.

And this is the letter/email that will be delivered:

The President of the United States
The U.S. Senate
Your Governor
Sen. Jeff Merkley, OR
U.S. Treasury
Florida Housing Finance Corporation
Indiana Housing & Community Development Authority
alabama housing finance authority
Arizona Department of Housing
California Housing Finance Agency
Georgia Housing and Finance Authority
Illinois Housing Development Authority
Kentucky Housing Corporation
Michigan State Housing Development Authority
Mississippi Home Corporation
Nevada Affordable Housing Assistance Corporation
New Jersey Housing and Mortgage Finance Agency
North Carolina Housing Finance Agency
Ohio Housing Finance Agency
Oregon Department of Housing and Community Services
South Carolina State Housing and Development Authority
Tennessee Housing Development Agency
District of Columbia Housing Finance Agency

Millions of underwater homeowners stand to benefit by refinancing. Unfortunately, many are not eligible for the current programs such as HARP. Senator Merkley of Oregon has advanced the Rebuilding American Homeownership (RAH) plan using the U.S. Treasury TARP “Hardest Hit Funds” to serve as a more inclusive underwater refinance plan. The Merkley plan would equally benefit those with GSE backed loans and non-Fannie and non-Freddie backed loans . The plan is currently being piloted in Oregon’s Multnomah County. The RAH Pilot Program could serve as the template for assisting underwater homeowners in need of refinancing in your state. Please implement RAH using your allocated “Hardest Hit Funds”.

[Your name]


Petition to install a HARP 3.0 Countup clock in the White House. Update: this petition has expired. The final tally was 1509 signatures.

Help Underwater Homeowners. Install a CountUp Clock in the White House to remind policy makers of failure to pass HARP 3

During the 2012 State of The Union Address President Obama laid out his plan for a broad based refinancing plan to help all responsible home owners with little or negative home equity. This plan, known as HARP 3.0, is desperately needed by millions of underwater homeowners. It is now two years later and nothing has been accomplished with HARP 3.0. The President, Congress, The FHFA, and other policy makers have failed us. As a reminder of this failure we suggest a HARP 3.0 Count Up Clock be installed in the White House Entrance Hall. Perhaps the embarrassment of this Count Up Clock will urge policy makers to finally Make Harp 3 Happen.


Petition to eliminate the securitization cut off date for HARP eligibility and allow re-HARPing. Update: this petition has expired. The final tally was 1658 signatures.

You can view and sign the petition here: Petition to eliminate the securitization cut off date for HARP eligibility and allow re-HARPing


Make a formal request to the FHFA to eliminate the securitization cut off date for HARP eligibility and allow re-HARPing

Under the Home Affordable Refinance Program (HARP) The Director of The Federal Housing Finance Agency has authority to extend or eliminate the eligibility cutoff date. Currently the date is set as 5/31/09. Many responsible home owners are unable to take advantage of the program to reduce their mortgage rates because of this date. On 3/17/12 HARP was revamped (HARP 2.0) and home owners were given the power to shop for the best rates. However, those who previously refinanced under the original program are not eligible because of the the arbitrary cut off date and 1 time use limit set by FHFA Director Edward DeMarco. Eliminating the cutoff date and allowing home owners a 2nd chance to refinance under HARP 2.0 would help millions of Americans to save money on their monthly mortgage payment.



Add a Comment
  1. Thank you so much for starting this movement! We purchased our now underwater home in 2007 at the peak of the real estate market. We refinanced in April 2009 with Chase and our loan was securitized by Fannie on 6/1/09. We miss the HARP cutoff date by ONE DAY!!! So frustrating especially since we have no control over when it was secuitized. Extending the cut-off date will save us almost $1,000 per month. Fingers crossed that at least this part of HARP3 happens! Sincerely, Natalie

  2. Can we please restart this petition. I do not qualify for HARP because my loan originated in 2010, after the cut off date. I am devastated and would do anything to help in removing the cut off date on HARP. Please help!

  3. What we need is to start up a ‘support group’ for everyone out there who is underwater and can’t get refi’d because their mortgage loans don’t have Fannie or Freddie backing!

    I’ve tried to refi 4 times over the last 2 years and got rejected every time.

    I’m so tired of waiting for help, I’m afraid the change will finally come and I’ll miss the announcement, or the parade, or the fireworks display, or however it is that they’ll announce it!

  4. By the time HARP 3.0 gets passed, the mortgage rates will be be back up to where my current rates are, and the whole thing will be OBE! That must be their strategy!

    1. Jack, what you said I think is oh so true. They sit on it long enough and we still will be right where we are.
      For sure if the president puts his signature to the Boxer- Mendozea bill will for sure get us that really need help, no where. Because it still just helps thos of freddie an fannie loans.

