7.3 million homes are still underwater at this time according to Lender Processing Services (LPS). LPS estimates that eliminating the cut-off dates for the HARP program, which limits eligibility to borrowers who had Fannie Mae and Freddie Mac loans to individuals who borrowed before June 1, 2009, could increase the number of eligible homeowners who could refinance under HARP and break even within three years by as much as 30 percent[1]. If borrowers were allowed to refinance under HARP repeatedly, eligibility would increase by 55 percent, said LPS.


[1] http://www.nytimes.com/2013/07/16/business/june-retail-sales-increased-but-not-as-much-as-expected.html?_r=0