If You Refinanced with HARP, Can You Refinance with HARP 2.0?

Doug in Melbourne refinanced a house in 2009 with HARP and is now trying to take advantage of HARP 2.0. His asks Robert Palmer if he qualifies with a refinance in 2009.

When the statute was written, it stated that the loan that is being refinanced, the immediate one you are paying off, had to have been originated prior to 2009. The reason for this is because they did not want the people with newer loans to refinance and cost the investors that had purchased those mortgages the interest income stream. By the time HARP came out, it was already after the date you had to be financed by to be eligible for HARP 2.0. So if you did HARP, you are almost automatically excluded for HARP 2.0 based on the dates they were available. In this situation, if you can get the home equity line of credit (HELOC) paid down a bit and prices come up some you could equalize and get back into a positive equity position to refinance.