  5. What needs to happen is for President Obama to take this Easter recess and appoint a new FHFA housing regulator
    replacing Ed DeMarco

    allowing all responsible homeowners who are underwater to rest their mortgages at fair market value

    there are still over 11 milliion severely underwater homeowners

  6. You should restart the peition while this legislation is still up for debate. The date requirement HAS to be removed! There is no logical reason for it!

    I didn’t even know this petition existed until now and I’m sure many, many other did not as well. I would suggest leveraging social media (twitter, facebook, linkedin, etc.) to increase awareness and garner support this time around. Sorry but 1600 signatures for such an important issue that is affecting millions is quite pathetic…let’s not quit on this!

  7. I agree with Jack. We keep waiting on HARP 3, rates will be back up to our current rates. I hope this is not their strategy. That would mean they don’t care about us. You have to be behind in order to get some help. What a shame, it makes you no longer want to be responsible. I hate to walk away

  8. We purchased our home in 2006 well within the harp timeframe however our mortgage is not backed by Freddie or Fannie so we have not been able refinance missing out on saving thousands a year – help!!

  9. It is a great comfort to realize I am not alone in this quest for Harp 3. My home is not Freddie or Fannie and therefore I have not been able to refinance to better terms. I have a 6.875 10-year interest only that will practically DOUBLE in 2 years. There is no way I can continue to make payments, especially since I am now retired (and widowed). I have been paying almost $60,000 yearly (including taxes) and have not paid back ONE PENNY of principal!!! I have made every payment for 8 years on time, but I NEED RELIEF!!! I did not buy more than I could afford, but the untimely death of my husband and the college expenses of my children put me in this terrible situation. I’d be happy to pay off my loan, I am just looking to be able to avail myself of the terms and rates that new buyers can have. I have always played by the rules, never collected a penny in government aid, I support help for the disadvantaged…I am only seeking to get better terms so i can continue to be an independent, responsible citizen! Help get Harp 3!!!!!!

  10. Please re-start the petition! I have a non-Freddie/non-Fannie interest only “toxic” mortgage that will switch to a conventional ARM in 18 months. I will not be able to afford the payments, so my options will be bankruptcy, short sale, or worse: walk away. Before the crash there was no such thing as a “toxic” loan, and I would have been able to refi. But we’re so far upside-down that a refi is not an option. Please Help!

  11. I already wrote the President, my congressman Dennis Ross, and many others about HARP#3. I also made it clear that the “Mortgage Home Settlement Agreement” was discriminatory at best and TARP was a tax payer robbery. All I saw was a lot of Americans lose their jobs and their homes. Let me see, 7 years later and the economy is still struggling but the banks are doing fine. That’s what happens when you give your money donors free money to invest. The whole system is all about greed and corruption. Just ask one rich politician to give up there way of life and change with a poor person and see how defensive they become. It’s never going to change.

  12. I too have a “bad” loan. We bought at the top of the market in FL in 2005 and have a 10 year interest only fixed loan at 5.87%. We never anticipated that we would get stuck in this loan, and now we only have about a year left before these terms end, and the payment will double. My home is underwater, we can’t get a refi and we are not Fannie or Freddie backed. We need to get another petition going that the president will be forced to acknowledge. There are so many people in our situation, we need to be heard and given relief!

  13. We bought our home in 2005 and now our home like everybody else is under water and yet we are not able to refinance as is not a Freddy Mac or Fannie Mae

    We were never got the option to choose from having a private loan or a back up loan with Freddy or Fanny. But, every month I have to pay taxes, therefore Freddy and Fanny can continue working. And what about us we also have a family we still have to provide for our kids.

    With all my respect people that were using their homes as ATM machine are the ones getting help And we the responsible citizens trying to continue providing for our families, keeping up with payments in a house that is not worth it borrowing from our families, etc. are not getting any help

    I would like all you to know that we all are suffering and we don’t know until when we can hold it. And I hope you can take all of us into consideration when you make your decisions.

  14. We have the same story. Bought a loan from Thornburg Mortgage (no longer in business)at 6.5%. Was told that we could refinance any time for $1000 processing fee since they owned there own paper and 2 years later, they went under. So in 2016 our loan can go up to 11% and we are under water and cannot afford to refinance.

  15. I am one of the millions who does not have a Fannie Mae or Freddie Mac loan. I have an 80/20 loan with interest rates of more than 7% and more than 11%! Yes you read that right! I cannot refi because I have a conventional loan. Like many others I would be able to refi if HARP 3.0 was passed. Please help us so we all can breathe a sigh of relief.

