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.
Nassau New York Home Affordable Modification Program Hardship Affidavit is a document required by the Nassau County government for individuals seeking mortgage loan modifications under the Home Affordable Modification Program (CAMP). This affidavit is designed to provide a detailed account of the financial hardships faced by homeowners in Nassau County, New York, who are struggling to make their mortgage payments. The purpose of the Nassau New York Home Affordable Modification Program Hardship Affidavit is to demonstrate to lenders and loan modification program administrators the extent of the homeowner's financial challenges and the need for assistance in order to remain in their homes. The affidavit requires extensive information about the homeowner's income, expenses, debts, assets, and any other factors that contribute to their financial difficulties. When applying for the Home Affordable Modification Program in Nassau County, New York, homeowners may encounter different types or versions of the Hardship Affidavit, each tailored to specific circumstances. These could include: 1. Nassau New York Home Affordable Modification Program Hardship Affidavit for Unemployment: This version of the affidavit is used by homeowners who have lost their jobs or experienced a significant reduction in income. It requires detailed information about job loss, unemployment benefits, and any other relevant details regarding the homeowner's employment status. 2. Nassau New York Home Affordable Modification Program Hardship Affidavit for Medical Expenses: This particular affidavit is intended for homeowners who are facing financial challenges due to exorbitant medical bills or health-related issues. Detailed information about medical conditions, treatments, expenses, and insurance coverage may be required. 3. Nassau New York Home Affordable Modification Program Hardship Affidavit for Divorce or Separation: Homeowners who are going through a divorce or separation and are unable to meet their mortgage obligations can use this affidavit. It would mandate an explanation of the divorce or separation, any legal fees incurred, and changes in income or expenses resulting from the marital situation. 4. Nassau New York Home Affordable Modification Program Hardship Affidavit for Disability: This affidavit is tailored for homeowners who have become disabled or are experiencing a long-term disability, leading to financial hardships. It would necessitate the disclosure of medical conditions, disability benefits received, and any related expenses that impact the homeowner's ability to pay their mortgage. It is important for homeowners in Nassau County, New York, to carefully complete the appropriate Nassau New York Home Affordable Modification Program Hardship Affidavit that corresponds to their specific circumstances. Providing accurate and detailed information in these affidavits is crucial to increase the likelihood of approval for loan modification assistance and ultimately help homeowners retain their homes.Nassau New York Home Affordable Modification Program Hardship Affidavit is a document required by the Nassau County government for individuals seeking mortgage loan modifications under the Home Affordable Modification Program (CAMP). This affidavit is designed to provide a detailed account of the financial hardships faced by homeowners in Nassau County, New York, who are struggling to make their mortgage payments. The purpose of the Nassau New York Home Affordable Modification Program Hardship Affidavit is to demonstrate to lenders and loan modification program administrators the extent of the homeowner's financial challenges and the need for assistance in order to remain in their homes. The affidavit requires extensive information about the homeowner's income, expenses, debts, assets, and any other factors that contribute to their financial difficulties. When applying for the Home Affordable Modification Program in Nassau County, New York, homeowners may encounter different types or versions of the Hardship Affidavit, each tailored to specific circumstances. These could include: 1. Nassau New York Home Affordable Modification Program Hardship Affidavit for Unemployment: This version of the affidavit is used by homeowners who have lost their jobs or experienced a significant reduction in income. It requires detailed information about job loss, unemployment benefits, and any other relevant details regarding the homeowner's employment status. 2. Nassau New York Home Affordable Modification Program Hardship Affidavit for Medical Expenses: This particular affidavit is intended for homeowners who are facing financial challenges due to exorbitant medical bills or health-related issues. Detailed information about medical conditions, treatments, expenses, and insurance coverage may be required. 3. Nassau New York Home Affordable Modification Program Hardship Affidavit for Divorce or Separation: Homeowners who are going through a divorce or separation and are unable to meet their mortgage obligations can use this affidavit. It would mandate an explanation of the divorce or separation, any legal fees incurred, and changes in income or expenses resulting from the marital situation. 4. Nassau New York Home Affordable Modification Program Hardship Affidavit for Disability: This affidavit is tailored for homeowners who have become disabled or are experiencing a long-term disability, leading to financial hardships. It would necessitate the disclosure of medical conditions, disability benefits received, and any related expenses that impact the homeowner's ability to pay their mortgage. It is important for homeowners in Nassau County, New York, to carefully complete the appropriate Nassau New York Home Affordable Modification Program Hardship Affidavit that corresponds to their specific circumstances. Providing accurate and detailed information in these affidavits is crucial to increase the likelihood of approval for loan modification assistance and ultimately help homeowners 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.
