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 Philadelphia Pennsylvania Home Affordable Modification Program (CAMP) Hardship Affidavit is a document designed to assist homeowners in Philadelphia who are experiencing financial hardship in applying for a mortgage loan modification. This affidavit is a crucial component of the CAMP application process, as it helps determine if the homeowner meets the eligibility criteria for the program. The purpose of the Philadelphia Pennsylvania CAMP Hardship Affidavit is to provide detailed information about the homeowner's financial situation, which includes income, expenses, debts, and assets. By gathering this information, lenders can evaluate the homeowner's ability to afford modified mortgage payments and assess the necessity for assistance. There are several types of Philadelphia Pennsylvania CAMP Hardship Affidavits available, depending on the homeowner's specific situation: 1. Unemployment Affidavit: For homeowners who have lost their jobs or experienced a significant reduction in income, the Unemployment Affidavit is used to provide a detailed account of their unemployed status, any unemployment benefits received, and efforts made to find employment. 2. Medical Expense Affidavit: In cases where homeowners have incurred substantial medical expenses, the Medical Expense Affidavit is used to outline the medical conditions, treatments, and costs associated with the condition. This affidavit helps demonstrate that medical bills have created a financial hardship. 3. Divorce or Separation Affidavit: For homeowners facing divorce or separation, the Divorce or Separation Affidavit is utilized to disclose information related to the dissolution of the marriage, including legal expenses, child support, alimony, and any additional financial burdens resulting from the separation. 4. Disaster Affidavit: In circumstances where homeowners have been affected by a natural disaster, such as a flood, hurricane, or earthquake, the Disaster Affidavit is employed to document the financial difficulties directly resulting from the disaster. This affidavit assists lenders in considering the unique circumstances faced by homeowners impacted by such events. Regardless of the specific type, each Philadelphia Pennsylvania CAMP Hardship Affidavit aims to present a comprehensive overview of the homeowner's financial situation to determine eligibility for the Home Affordable Modification Program. It is essential to provide accurate and detailed information in the affidavit, as any inconsistencies or misrepresentations may impede the application process.The Philadelphia Pennsylvania Home Affordable Modification Program (CAMP) Hardship Affidavit is a document designed to assist homeowners in Philadelphia who are experiencing financial hardship in applying for a mortgage loan modification. This affidavit is a crucial component of the CAMP application process, as it helps determine if the homeowner meets the eligibility criteria for the program. The purpose of the Philadelphia Pennsylvania CAMP Hardship Affidavit is to provide detailed information about the homeowner's financial situation, which includes income, expenses, debts, and assets. By gathering this information, lenders can evaluate the homeowner's ability to afford modified mortgage payments and assess the necessity for assistance. There are several types of Philadelphia Pennsylvania CAMP Hardship Affidavits available, depending on the homeowner's specific situation: 1. Unemployment Affidavit: For homeowners who have lost their jobs or experienced a significant reduction in income, the Unemployment Affidavit is used to provide a detailed account of their unemployed status, any unemployment benefits received, and efforts made to find employment. 2. Medical Expense Affidavit: In cases where homeowners have incurred substantial medical expenses, the Medical Expense Affidavit is used to outline the medical conditions, treatments, and costs associated with the condition. This affidavit helps demonstrate that medical bills have created a financial hardship. 3. Divorce or Separation Affidavit: For homeowners facing divorce or separation, the Divorce or Separation Affidavit is utilized to disclose information related to the dissolution of the marriage, including legal expenses, child support, alimony, and any additional financial burdens resulting from the separation. 4. Disaster Affidavit: In circumstances where homeowners have been affected by a natural disaster, such as a flood, hurricane, or earthquake, the Disaster Affidavit is employed to document the financial difficulties directly resulting from the disaster. This affidavit assists lenders in considering the unique circumstances faced by homeowners impacted by such events. Regardless of the specific type, each Philadelphia Pennsylvania CAMP Hardship Affidavit aims to present a comprehensive overview of the homeowner's financial situation to determine eligibility for the Home Affordable Modification Program. It is essential to provide accurate and detailed information in the affidavit, as any inconsistencies or misrepresentations may impede the application process.
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.
