A HARP refinance isn't always fast and easy. Ask Joseph DeLucia, who got a mortgage refinance under the Home Affordable Refinance Program. From application to closing, the process took six months.

His refinance rate is a lot lower than the rate on his original mortgage, and the payment is $300 per month less. DeLucia says the savings make the months of frustration and lost sleep worthwhile.

"My advice to anyone would be: Don't give up," he says. "Just hang in there if you really want it."

The HARP refinance enables homeowners to refinance, even if plummeting property values have left them owing more than their homes are currently worth. A homeowner can get a HARP refi for up to 125 percent of appraised value.