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 Miami-Dade Florida Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the process of applying for mortgage loan modifications. It serves as a comprehensive description of the homeowner's financial hardships, providing detailed information on their current financial situation. This affidavit plays a crucial role in determining the eligibility of homeowners for mortgage modification assistance under the CAMP initiative. The Miami-Dade Florida Home Affordable Modification Program offers various types of hardship affidavits to cater to different situations faced by homeowners. These can include: 1. Unemployment Affidavit: This type of affidavit is for homeowners who have lost their jobs or experienced a significant reduction in income. It requires providing relevant details, such as termination notices, proof of job loss, and unemployment benefits documentation. 2. Medical Hardship Affidavit: This affidavit is for individuals facing substantial medical expenses due to a serious illness, injury, or other medical conditions. It requires providing medical bills, insurance statements, and an explanation of how these expenses have affected the ability to meet mortgage payments. 3. Divorce or Separation Affidavit: For homeowners facing divorce or separation, this affidavit seeks information about the impact of the marital breakdown on their finances. It requires providing legal documents, such as divorce decrees, settlement agreements, and details of alimony or child support arrangements. 4. Natural Disaster Affidavit: In case of homeowners being affected by a natural disaster, such as hurricanes or floods prevalent in Miami-Dade Florida, this affidavit allows them to explain the financial impact of the event. Supporting documentation such as insurance claims, repair estimates, and relevant photographs may be required. 5. Military Service Affidavit: This type of affidavit is specifically designed for active-duty military personnel who face financial challenges due to their service obligations. It requires providing deployment orders, military pay statements, and an explanation of how military service affects the ability to make mortgage payments. It is important to note that these are general categories, and specific circumstances may require additional or modified affidavits to accurately reflect the homeowner's hardship.The Miami-Dade Florida Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the process of applying for mortgage loan modifications. It serves as a comprehensive description of the homeowner's financial hardships, providing detailed information on their current financial situation. This affidavit plays a crucial role in determining the eligibility of homeowners for mortgage modification assistance under the CAMP initiative. The Miami-Dade Florida Home Affordable Modification Program offers various types of hardship affidavits to cater to different situations faced by homeowners. These can include: 1. Unemployment Affidavit: This type of affidavit is for homeowners who have lost their jobs or experienced a significant reduction in income. It requires providing relevant details, such as termination notices, proof of job loss, and unemployment benefits documentation. 2. Medical Hardship Affidavit: This affidavit is for individuals facing substantial medical expenses due to a serious illness, injury, or other medical conditions. It requires providing medical bills, insurance statements, and an explanation of how these expenses have affected the ability to meet mortgage payments. 3. Divorce or Separation Affidavit: For homeowners facing divorce or separation, this affidavit seeks information about the impact of the marital breakdown on their finances. It requires providing legal documents, such as divorce decrees, settlement agreements, and details of alimony or child support arrangements. 4. Natural Disaster Affidavit: In case of homeowners being affected by a natural disaster, such as hurricanes or floods prevalent in Miami-Dade Florida, this affidavit allows them to explain the financial impact of the event. Supporting documentation such as insurance claims, repair estimates, and relevant photographs may be required. 5. Military Service Affidavit: This type of affidavit is specifically designed for active-duty military personnel who face financial challenges due to their service obligations. It requires providing deployment orders, military pay statements, and an explanation of how military service affects the ability to make mortgage payments. It is important to note that these are general categories, and specific circumstances may require additional or modified affidavits to accurately reflect the homeowner's hardship.
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.
