HARP 2.0 was created to help borrowers who owe significantly more on their home than what it is worth. It is basically an improved version of the original HARP Program, which was designed to assist borrowers who owe no more than 105% of the market value of their home. It was later expanded to borrowers who owed up to 125%. The program was an abysmal failure, hence the creation of HARP 2.0, which basically removes the 125% cap, allowing homeowners that are significantly underwater to receive a new mortgage at a lower interest rate, creating payments that are more affordable.
In order to qualify, the borrower must have a mortgage that is owned by either Fannie Mae or Freddie Mac. Also, the homeowner could not have been late on a mortgage payment in the past 6 months, or no more than one late payment in the past 12 months.