Salt Lake Utah Declaración Jurada de Dificultades del Programa de Modificación Home Affordable - Home Affordable Modification Program Hardship Affidavit

State:
Multi-State
County:
Salt Lake
Control #:
US-02036BG
Format:
Word
Instant download

Description

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 Salt Lake Utah Home Affordable Modification Program (CAMP) Hardship Affidavit is a vital document that homeowners in Salt Lake City, Utah, may need to complete when applying for the CAMP. This program, initiated by the federal government, aims to assist struggling homeowners to modify their mortgages and potentially avoid foreclosure. The Hardship Affidavit serves as a comprehensive record of a homeowner's financial situation, outlining their financial hardship and demonstrating their eligibility for the CAMP. It requires individuals to provide detailed information about their income, expenses, assets, debts, and the circumstances that have made it difficult for them to meet their mortgage payments. There can be multiple types of Hardship Affidavits related to the Salt Lake Utah Home Affordable Modification Program, depending on the specific circumstances faced by homeowners. These variants may include: 1. Unemployment: Designed for homeowners facing job loss or significant reduction in income, this affidavit focuses on proving that the homeowner's financial hardship is primarily due to unemployment or underemployment. 2. Income Reduction: Geared towards individuals who have experienced a decrease in income, this affidavit enables homeowners to demonstrate how their reduced earnings have made it challenging to afford their mortgage payments. 3. Medical Hardship: Intended for homeowners who have incurred substantial medical expenses or experienced an illness or disability that has hindered their ability to make mortgage payments, this affidavit requires documentation of medical bills or disability records. 4. Divorce or Separation: This type of affidavit is suitable for homeowners who have gone through a divorce or separation, resulting in a significant loss of income or additional financial burdens like alimony or child support payments. 5. Disaster Hardship: Specifically for individuals who have been affected by a natural disaster, this affidavit offers a way for homeowners to detail the financial hardships they have encountered as a result of the event. Completing the Salt Lake Utah Home Affordable Modification Program Hardship Affidavit accurately and honestly is crucial for homeowners seeking assistance through the CAMP. Providing support documentation, such as pay stubs, bank statements, medical bills, or divorce decrees, strengthens the application's credibility and increases the likelihood of approval for a mortgage modification to make homeownership more affordable.

The Salt Lake Utah Home Affordable Modification Program (CAMP) Hardship Affidavit is a vital document that homeowners in Salt Lake City, Utah, may need to complete when applying for the CAMP. This program, initiated by the federal government, aims to assist struggling homeowners to modify their mortgages and potentially avoid foreclosure. The Hardship Affidavit serves as a comprehensive record of a homeowner's financial situation, outlining their financial hardship and demonstrating their eligibility for the CAMP. It requires individuals to provide detailed information about their income, expenses, assets, debts, and the circumstances that have made it difficult for them to meet their mortgage payments. There can be multiple types of Hardship Affidavits related to the Salt Lake Utah Home Affordable Modification Program, depending on the specific circumstances faced by homeowners. These variants may include: 1. Unemployment: Designed for homeowners facing job loss or significant reduction in income, this affidavit focuses on proving that the homeowner's financial hardship is primarily due to unemployment or underemployment. 2. Income Reduction: Geared towards individuals who have experienced a decrease in income, this affidavit enables homeowners to demonstrate how their reduced earnings have made it challenging to afford their mortgage payments. 3. Medical Hardship: Intended for homeowners who have incurred substantial medical expenses or experienced an illness or disability that has hindered their ability to make mortgage payments, this affidavit requires documentation of medical bills or disability records. 4. Divorce or Separation: This type of affidavit is suitable for homeowners who have gone through a divorce or separation, resulting in a significant loss of income or additional financial burdens like alimony or child support payments. 5. Disaster Hardship: Specifically for individuals who have been affected by a natural disaster, this affidavit offers a way for homeowners to detail the financial hardships they have encountered as a result of the event. Completing the Salt Lake Utah Home Affordable Modification Program Hardship Affidavit accurately and honestly is crucial for homeowners seeking assistance through the CAMP. Providing support documentation, such as pay stubs, bank statements, medical bills, or divorce decrees, strengthens the application's credibility and increases the likelihood of approval for a mortgage modification to make homeownership more affordable.

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.
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Salt Lake Utah Declaración Jurada de Dificultades del Programa de Modificación Home Affordable