What does it do, who can qualify and is it a "real" program that works?
Ok so here's the scoop of what we know so far:
It was officially released 3-16-12, it enables homes that are upside down to complete a refinance so you can capitalize on todays low interest rates without the strictions of a regular loan programs.
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for HARP. Program ends December 31, 2013.
How to Start the HARP process: