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 Orange California Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in Orange, California, can utilize to apply for mortgage loan modification through the government's Home Affordable Modification Program. This affidavit is intended for homeowners who are experiencing financial hardships and need assistance in making their mortgage payments more affordable. The Orange California CAMP Hardship Affidavit requires homeowners to provide comprehensive and detailed information about their current financial situation to determine their eligibility for the loan modification program. It is essential to accurately complete this document, as any incorrect or misleading information may result in a denial of the modification request. Keywords: Orange California, CAMP, Home Affordable Modification Program, hardship affidavit, mortgage loan modification, financial hardships, affordable mortgage payments, eligibility, loan modification program, accurate completion. Types of Orange California Home Affordable Modification Program Hardship Affidavit: 1. Individual Hardship Affidavit: This type of affidavit is for homeowners who are the sole borrowers on the mortgage and are applying for a loan modification individually. 2. Joint Hardship Affidavit: Joint homeowners or borrowers such as a married couple can use this type of affidavit to apply for a loan modification together. Both parties must provide their financial details and sign the affidavit. 3. Co-Borrower Hardship Affidavit: In cases where there is a co-borrower on the mortgage, but only one borrower is seeking a loan modification, a co-borrower hardship affidavit is required. It allows the borrower seeking assistance to provide their personal financial information while excluding the co-borrower's details. 4. Non-Borrowing Spouse Hardship Affidavit: This affidavit is specifically designed for situations where a non-borrowing spouse is on the title of the property but not on the mortgage. It allows the non-borrowing spouse to provide their financial information separately to determine their eligibility for a loan modification. Keywords: Orange California, CAMP Hardship Affidavit, individual, joint, co-borrower, non-borrowing spouse, mortgage, loan modification, financial details, eligibility.The Orange California Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in Orange, California, can utilize to apply for mortgage loan modification through the government's Home Affordable Modification Program. This affidavit is intended for homeowners who are experiencing financial hardships and need assistance in making their mortgage payments more affordable. The Orange California CAMP Hardship Affidavit requires homeowners to provide comprehensive and detailed information about their current financial situation to determine their eligibility for the loan modification program. It is essential to accurately complete this document, as any incorrect or misleading information may result in a denial of the modification request. Keywords: Orange California, CAMP, Home Affordable Modification Program, hardship affidavit, mortgage loan modification, financial hardships, affordable mortgage payments, eligibility, loan modification program, accurate completion. Types of Orange California Home Affordable Modification Program Hardship Affidavit: 1. Individual Hardship Affidavit: This type of affidavit is for homeowners who are the sole borrowers on the mortgage and are applying for a loan modification individually. 2. Joint Hardship Affidavit: Joint homeowners or borrowers such as a married couple can use this type of affidavit to apply for a loan modification together. Both parties must provide their financial details and sign the affidavit. 3. Co-Borrower Hardship Affidavit: In cases where there is a co-borrower on the mortgage, but only one borrower is seeking a loan modification, a co-borrower hardship affidavit is required. It allows the borrower seeking assistance to provide their personal financial information while excluding the co-borrower's details. 4. Non-Borrowing Spouse Hardship Affidavit: This affidavit is specifically designed for situations where a non-borrowing spouse is on the title of the property but not on the mortgage. It allows the non-borrowing spouse to provide their financial information separately to determine their eligibility for a loan modification. Keywords: Orange California, CAMP Hardship Affidavit, individual, joint, co-borrower, non-borrowing spouse, mortgage, loan modification, financial details, eligibility.
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.
