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 Suffolk New York Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the process of implementing loan modifications for homeowners who are facing financial difficulties in Suffolk County, New York. The purpose of this affidavit is to provide detailed information about the homeowner's financial situation, demonstrating the need for assistance and eligibility for the CAMP program. When completing the Suffolk New York CAMP Hardship Affidavit, homeowners must meticulously describe their financial circumstances and provide supporting documentation. This includes information on income, expenses, assets, liabilities, and the hardship that has hindered their ability to make mortgage payments. The affidavit is essential for lenders to assess the homeowner's qualification for modification options, ensuring that they receive suitable assistance tailored to their circumstances. Different types of Suffolk New York CAMP Hardship Affidavits may include: 1. Loss of Income Affidavit: This affidavit is utilized when the homeowner's financial hardship stems from the loss or reduction of income. It requires the homeowner to detail the circumstances of the income loss, such as unemployment, reduced work hours, or business decline. 2. Medical Hardship Affidavit: When a homeowner is facing financial challenges due to significant medical expenses or health-related issues, they would complete a Medical Hardship Affidavit. This document would provide comprehensive information about medical conditions, treatment expenses, and insurance coverage. 3. Divorce or Separation Affidavit: Homeowners experiencing financial hardships due to divorce or separation would complete this type of affidavit. It outlines the financial impact of the divorce or separation, including changes in income, additional expenses, and possible loss of shared assets. 4. Natural Disaster Affidavit: If a homeowner's financial hardship is the result of a natural disaster, such as a hurricane, flood, or wildfire, they would complete a Natural Disaster Affidavit. This document specifies the impact of the disaster on the homeowner's financial stability, including property damage, temporary relocation costs, and associated expenses. By completing the Suffolk New York CAMP Hardship Affidavit accurately and providing supporting documentation, homeowners have a better chance of qualifying for loan modifications under the Home Affordable Modification Program. This program aims to help to struggle homeowners in Suffolk County by adjusting mortgage terms, reducing monthly payments, and ultimately preventing foreclosure.The Suffolk New York Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the process of implementing loan modifications for homeowners who are facing financial difficulties in Suffolk County, New York. The purpose of this affidavit is to provide detailed information about the homeowner's financial situation, demonstrating the need for assistance and eligibility for the CAMP program. When completing the Suffolk New York CAMP Hardship Affidavit, homeowners must meticulously describe their financial circumstances and provide supporting documentation. This includes information on income, expenses, assets, liabilities, and the hardship that has hindered their ability to make mortgage payments. The affidavit is essential for lenders to assess the homeowner's qualification for modification options, ensuring that they receive suitable assistance tailored to their circumstances. Different types of Suffolk New York CAMP Hardship Affidavits may include: 1. Loss of Income Affidavit: This affidavit is utilized when the homeowner's financial hardship stems from the loss or reduction of income. It requires the homeowner to detail the circumstances of the income loss, such as unemployment, reduced work hours, or business decline. 2. Medical Hardship Affidavit: When a homeowner is facing financial challenges due to significant medical expenses or health-related issues, they would complete a Medical Hardship Affidavit. This document would provide comprehensive information about medical conditions, treatment expenses, and insurance coverage. 3. Divorce or Separation Affidavit: Homeowners experiencing financial hardships due to divorce or separation would complete this type of affidavit. It outlines the financial impact of the divorce or separation, including changes in income, additional expenses, and possible loss of shared assets. 4. Natural Disaster Affidavit: If a homeowner's financial hardship is the result of a natural disaster, such as a hurricane, flood, or wildfire, they would complete a Natural Disaster Affidavit. This document specifies the impact of the disaster on the homeowner's financial stability, including property damage, temporary relocation costs, and associated expenses. By completing the Suffolk New York CAMP Hardship Affidavit accurately and providing supporting documentation, homeowners have a better chance of qualifying for loan modifications under the Home Affordable Modification Program. This program aims to help to struggle homeowners in Suffolk County by adjusting mortgage terms, reducing monthly payments, and ultimately preventing foreclosure.
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.
