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#MyRefi: HARP 3.0 goes viral

By Crissinda Ponder ·
Tuesday, July 3, 2012
Posted: 1 pm ET

Thanks to a few social media giants, President Barack Obama's mortgage refinance proposal has gone viral.

Using the Twitter and Google Plus hashtag, #MyRefi, and an infographic, people are sharing the facts of the president's proposal as quickly as their fingers can type.

The plan is to simplify the mortgage refinancing process and "cut through the red tape" that currently keeps responsible homeowners from taking advantage of lower rates and lower monthly payments, according to

The proposal has three parts:

  1. Expanding and improving the Home Affordable Refinance Program, or  HARP.
  2. Providing homeowners with incentives to take shorter-term loans, which will help them rebuild equity faster.
  3. Taking the refinancing idea in HARP and making it available for borrowers who don't have mortgages backed by government-sponsored enterprises or loans insured by the Federal Housing Administration.

Nicknamed HARP 3.0, the proposal is designed specifically for underwater homeowners. It would mean banks could no longer lock them out of refinancing because they owe more than what their home is worth.

Obama's proposal would also establish a quick, hassle-free process for homeowners who are current on mortgage payments and want to refinance.

But, how will HARP 3.0 help the economy?

According to the #MyRefi infographic, if the average homeowner is allowed to refinance, he or she could save $3,000 a year. That means more money to save for future investments, such as a child's college education, or more money to splurge on that new hot rod you've been eyeing.

It's your money, honey.

Bankrate's refinance calculator can help you figure out how much you would save.

Crissinda Ponder is a reporting intern for Bankrate. Follow her on Twitter @CrissiPonder.

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August 31, 2012 at 8:03 pm

The gov. need to act fast. I currently have Citi-Bank loan and they are the worst of the worst!!! They have their own internal guidelines that prevents the Harp2.0 loans from getting processed. Get this, I currently pay $2200.00 a month and to refi under harp 2.0 would save me $600.00 plus a month, taking my monthly payment to $1600.00 a month.Now even though I've never missed or been late on my morgage payments in 18 years and have good credit Citi-Bank has classified me (through their internal guidelines) as a credit risk so they denied my loan not once but twice. SHOULD HAVE NEVER BAILED THESE BANKS OUT!!!!!!!!! Their are a lot of small banks out there that are doing a great job and they should have been rewarded.

August 24, 2012 at 8:07 pm

I can't tell you the amount of people we know that have walked away from mortgages, etc Cause it was the easy way out. They are now renting beautiful houses, bought expensive cars before it all caught up with them. The right way - NO!! My husband and I have made every payment on time no matter how hard it can be at times. Its only fair we get to refinance, is that really to much to ask? Go Harp 3.0!! Help those of us that did it right and didnt walk away from responsibilities bc it was easy (Im not talking about those that had job losses, etc..)! All we want to do is save a few bucks each month!!

August 16, 2012 at 6:18 pm

We are current on mortgage payment and our credit score is excellent but we cannot get any bank to refinance our loan to get a good interest rate. We need HARP 3.0 to get our loan refinance otherwise it is not worth keep paying high interest payment and keep holding on this house because we are waste money. It is better to move into rental place and save money.


John Yang
August 11, 2012 at 2:42 am


Some lenders/investors do allow both PMI and LPMI HARP refinance. If you lender already PAID your MI upfront...all you have to do is request a modification request with the MI company.

Double check with a few good mortgage lenders in your area.

John Yang
Los Angeles, CA

Edward G
August 08, 2012 at 8:51 pm

Any and all HARP, HAMP, HUD, FHA, VA, Fannie Mae, Freddie Mac programs (I believe they currently number 16), are NOT COMPULSORY BY THE LENDERS! It means there is no mandatory participation on the lenders part! Put a 3rd way, participation by lenders is purely voluntary!
Get it?
It's all POLITICAL! Pols HAVE to tell public that something is being done, but lenders are NOT participating! Nowhere does it say the lenders are required to take a loss!
The ONLY way to get your mortgage balance below current market value is to SUE YOUR LENDER! if you purchased, re-fi'd, or had a change of servicing agent between 2001-2009, and are MERS registered, you may be eligible for a settlement!

Diana Carrafa
August 05, 2012 at 12:59 pm

My original mortgage (Note, 2 June 2005) was a "multistate fixed rate note-single family-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT". Without my knowledge, the Lender (RBC Mortgage Co., Illinois Corp.) sold it to Wells Fargo who included it in a portfolio of mortgages offered to investors as a "Mortgage Bond"! My loan is now owned by investors funded by Bank of America via Wells Fargo. Home is 69% underwater and I cannot refinance because it's a conventional-nonbacked gov't loan with $0 equity. QUESTION? CAN I USE THE ORIGINAL NOTE FOR HARP 2.0 OR PRAY THAT HARP 3.0 WILL BE AUTHORIZED?

July 31, 2012 at 10:58 pm

My current situation is that i can not lower my rate or payment because i had my loan after May 1, 2009. is there any program out there that i can qualify for to lower my current rate?

July 30, 2012 at 3:13 pm

Yes Harp 2.0 allows LPMI(lender paid mortgage insurance) but my current lender won't allow me to refinance under Harp because I have LPMI. I haven't been able to find a lender to give me a Harp loan because of the LPMI even though Harp 2.0 is supposed to allow for it. What can I do? When will banks lift their LPMI Harp restriction?

July 25, 2012 at 5:16 pm

chad harp 2.0 currently allows people who have LPMI refinance. Get back at me if you have any further questions and I could potentially help you.