To understand underwater borrower motivations and potential barriers to refinancing, Fannie Mae’s Economic and Strategic Research team conducted a survey of Home Affordable Refinance Program (HARP) eligible borrowers who have loans held by Fannie Mae, as of July 2012. Among the 2,400 respondents, half of those surveyed have already refinanced through the HARP. The other half have not refinanced through HARP, but would meet the eligibility criteria to do so according to our estimation.  For each refinanced and not-refinanced subpopulation, the sample is evenly distributed across three loan-to-value categories: 80-105%, 105-125%, and 125+%.