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 Kansas Home Affordable Modification Program (CAMP) hardship affidavit is a crucial document that borrowers need to complete in order to apply for assistance under the program. The CAMP provides eligible homeowners with a chance to modify their mortgage loans, making them more affordable and sustainable. The hardship affidavit is designed to gather in-depth information about the homeowner's financial situation and the specific hardships they are facing, which have made it difficult for them to meet their mortgage payment obligations. By thoroughly assessing an individual's financial circumstances, lenders can determine if they qualify for a loan modification and determine the most appropriate assistance options. The Kansas Home Affordable Modification Program recognizes different types of hardships that homeowners may be facing. Some common hardships recognized by the program include job loss or reduction in income, medical emergencies, divorce or separation, or other significant financial difficulties. It is essential for applicants to clearly describe their specific hardships in the affidavit to ensure lenders have a comprehensive understanding of their situation. The Kansas Home Affordable Modification Program offers various types of modifications under the CAMP initiative. These modifications may include a reduction in the interest rate, extending the loan term, or even reducing the principal balance. Each type of modification aims to make the monthly mortgage payments more affordable for struggling homeowners, ensuring they can stay in their homes and avoid foreclosure. When completing the Kansas Home Affordable Modification Program hardship affidavit, it is essential to provide accurate and detailed information. Applicants must disclose their income, expenses, assets, debts, and any other financial obligations that affect their ability to pay the mortgage. Additionally, they should attach supporting documents such as bank statements, tax returns, pay stubs, or medical bills to validate the information provided in the affidavit. Remember, the Kansas Home Affordable Modification Program is designed to help homeowners facing genuine hardships. Therefore, it is crucial to provide truthful and complete information in the hardship affidavit. Misrepresentation of financial information may result in the denial of the application or even legal consequences. By utilizing the Kansas Home Affordable Modification Program hardship affidavit, homeowners can present a clear picture of their financial challenges and increase their chances of obtaining a loan modification. This program offers hope and relief to struggling homeowners in Kansas, making homeownership more sustainable and contributing to the overall stability of the housing market.
