The Home Affordable Refinance Program is a comprehensive Financial Stability Plan to stabilize the housing market. A summary of eligibility under this program is as follows:
" First-lien mortgages owned, guaranteed, or securitized by Freddie Mac that are single-family 1- to 4- unit primary residences, including condos, cooperatives, Single-Family Seller/Servicer Guide (Guide) eligible manufactured homes, and our negotiated conforming jumbo mortgages.
" FHA, VA, and RHS guaranteed mortgages are eligible, subject to the relevant agency guidelines.
" Mortgages for properties that are abandoned, vacant, or condemned are not eligible.
" Mortgages may be previously modified, but can only be modified once under HAMP.
Borrowers may be eligible for this program if they meet the following requirements:
" Borrowers who are 31 days or more delinquent and borrowers who are either current or less than 31 days delinquent and in imminent default.
" A borrower may be considered in imminent default if the borrower is current or less than 31 days delinquent on their mortgage payments, and have a hardship that is stated in the Hardship Affidavit document. In addition, the borrower must have a Debt Coverage Ratio that is less than 1.20 and Cash Reserves that are less than three times their current monthly PITIA payment.
" Borrowers who may be in foreclosure, in pending litigation involving the mortgage, or who are in active bankruptcy.
" Borrowers currently performing under another workout arrangement will be considered for a Home Affordable Modification if they request it.
" Borrowers must currently have a monthly housing expense-to-income ratio greater than 31 percent of their verified gross monthly income.
The Pennsylvania Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the process of applying for mortgage loan modification assistance. This affidavit is specifically designed for homeowners in Pennsylvania who are facing financial hardship and are seeking options to make their mortgage payments more affordable. The purpose of the Pennsylvania CAMP Hardship Affidavit is to gather detailed information about the homeowner's financial situation, including their income, expenses, and any hardships they may be experiencing. It serves as a comprehensive statement that demonstrates the borrower's need for mortgage assistance and helps the lender evaluate whether they qualify for a loan modification. There are two main types of Pennsylvania Home Affordable Modification Program Hardship Affidavits: 1. Initial Hardship Affidavit: This is the first step in the loan modification process. Homeowners who are struggling to make their mortgage payments but have not yet defaulted on their loan can complete this affidavit. It requires the borrower to provide essential financial details such as income, expenses, assets, debts, and a detailed explanation of their hardship. 2. Updated Hardship Affidavit: Once a borrower is already enrolled in the Pennsylvania CAMP program and needs to update their financial information, they must fill out the updated hardship affidavit. This document is necessary to assess whether the homeowner's circumstances have changed and if they still qualify for ongoing assistance. Keywords: Pennsylvania, Home Affordable Modification Program, CAMP, hardship affidavit, mortgage loan modification, financial hardship, mortgage assistance, detailed information, income, expenses, hardships, loan modification process, initial hardship affidavit, updated hardship affidavit, struggling, defaulted, financial details, assets, debts, explanation, enrolled, ongoing assistance.
