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 Houston Texas Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document required for homeowners seeking mortgage loan modification through the CAMP initiative. This program is part of a government assistance program designed to help to struggle homeowners in Houston, Texas, make their mortgage payments more affordable. The CAMP Hardship Affidavit provides an in-depth account of the financial difficulties faced by homeowners, demonstrating their need for mortgage assistance. It serves as an official declaration of the borrower's financial situation, outlining the hardships preventing them from meeting their mortgage obligations. This affidavit is a vital component of the loan modification process and helps lenders understand the challenges faced by homeowners in Houston, Texas. It enables lenders to assess the borrower's financial predicament and determine if they qualify for modification assistance. Key details included in the Houston Texas CAMP Hardship Affidavit typically encompass the borrower's contact information, loan details, and a detailed breakdown of their current financial situation, such as income, assets, expenses, debts, and savings. Additionally, it requires a comprehensive explanation of the specific hardships afflicting the borrower, such as job loss, reduction in income, medical expenses, divorce, or other challenges affecting their ability to make timely mortgage payments. Different types or variations of the Houston Texas Home Affordable Modification Program Hardship Affidavit may include: 1. Income Hardship Affidavit: This type of affidavit emphasizes the borrower's reduced income as the primary hardship causing their mortgage payment difficulties. It highlights factors like reduced working hours, pay cuts, unemployment, or business loss. 2. Medical Hardship Affidavit: This particular affidavit concentrates on medical or health-related hardships. It outlines how medical conditions, medical bills, or disability affect the borrower's capacity to make regular mortgage payments. 3. Divorce Hardship Affidavit: This affidavit focuses on the financial upheaval resulting from a divorce or separation. It outlines the division of assets, increased expenses, and any loss of income due to the dissolution of the marriage. 4. Natural Disaster Hardship Affidavit: In the unfortunate case of a natural disaster such as hurricanes, flooding, or other catastrophic events, this affidavit highlights the impact on the borrower's ability to fulfill their mortgage payments. It details property damage, insurance coverage, and additional expenses incurred as a result of the disaster. Completing the Houston Texas Home Affordable Modification Program Hardship Affidavit accurately and thoroughly is crucial, as it determines the eligibility of homeowners for loan modification programs. It is recommended to seek professional guidance or consult with housing counselors to ensure the proper completion of this significant document.The Houston Texas Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document required for homeowners seeking mortgage loan modification through the CAMP initiative. This program is part of a government assistance program designed to help to struggle homeowners in Houston, Texas, make their mortgage payments more affordable. The CAMP Hardship Affidavit provides an in-depth account of the financial difficulties faced by homeowners, demonstrating their need for mortgage assistance. It serves as an official declaration of the borrower's financial situation, outlining the hardships preventing them from meeting their mortgage obligations. This affidavit is a vital component of the loan modification process and helps lenders understand the challenges faced by homeowners in Houston, Texas. It enables lenders to assess the borrower's financial predicament and determine if they qualify for modification assistance. Key details included in the Houston Texas CAMP Hardship Affidavit typically encompass the borrower's contact information, loan details, and a detailed breakdown of their current financial situation, such as income, assets, expenses, debts, and savings. Additionally, it requires a comprehensive explanation of the specific hardships afflicting the borrower, such as job loss, reduction in income, medical expenses, divorce, or other challenges affecting their ability to make timely mortgage payments. Different types or variations of the Houston Texas Home Affordable Modification Program Hardship Affidavit may include: 1. Income Hardship Affidavit: This type of affidavit emphasizes the borrower's reduced income as the primary hardship causing their mortgage payment difficulties. It highlights factors like reduced working hours, pay cuts, unemployment, or business loss. 2. Medical Hardship Affidavit: This particular affidavit concentrates on medical or health-related hardships. It outlines how medical conditions, medical bills, or disability affect the borrower's capacity to make regular mortgage payments. 3. Divorce Hardship Affidavit: This affidavit focuses on the financial upheaval resulting from a divorce or separation. It outlines the division of assets, increased expenses, and any loss of income due to the dissolution of the marriage. 4. Natural Disaster Hardship Affidavit: In the unfortunate case of a natural disaster such as hurricanes, flooding, or other catastrophic events, this affidavit highlights the impact on the borrower's ability to fulfill their mortgage payments. It details property damage, insurance coverage, and additional expenses incurred as a result of the disaster. Completing the Houston Texas Home Affordable Modification Program Hardship Affidavit accurately and thoroughly is crucial, as it determines the eligibility of homeowners for loan modification programs. It is recommended to seek professional guidance or consult with housing counselors to ensure the proper completion of this significant document.
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.
