Make Harp 3.0 Happen

Advocating for The Expansion of the Home Affordable Refinance Program

Timing is Everything

98% of the posts thus far on have been aimed at efforts to support expanding the HARP program. This post is going to be a little different. There are millions of people that stand to gain if HARP 3.0 is ever to be implemented. But according to FHFA estimates there are 2 million+ home owners that are currently eligible for HARP 2.0 that are not taking advantage. I’m assuming that at least a few of them find there way to this website. Why are these people not using the Home Affordable Refinance Program? There are a lot of theories on why that is, but this quote from an article in the Pittsburgh Post-Gazette offers a solid clue:

“Many underwater HARP-eligible homeowners have been turned down before, and now they assume they can’t get help,” said Jim Svinth, chief economist for

Timing is everything. Diane, one of the regular commenters on this website, can attest to that. She has been coming to since it’s inception. She learned of a minor eligibility date change to the program made last Fall that changed her HARP eligibility. That change helped very few people. But that isn’t the point. The point is that the real estate market is changing everyday. What you were told previously, or what you thought about eligibility to refinance may no longer be applicable. It doesn’t hurt to try again. My suggestion to any underwater homeowner would be to talk to a mortgage professional at least once a year to find out where you now stand. Maybe like Diane you’ll find out that you now have options.


Updated: March 17, 2014 — 6:48 pm

1 Comment

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  1. There may be a couple million homeowners that would qualify for HARP 2 but with so many millions of us living paycheck to paycheck, refinance fees also keep us from moving forward. Yes, we know the fees can be rolled into a knew loan but borrowing money to borrow money is not financially responsible. HARP 3 would help many millions more that are not in financial dire straits but simply holding on. Keep in mind, only the Fannie and Freddie backed mortgages are eligible for HARP 2. HARP 3 is proposed to make many more millions of underwater mortgages eligible. This was proposed over a year ago but congress is too unwilling to act on it. I believe the status quo for government action will prevail if HARP 3 is ever enacted. This means millions of more homeowners will no longer to able to hold on so they will be foreclosed upon and until these economic impacts affect the politicians, nothing will be done about it….As usual.

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