The Home Affordable Refinance Program (HARP) has now helped more than 3 million borrowers to refinance their homes, confirms the Federal Housing Finance Agency. The milestone was reached after additional changes were made to the initiative in an effort to boost participation. The number of HARP refinances completed in 2012 almost equaled the total number of refinances completed over the first three years of the program.
HARP was expected to assist 4 million to 5 million struggling borrowers with their mortgage payments; but early issues with the program deterred homeowners from using it, in addition to rising interest rates. The duration of HARP has now been extended to Dec. 31, 2015.
A third round of modifications to the program has been proposed to address additional barriers to participation, but these changes have yet to be approved and codified.