  16. We are also in bad loan. Bought at peak in 2006, 10yr I/O @6%
    not fannie or freddie backed. Have been denied so many times. We may have overbought, but we have made every payment on time for 9 years, and every loan oficer was pushing to get people in these loans! Maybe a little nieve but we are paying for it. We have paid nothing to principle!! I want the rate evryone else has!! I have paid the bank close to $300,000 in the last nine years!! THat is 1/2 of my homes worth!! I wont be able to pay the mortgage in 1 year, it will almost double!! I will not
    be able to afford it. Please PASS HARP 3.0…or we are moving and my daughter is starting High School this August!! Not fair to her or us, making all our payments while keeping excellent credit scores!!!

  17. In April 2007, I refinanced my home with a sub-prime loan originated by New Century Mortgage Corp. I did this because I was in chapter 13 bankruptcy due to a long stint of unemployment, after my last technical job in a US manufacturing company ended some years earlier, and the refinance allowed me to close out the bankruptcy after 36 months. At the time it was suggested to me that I could “go with this loan for a few years, and then refi into a better loan”, as the terms on this loan are obnoxious (9% interest with a balloon payment of 100 of principle after 30 years in order to pay off the loan!). Unfortunately, I believed the loan officer who told me that, and did the deal hoping for the best. If I knew then how it would turn out, I most certainly wouldn’t have taken that loan. I’ve been paying faithfully on this for years now hoping that something could be done, but I don’t want a short-sale, and I don’t want to walk away (the only sensible thing to do). The investors are making out on this (at least from my end), and the mortgage servicing companies too (first New Century, then Countrywide, then B of A, and now Select Portfolio Servicing). It’s a no win deal and without something like HARP 3.0, it forever will be. HELP

  18. I purchase the on sept 2006 & refinanced thru
    Mtg broker. Ref mtg date sept 2009 @5.25%. I kept my mtg pmt on time while going thru hard times.
    I can not ref my mtg due date is not May 31,2009.
    My freind ref thru harp at 4%. How fair is that? Because of the date cut off, I’m don’t qualify.
    Not sure why date was may31,2009. That is ridiculous !! Can harp program relook at the date.

  19. My story is similar to the others. Have an 8.5% loan through HSBC, which is not Fannie Mae or Freddie Mac. Have tried to refinance, but they deny as soon as their hear HSBC!
    I have one last ditch attempt to save my house, meeting with a banker in town next week. I know how that will end up.
    After that, it’s bankruptcy. Just wish that the Gov’t would make refinance available to all. Kinda sucks that my tax dollars are used to help finance HARP and then I cannot even use the program!

    1. all i cay say please God pass or extend HARP 3 as soon as possible to help us all whose mortgage are under water so we can start paying our monthly mortgage with enterest rate given to fanie may and friedy mac are enjoyingcora n

  20. The President and Congress has failed it’s citizens and you really don’t deserve to be supported in any way by us. Homeownership is the backbone of our economy and yet you choose not to address our issues first. This would mean that government is protecting some special interest group. I know you are aware of the our concerns, but you have chosen to ignore them by not passing Harp 3.0.

    When our government ignores the needs of it citizens, it’s time for new leadership.

    Please show us that the citizens of this country are your priority. PASS HARP 3.0 IMMEDIATELY!!!!!!!

  21. i also have a home that is underwater and do not qualify for the harp 2.0 program i have tried to refinance my home with no help at all we need this harp 3.0 for the ones that never got the freddie mac or fannie mae loans but want to keep theirs homes i don’t even qualify for a reverse mortgage because i’am underwater i love my home and want to keep my home and i faught to keep my home when things got very bad for me in 2007 so i pray that you (congress) will hear are cries for help and pass the harp 3.0

  22. i talked to quicken loans today and they told me i didn’t have enough income to refi my house so is the harp program only for the special few and i thought they said in the tv ad that you don’t need to verify income i guess they like to lie behind the scenes so what about us that didn’t plan on losing are jobs that we make the payments on time and are credit score is excellent we don’t qualify?what kind of crap is that you know there is more of us out there and we have the right to get a better mortgage just like anyone else

  23. I truly hope I have my home by the time Harp 3 comes my home is under water and my mortgage company could care less they do not intend to work with us to try to lower the interest rate which is 7.25 this is incredible high and there’s nothing going to the principal the amount going to the principal would not allow us to live in an apartment. How does that happen how does the mortgage company get to redo your mortgage and continued – rip you off. we all know that’s what it is having a conventional loan is just a nightmare we need harp 3 and we don’t need to wait any longer everyone needs help not just Fannie Mae Freddie Mac people we all need help and I feel like that should have been considered when looking at the Fannie Mae and Freddie Mac options everyone should have the option so that all of us who are home owners need to Refinance can and not just some of us.

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