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 Arizona Home Affordable Modification Program (AZ CAMP) Hardship Affidavit is a crucial document used in the mortgage industry. It is specifically designed to determine the financial difficulties faced by Arizona homeowners applying for loan modification under the Home Affordable Modification Program (CAMP), a federal program aimed at assisting struggling homeowners. The AZ CAMP Hardship Affidavit is a detailed form that requires applicants to provide relevant information about their financial situation. This includes, but is not limited to, details about their income, expenses, assets, debts, and the cause of their financial hardship. This robust information helps lenders assess a homeowner's eligibility for loan modification and devise appropriate modification terms. There are various types of Arizona Home Affordable Modification Program Hardship Affidavits, including but not limited to: 1. Initial Application Affidavit: This is the primary form used when first applying for loan modification through CAMP. It requires comprehensive details about the homeowner's financial standing and reasons for seeking assistance. 2. Re-Evaluation Affidavit: In case a homeowner has undergone a temporary modification or experienced a change in circumstances, this affidavit is required to reassess eligibility for permanent loan modification. It includes updated financial information and reasons for needing further assistance. 3. Trial Period Plan Affidavit: If a homeowner successfully completes the initial application and is offered a trial period, this affidavit is filled out to confirm their willingness to commit to the trial modification. It serves as an agreement between the homeowner and the lender during the temporary phase. 4. Conversion Affidavit: Once a homeowner successfully fulfills the trial period, this affidavit is completed to convert the temporary modification into a permanent one. It includes updated financial information and confirms the agreement terms for the permanent modification. These affidavits are an essential part of the loan modification process under the Arizona Home Affordable Modification Program as they provide lenders with a detailed understanding of a homeowner's financial struggles and help determine their eligibility for assistance. It is crucial for applicants to accurately and truthfully complete these forms, as they play a significant role in facilitating homeownership stability and preventing potential foreclosure.
