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 Contra Costa California Home Affordable Modification Program (CAMP) is a government initiative aimed at assisting homeowners in financial distress to modify their mortgage terms and make their monthly payments more affordable. To apply for this program, homeowners are required to submit a Hardship Affidavit, providing detailed information about their financial hardship and the reasons why they are struggling to meet their mortgage obligations. This affidavit is a crucial document that helps lenders assess the eligibility and need for assistance under the CAMP. It requires homeowners to explain their current financial situation, including their income, expenses, and any unexpected or unavoidable expenses they may be facing. By detailing their financial hardship, homeowners can make a compelling case to lenders for loan modification, such as reducing interest rates, extending the loan term, or forgiving a portion of the principal balance. Keywords: Contra Costa California, Home Affordable Modification Program, CAMP, hardship affidavit, mortgage, financial distress, mortgage terms, monthly payments, government initiative, homeowners, financial hardship, eligibility, loan modification, interest rates, loan term, principal balance. Different types of Contra Costa California Home Affordable Modification Program Hardship Affidavit may include: 1. Standard Hardship Affidavit: This is the primary and most commonly used affidavit in the CAMP application process. It covers general financial hardships, such as loss of income, unemployment, medical expenses, divorce, or death in the family. 2. COVID-19 Specific Hardship Affidavit: In response to the ongoing global pandemic, a specific hardship affidavit may have been introduced to address the challenges faced by homeowners directly related to COVID-19, such as job loss, reduced working hours, or increased medical expenses due to the virus. 3. Natural Disaster Hardship Affidavit: If a homeowner has experienced a natural disaster, such as a wildfire, earthquake, or flood, a specific hardship affidavit may be required to document the financial challenges resulting from the disaster and provide additional support for loan modification requests. 4. Military Service Hardship Affidavit: For homeowners who are actively serving in the military or are veterans, this affidavit type may focus on the unique financial difficulties faced by military personnel, such as deployment, relocation, or reduction in income due to military service. Keywords: Standard Hardship Affidavit, COVID-19 Specific Hardship Affidavit, Natural Disaster Hardship Affidavit, Military Service Hardship Affidavit, CAMP application process, financial hardships, pandemic, job loss, reduced working hours, medical expenses, natural disaster, wildfire, earthquake, flood, military personnel, deployment, relocation, reduction in income.The Contra Costa California Home Affordable Modification Program (CAMP) is a government initiative aimed at assisting homeowners in financial distress to modify their mortgage terms and make their monthly payments more affordable. To apply for this program, homeowners are required to submit a Hardship Affidavit, providing detailed information about their financial hardship and the reasons why they are struggling to meet their mortgage obligations. This affidavit is a crucial document that helps lenders assess the eligibility and need for assistance under the CAMP. It requires homeowners to explain their current financial situation, including their income, expenses, and any unexpected or unavoidable expenses they may be facing. By detailing their financial hardship, homeowners can make a compelling case to lenders for loan modification, such as reducing interest rates, extending the loan term, or forgiving a portion of the principal balance. Keywords: Contra Costa California, Home Affordable Modification Program, CAMP, hardship affidavit, mortgage, financial distress, mortgage terms, monthly payments, government initiative, homeowners, financial hardship, eligibility, loan modification, interest rates, loan term, principal balance. Different types of Contra Costa California Home Affordable Modification Program Hardship Affidavit may include: 1. Standard Hardship Affidavit: This is the primary and most commonly used affidavit in the CAMP application process. It covers general financial hardships, such as loss of income, unemployment, medical expenses, divorce, or death in the family. 2. COVID-19 Specific Hardship Affidavit: In response to the ongoing global pandemic, a specific hardship affidavit may have been introduced to address the challenges faced by homeowners directly related to COVID-19, such as job loss, reduced working hours, or increased medical expenses due to the virus. 3. Natural Disaster Hardship Affidavit: If a homeowner has experienced a natural disaster, such as a wildfire, earthquake, or flood, a specific hardship affidavit may be required to document the financial challenges resulting from the disaster and provide additional support for loan modification requests. 4. Military Service Hardship Affidavit: For homeowners who are actively serving in the military or are veterans, this affidavit type may focus on the unique financial difficulties faced by military personnel, such as deployment, relocation, or reduction in income due to military service. Keywords: Standard Hardship Affidavit, COVID-19 Specific Hardship Affidavit, Natural Disaster Hardship Affidavit, Military Service Hardship Affidavit, CAMP application process, financial hardships, pandemic, job loss, reduced working hours, medical expenses, natural disaster, wildfire, earthquake, flood, military personnel, deployment, relocation, reduction in income.
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.
