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 Washington Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used by homeowners seeking assistance with mortgage loan modifications in the state of Washington. This affidavit acts as a detailed statement explaining the financial difficulties that make it challenging for homeowners to meet their mortgage obligations. The purpose of the Washington CAMP Hardship Affidavit is to allow homeowners to provide an accurate and comprehensive overview of their financial situation, showcasing their financial hardships. By doing so, they can demonstrate their eligibility for the Home Affordable Modification Program and increase their chances of obtaining favorable loan modification terms. The Washington CAMP Hardship Affidavit covers several significant aspects of the homeowner’s financial status. It typically requires them to provide detailed information such as income, expenses, debts, assets, and other financial obligations. These details help the mortgage service assess the homeowner's ability to pay and identify a suitable mortgage modification plan. Keywords: Washington Home Affordable Modification Program, CAMP, Hardship Affidavit, mortgage loan modification, homeowners, financial difficulties, mortgage obligations, financial situation, eligibility, loan modification terms, income, expenses, debts, assets, mortgage service, mortgage modification plan. Types of Washington Home Affordable Modification Program Hardship Affidavits: 1. Initial Hardship Affidavit: Homeowners seeking loan modification through the Washington CAMP must submit an initial hardship affidavit, which comprehensively outlines their financial challenges. This form acts as the first step in the loan modification process. 2. Updated Hardship Affidavit: In case the homeowner's financial circumstances change during the loan modification evaluation period, they may be required to submit an updated hardship affidavit. This document reflects any new financial hardships or changes that impact their ability to meet mortgage obligations. 3. Recertification Hardship Affidavit: In certain cases, homeowners already participating in the Washington CAMP may need to recertify their financial hardships periodically to continue benefiting from the loan modification program. The recertification hardship affidavit ensures that the homeowner's financial situation remains aligned with the program's guidelines. Keywords: Initial Hardship Affidavit, Updated Hardship Affidavit, Recertification Hardship Affidavit, loan modification process, financial challenges, loan modification evaluation, financial circumstances, mortgage obligations, participating, program's guidelines.
