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 Mecklenburg North Carolina Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document for homeowners who are facing financial difficulties and seeking a loan modification to make their mortgage payments more affordable. This affidavit serves as a comprehensive testament to the homeowner's financial situation and outlines the reasons why they are in need of assistance. By providing a detailed and accurate account of their financial hardships, homeowners can present their case to lenders and loan services in order to qualify for the CAMP program. The affidavit serves as a means for the homeowner to demonstrate that they are experiencing a genuine financial hardship that prevents them from making their mortgage payments as originally agreed upon. The Mecklenburg North Carolina CAMP Hardship Affidavit typically requires the homeowner to provide information under various key areas such as: 1. Personal Information: The homeowner's full name, contact details, and information about the property in question. 2. Income and Expenses: Details regarding the homeowner's income sources, including employment, self-employment, or other sources such as alimony, government assistance, or rental income. Additionally, the affidavit requires a thorough breakdown of all monthly expenses, including utilities, transportation, medical expenses, and child care costs. 3. Assets and Liabilities: This section requires the homeowner to disclose all assets, such as bank accounts, investments, real estate, and vehicles. Similarly, liabilities such as credit card debt, outstanding loans, and other financial obligations need to be clearly stated. 4. Hardship Explanation: The homeowner must offer a detailed explanation of the financial hardship they are facing, which may include factors such as job loss, reduction in income, divorce, illness, or significant medical expenses. It is essential to outline how these circumstances have led to an inability to meet the original mortgage terms. 5. Required Documents: The affidavit typically includes a checklist of supporting documents that must be provided to validate the information provided. These may include pay stubs, bank statements, tax returns, utility bills, medical bills, and any other relevant financial documentation. It is important to note that while the content of the affidavit remains consistent, there may be variations or additional requirements specific to Mecklenburg North Carolina. These variations could arise from county-specific regulations or lender-specific guidelines. It is crucial for homeowners to consult with their lender or a housing counselor to ensure they are familiar with any specific requirements for their situation. In summary, the Mecklenburg North Carolina Home Affordable Modification Program Hardship Affidavit is a document that homeowners use to detail their financial hardships and provide evidence to support their eligibility for a mortgage loan modification.The Mecklenburg North Carolina Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document for homeowners who are facing financial difficulties and seeking a loan modification to make their mortgage payments more affordable. This affidavit serves as a comprehensive testament to the homeowner's financial situation and outlines the reasons why they are in need of assistance. By providing a detailed and accurate account of their financial hardships, homeowners can present their case to lenders and loan services in order to qualify for the CAMP program. The affidavit serves as a means for the homeowner to demonstrate that they are experiencing a genuine financial hardship that prevents them from making their mortgage payments as originally agreed upon. The Mecklenburg North Carolina CAMP Hardship Affidavit typically requires the homeowner to provide information under various key areas such as: 1. Personal Information: The homeowner's full name, contact details, and information about the property in question. 2. Income and Expenses: Details regarding the homeowner's income sources, including employment, self-employment, or other sources such as alimony, government assistance, or rental income. Additionally, the affidavit requires a thorough breakdown of all monthly expenses, including utilities, transportation, medical expenses, and child care costs. 3. Assets and Liabilities: This section requires the homeowner to disclose all assets, such as bank accounts, investments, real estate, and vehicles. Similarly, liabilities such as credit card debt, outstanding loans, and other financial obligations need to be clearly stated. 4. Hardship Explanation: The homeowner must offer a detailed explanation of the financial hardship they are facing, which may include factors such as job loss, reduction in income, divorce, illness, or significant medical expenses. It is essential to outline how these circumstances have led to an inability to meet the original mortgage terms. 5. Required Documents: The affidavit typically includes a checklist of supporting documents that must be provided to validate the information provided. These may include pay stubs, bank statements, tax returns, utility bills, medical bills, and any other relevant financial documentation. It is important to note that while the content of the affidavit remains consistent, there may be variations or additional requirements specific to Mecklenburg North Carolina. These variations could arise from county-specific regulations or lender-specific guidelines. It is crucial for homeowners to consult with their lender or a housing counselor to ensure they are familiar with any specific requirements for their situation. In summary, the Mecklenburg North Carolina Home Affordable Modification Program Hardship Affidavit is a document that homeowners use to detail their financial hardships and provide evidence to support their eligibility for a mortgage loan modification.
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.
