Will HARP 3 help those homeowners who have private loans not affiliated with the fannie mae or freddy mac and yet underwater?

IF HARP 3.0 ever passes, it is intended to help borrowers who have not been able to take advantage of any of the other refinance programs offered through FHA, VA, USDA, or HARP 2.0.. so yes, but the way it's currently written, it's highly unlikely to pass.. The details of the current proposal are not public, but it has stalled in congress, so no telling why, but as of right now, the industry experts all say it's not going to pass.. stay tuned!! .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Details have not been released, and may not include private mortgages.

That's the idea behind HARP 3.0, though right now it's only an idea. The new proposals are aimed at helping those homeowners who were unable to refinance with the previous versions of HARP. Recent changes in leadership at the FHFA give a little more hope for the program, but any major changes will need approval before they are a reality.

Don't hold your breath for HARP3, it seems pretty unlikely to be approved right now. Call your congressman and senators if you think it is needed.