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 Bronx, New York Home Affordable Modification Program (CAMP) is a government initiative designed to assist homeowners facing financial hardships in the Bronx area. The program aims to provide affordable mortgage modifications to eligible homeowners, allowing them to maintain homeownership and avoid foreclosure. To qualify for this program, residents of the Bronx need to submit a Hardship Affidavit, which is a document that explains their financial challenges and the reasons they are unable to meet their mortgage obligations. The Hardship Affidavit serves as a crucial component of the Bronx Home Affordable Modification Program application process. It helps mortgage lenders and services understand the exact nature of the homeowner's hardship and evaluate their eligibility for a modification. The affidavit requires detailed information about the homeowner's financial situation, such as income, expenses, assets, and debts. It also requires the homeowner to explain the specific circumstances that led to their financial difficulties, such as loss of income, medical expenses, divorce, or other unforeseen events. By providing this information, homeowners can demonstrate their need for mortgage assistance and justify their eligibility for a modification. There may be variations of the Bronx, New York Home Affordable Modification Program Hardship Affidavit tailored to specific situations. Some common types of hardships that homeowners may encounter include job loss, reduction in income, excessive medical bills, or a significant increase in monthly mortgage payments. The program acknowledges that each homeowner's hardship is unique and may require a different approach for resolution. Therefore, homeowners may find different versions or templates of the Hardship Affidavit designed to address their particular circumstances. It is essential for Bronx residents looking to apply for the Home Affordable Modification Program to carefully complete the Hardship Affidavit and provide all the necessary documentation to support their hardship claims. The accuracy and completeness of this document greatly influence the lender's decision-making process. It is advisable to seek guidance from qualified professionals or housing counselors who can provide assistance throughout the application process and ensure that all required information is correctly included in the Hardship Affidavit. In summary, the Bronx, New York Home Affordable Modification Program offers mortgage assistance to struggling homeowners through a comprehensive application process. The Hardship Affidavit forms a crucial part of this application, requiring homeowners to present a detailed account of their financial challenges and the underlying causes. By carefully completing this document and providing supporting documentation, homeowners can increase their chances of qualifying for a mortgage modification and ultimately preserve their homeownership.The Bronx, New York Home Affordable Modification Program (CAMP) is a government initiative designed to assist homeowners facing financial hardships in the Bronx area. The program aims to provide affordable mortgage modifications to eligible homeowners, allowing them to maintain homeownership and avoid foreclosure. To qualify for this program, residents of the Bronx need to submit a Hardship Affidavit, which is a document that explains their financial challenges and the reasons they are unable to meet their mortgage obligations. The Hardship Affidavit serves as a crucial component of the Bronx Home Affordable Modification Program application process. It helps mortgage lenders and services understand the exact nature of the homeowner's hardship and evaluate their eligibility for a modification. The affidavit requires detailed information about the homeowner's financial situation, such as income, expenses, assets, and debts. It also requires the homeowner to explain the specific circumstances that led to their financial difficulties, such as loss of income, medical expenses, divorce, or other unforeseen events. By providing this information, homeowners can demonstrate their need for mortgage assistance and justify their eligibility for a modification. There may be variations of the Bronx, New York Home Affordable Modification Program Hardship Affidavit tailored to specific situations. Some common types of hardships that homeowners may encounter include job loss, reduction in income, excessive medical bills, or a significant increase in monthly mortgage payments. The program acknowledges that each homeowner's hardship is unique and may require a different approach for resolution. Therefore, homeowners may find different versions or templates of the Hardship Affidavit designed to address their particular circumstances. It is essential for Bronx residents looking to apply for the Home Affordable Modification Program to carefully complete the Hardship Affidavit and provide all the necessary documentation to support their hardship claims. The accuracy and completeness of this document greatly influence the lender's decision-making process. It is advisable to seek guidance from qualified professionals or housing counselors who can provide assistance throughout the application process and ensure that all required information is correctly included in the Hardship Affidavit. In summary, the Bronx, New York Home Affordable Modification Program offers mortgage assistance to struggling homeowners through a comprehensive application process. The Hardship Affidavit forms a crucial part of this application, requiring homeowners to present a detailed account of their financial challenges and the underlying causes. By carefully completing this document and providing supporting documentation, homeowners can increase their chances of qualifying for a mortgage modification and ultimately preserve their homeownership.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
