At first you might mistake it for a large, stringed musical instrument. It’s not, but the Home Affordable Refinance Program (HARP 2.0) could be music to your ears if your home mortgage is still underwater.
First announced in March 2009, the federal government program designed HARP to help underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment.
The first HARP was not that successful. It was difficult to qualify to refinance under the terms of the program and contained too many roadblocks for the typical homeowner who needed the service so badly.
The program was revised in 2011 to be much more successful and available to many more needy homeowners. Read more