Revisions to the Home Affordable Refinance Program (HARP) announced last month, are by no means a game changer. HARP 2.0, as the media has started to refer to it, has some merit, but its scope is very limited and it will have little or no impact on foreclosures or the estimated 6.4 million homeowners nationwide who are behind on their mortgage payments. The new HARP essentially expands the net of underwater borrowers who were eligible to refinance under the original version.

HARP was created in 2009 to enable borrowers whose loans were backed by Fannie Mae, Freddie Mac or the FHA; who were current on their mortgage; and who owed up to 125 percent of the current value of their homes to refinance.

Under the new plan, borrowers can refinance no matter how far underwater they are. Banks will only have to verify that they have made their last six payments, haven't missed more than one payment over the past year, and have a job or another source of regular income.

While the new HARP won't help homeowners who are behind on their payments and at risk for foreclosure, it will be a welcome relief for homeowners who have been caught in the Catch-22 of not being able to refinance because they owe more on their mortgage than their home is worth, but at the same time, don't qualify for a short sale or a loan mod because they are current on their payments and still have income and assets.

*Information collected from CDPE's "The Distressed Property Report" for November 2011