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 Fairfax Virginia Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that is part of the application process for homeowners seeking mortgage assistance through the CAMP program. This affidavit aims to provide detailed information about the financial hardships homeowners in Fairfax, Virginia, are facing and helps lenders evaluate whether they qualify for loan modification. The CAMP program is designed to provide eligible homeowners with affordable monthly mortgage payments that they can sustain and avoid foreclosure. It offers various options such as mortgage refinancing and loan modifications to reduce homeowners' financial burden. Different types and forms of Fairfax Virginia Home Affordable Modification Program Hardship Affidavits may include: 1. Income Hardship Affidavit: This type of affidavit focuses on the homeowner's income-related difficulties. It involves providing details about job loss, reduced working hours, salary cuts, medical emergencies, or any other factors affecting the property owner's ability to pay their mortgage. 2. Medical Hardship Affidavit: Often, homeowners encounter financial hardships due to unexpected medical expenses or long-term illness. This affidavit emphasizes the medical circumstances affecting the individual's financial stability, including medical bills, ongoing treatment costs, or the need for specialized care. 3. Divorce or Separation Hardship Affidavit: In cases of divorce or separation, homeowners might face challenges in meeting mortgage obligations due to a change in their financial situation. This affidavit concentrates on the changes in income, increased bills, legal fees, or any other relevant factors resulting from the separation process. 4. Death of Spouse or Co-Borrower Hardship Affidavit: When a spouse or co-borrower passes away, the surviving homeowner might encounter financial difficulties due to the loss of income. This affidavit highlights how the death has affected the surviving homeowner's ability to afford mortgage payments. 5. Natural Disaster Hardship Affidavit: If a homeowner in Fairfax, Virginia, has faced financial setbacks due to a natural disaster like hurricanes, floods, or earthquakes, this affidavit enables them to convey the impact on their finances. It may include damage repair costs, temporary accommodation expenses, or the inability to work during the disaster and its aftermath. Completing the Fairfax Virginia Home Affordable Modification Program Hardship Affidavit accurately and comprehensively is crucial for homeowners seeking assistance from the CAMP. By providing detailed information related to their specific hardship, homeowners increase their chances of qualifying for a mortgage modification that aligns with their financial situation and helps them retain their homes.The Fairfax Virginia Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that is part of the application process for homeowners seeking mortgage assistance through the CAMP program. This affidavit aims to provide detailed information about the financial hardships homeowners in Fairfax, Virginia, are facing and helps lenders evaluate whether they qualify for loan modification. The CAMP program is designed to provide eligible homeowners with affordable monthly mortgage payments that they can sustain and avoid foreclosure. It offers various options such as mortgage refinancing and loan modifications to reduce homeowners' financial burden. Different types and forms of Fairfax Virginia Home Affordable Modification Program Hardship Affidavits may include: 1. Income Hardship Affidavit: This type of affidavit focuses on the homeowner's income-related difficulties. It involves providing details about job loss, reduced working hours, salary cuts, medical emergencies, or any other factors affecting the property owner's ability to pay their mortgage. 2. Medical Hardship Affidavit: Often, homeowners encounter financial hardships due to unexpected medical expenses or long-term illness. This affidavit emphasizes the medical circumstances affecting the individual's financial stability, including medical bills, ongoing treatment costs, or the need for specialized care. 3. Divorce or Separation Hardship Affidavit: In cases of divorce or separation, homeowners might face challenges in meeting mortgage obligations due to a change in their financial situation. This affidavit concentrates on the changes in income, increased bills, legal fees, or any other relevant factors resulting from the separation process. 4. Death of Spouse or Co-Borrower Hardship Affidavit: When a spouse or co-borrower passes away, the surviving homeowner might encounter financial difficulties due to the loss of income. This affidavit highlights how the death has affected the surviving homeowner's ability to afford mortgage payments. 5. Natural Disaster Hardship Affidavit: If a homeowner in Fairfax, Virginia, has faced financial setbacks due to a natural disaster like hurricanes, floods, or earthquakes, this affidavit enables them to convey the impact on their finances. It may include damage repair costs, temporary accommodation expenses, or the inability to work during the disaster and its aftermath. Completing the Fairfax Virginia Home Affordable Modification Program Hardship Affidavit accurately and comprehensively is crucial for homeowners seeking assistance from the CAMP. By providing detailed information related to their specific hardship, homeowners increase their chances of qualifying for a mortgage modification that aligns with their financial situation and helps them retain their homes.
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.
