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 San Bernardino California Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document for homeowners residing in San Bernardino, California, who are seeking assistance with mortgage loan modifications under the federal CAMP initiative. This program, introduced in response to the 2008 financial crisis, aims to help to struggle homeowners by modifying their mortgage terms and making them more affordable. The Hardship Affidavit is a detailed form that requires homeowners to provide comprehensive information about their financial situation, seeking to demonstrate their eligibility for a loan modification. It is essential to include accurate and up-to-date information in this affidavit to increase the chances of approval for the CAMP program. The Hardship Affidavit encompasses various essential aspects, such as the borrower's personal information, including name, contact details, and social security number. Additionally, the affidavit requests information about the type of loan, property details, and current mortgage payment details. This document further delves into the borrower's financial hardship and asks for a detailed explanation of the circumstances leading to the financial distress. To establish eligibility for the CAMP program, the affidavit may require borrowers to disclose their monthly income, employment details, and any additional sources of income. It may also inquire about monthly expenses, including utilities, debts, medical bills, and other financial obligations. Providing accurate and complete information is crucial, as any misrepresentation may result in disqualification or even legal consequences. In some cases, there may be additional types or variations of the San Bernardino California Home Affordable Modification Program Hardship Affidavit, depending on specific circumstances or updates to the program. It's important to stay updated on the specific requirements provided by the program administrators and follow any changes in instructions or requested documentation. Overall, the San Bernardino California Home Affordable Modification Program Hardship Affidavit is a critical document homeowners must complete meticulously when applying for mortgage loan modifications through the CAMP initiative. Properly documenting financial hardship and providing accurate information increase the likelihood of success in obtaining a modified loan that better suits the financial capabilities of San Bernardino residents.The San Bernardino California Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document for homeowners residing in San Bernardino, California, who are seeking assistance with mortgage loan modifications under the federal CAMP initiative. This program, introduced in response to the 2008 financial crisis, aims to help to struggle homeowners by modifying their mortgage terms and making them more affordable. The Hardship Affidavit is a detailed form that requires homeowners to provide comprehensive information about their financial situation, seeking to demonstrate their eligibility for a loan modification. It is essential to include accurate and up-to-date information in this affidavit to increase the chances of approval for the CAMP program. The Hardship Affidavit encompasses various essential aspects, such as the borrower's personal information, including name, contact details, and social security number. Additionally, the affidavit requests information about the type of loan, property details, and current mortgage payment details. This document further delves into the borrower's financial hardship and asks for a detailed explanation of the circumstances leading to the financial distress. To establish eligibility for the CAMP program, the affidavit may require borrowers to disclose their monthly income, employment details, and any additional sources of income. It may also inquire about monthly expenses, including utilities, debts, medical bills, and other financial obligations. Providing accurate and complete information is crucial, as any misrepresentation may result in disqualification or even legal consequences. In some cases, there may be additional types or variations of the San Bernardino California Home Affordable Modification Program Hardship Affidavit, depending on specific circumstances or updates to the program. It's important to stay updated on the specific requirements provided by the program administrators and follow any changes in instructions or requested documentation. Overall, the San Bernardino California Home Affordable Modification Program Hardship Affidavit is a critical document homeowners must complete meticulously when applying for mortgage loan modifications through the CAMP initiative. Properly documenting financial hardship and providing accurate information increase the likelihood of success in obtaining a modified loan that better suits the financial capabilities of San Bernardino residents.
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.
