HARP 2.0 is a refinance option for homeowners that are "underwater," meaning they owe more on their home than their home is worth.
In order to be eligible for the HARP 2.0 refinance program, you must meet certain criteria. Firstly, you must not have refinanced through the original HARP program. You need to be current on monthly mortgage payments with no late payments over 30 days due in a minimum of six months, and have had no more than one late payment in the previous 12 months. Your mortgage must be from before May 31, 2009, and must be backed by Fannie Mae or Freddie Mac. Your loan to value (LTV%) must be at least 80%.
The purpose of HARP is to allow homeowners who owe a mortgage more than the value of their home to secure a more affordable and stable mortgage.