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 Travis Texas Home Affordable Modification Program Hardship Affidavit is an important document that is utilized in the Home Affordable Modification Program (CAMP). It serves as a detailed description of the homeowner's financial hardship and outlines the reasons they are seeking a loan modification to make their mortgage payments more affordable. This affidavit plays a crucial role in the homeowner's eligibility for the Home Affordable Modification Program, as it provides the necessary evidence of hardship that justifies the need for a modification. By accurately completing this document, homeowners can demonstrate to lenders their genuine financial struggles and their efforts to retain their homes. The Travis Texas Home Affordable Modification Program Hardship Affidavit includes several essential sections that delve into the homeowner's financial situation and reasons for seeking assistance. These sections include personal information, financial details, property information, and the borrower's declaration of hardship. Personal information includes the borrower's name, contact information, social security number, and the names of any co-borrowers. The financial details section requests information about income, expenses, assets, liabilities, and any other relevant financial circumstances. In the property information section, details regarding the property itself, such as the address and the current market value, should be provided. Additionally, homeowners may be required to disclose if the property is their primary residence or an investment property. The borrower's declaration of hardship is a critical part of the affidavit. Here, homeowners must provide a detailed explanation of the circumstances contributing to their financial hardship. This may include job loss, reduced income, significant medical expenses, divorce, death of a spouse, or any other valid reason that has impacted their ability to make mortgage payments. It is essential to note that there may be different versions or variations of the Travis Texas Home Affordable Modification Program Hardship Affidavit. These could vary based on updates to the program's guidelines or specific requirements set by lenders. Homeowners should always ensure they are using the most up-to-date version of the affidavit provided by their mortgage service or lender. In conclusion, the Travis Texas Home Affordable Modification Program Hardship Affidavit is a crucial document for homeowners seeking mortgage modification assistance. By accurately completing this affidavit and providing comprehensive information about their financial hardship, homeowners increase their chances of qualifying for the Home Affordable Modification Program and ultimately finding a more manageable mortgage solution.The Travis Texas Home Affordable Modification Program Hardship Affidavit is an important document that is utilized in the Home Affordable Modification Program (CAMP). It serves as a detailed description of the homeowner's financial hardship and outlines the reasons they are seeking a loan modification to make their mortgage payments more affordable. This affidavit plays a crucial role in the homeowner's eligibility for the Home Affordable Modification Program, as it provides the necessary evidence of hardship that justifies the need for a modification. By accurately completing this document, homeowners can demonstrate to lenders their genuine financial struggles and their efforts to retain their homes. The Travis Texas Home Affordable Modification Program Hardship Affidavit includes several essential sections that delve into the homeowner's financial situation and reasons for seeking assistance. These sections include personal information, financial details, property information, and the borrower's declaration of hardship. Personal information includes the borrower's name, contact information, social security number, and the names of any co-borrowers. The financial details section requests information about income, expenses, assets, liabilities, and any other relevant financial circumstances. In the property information section, details regarding the property itself, such as the address and the current market value, should be provided. Additionally, homeowners may be required to disclose if the property is their primary residence or an investment property. The borrower's declaration of hardship is a critical part of the affidavit. Here, homeowners must provide a detailed explanation of the circumstances contributing to their financial hardship. This may include job loss, reduced income, significant medical expenses, divorce, death of a spouse, or any other valid reason that has impacted their ability to make mortgage payments. It is essential to note that there may be different versions or variations of the Travis Texas Home Affordable Modification Program Hardship Affidavit. These could vary based on updates to the program's guidelines or specific requirements set by lenders. Homeowners should always ensure they are using the most up-to-date version of the affidavit provided by their mortgage service or lender. In conclusion, the Travis Texas Home Affordable Modification Program Hardship Affidavit is a crucial document for homeowners seeking mortgage modification assistance. By accurately completing this affidavit and providing comprehensive information about their financial hardship, homeowners increase their chances of qualifying for the Home Affordable Modification Program and ultimately finding a more manageable mortgage solution.
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.
