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 North Dakota Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used by homeowners who are seeking mortgage assistance through the federal government's CAMP program. This affidavit serves as evidence of the homeowner's financial hardship and helps determine their eligibility for loan modification or other foreclosure prevention options. The North Dakota CAMP Hardship Affidavit requires homeowners to provide detailed information about their financial situation, including income, expenses, assets, debts, and any other relevant factors that contribute to their inability to afford their mortgage payments. It is essential to accurately complete the affidavit, as any false or misleading information can result in disqualification from the program. There are three main types of North Dakota CAMP Hardship Affidavits, each intended to address specific situations faced by homeowners: 1. Unemployment Affidavit: This hardship affidavit is designed for homeowners who have experienced a loss of employment or a significant reduction in income. It requires the homeowner to provide proof of unemployment and demonstrate their efforts to find new employment. 2. Medical Hardship Affidavit: This affidavit is suitable for homeowners who are facing financial hardship due to substantial medical expenses or health-related issues. It may require documentation from healthcare providers to substantiate the medical condition and its impact on the homeowner's finances. 3. Other Hardship Affidavit: This affidavit covers various financial struggles that homeowners may face, such as divorce, death of a spouse, excessive debt, increased living expenses, or other unforeseen circumstances. Homeowners must provide relevant documentation and detailed information about the specific hardship they are experiencing. By providing a comprehensive and accurate North Dakota CAMP Hardship Affidavit, homeowners improve their chances of obtaining a loan modification or alternative foreclosure prevention options. It is crucial to consult with a housing counselor or an attorney specializing in foreclosure prevention to ensure the accuracy and completeness of the document, as well as to navigate the entire CAMP application process successfully.The North Dakota Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used by homeowners who are seeking mortgage assistance through the federal government's CAMP program. This affidavit serves as evidence of the homeowner's financial hardship and helps determine their eligibility for loan modification or other foreclosure prevention options. The North Dakota CAMP Hardship Affidavit requires homeowners to provide detailed information about their financial situation, including income, expenses, assets, debts, and any other relevant factors that contribute to their inability to afford their mortgage payments. It is essential to accurately complete the affidavit, as any false or misleading information can result in disqualification from the program. There are three main types of North Dakota CAMP Hardship Affidavits, each intended to address specific situations faced by homeowners: 1. Unemployment Affidavit: This hardship affidavit is designed for homeowners who have experienced a loss of employment or a significant reduction in income. It requires the homeowner to provide proof of unemployment and demonstrate their efforts to find new employment. 2. Medical Hardship Affidavit: This affidavit is suitable for homeowners who are facing financial hardship due to substantial medical expenses or health-related issues. It may require documentation from healthcare providers to substantiate the medical condition and its impact on the homeowner's finances. 3. Other Hardship Affidavit: This affidavit covers various financial struggles that homeowners may face, such as divorce, death of a spouse, excessive debt, increased living expenses, or other unforeseen circumstances. Homeowners must provide relevant documentation and detailed information about the specific hardship they are experiencing. By providing a comprehensive and accurate North Dakota CAMP Hardship Affidavit, homeowners improve their chances of obtaining a loan modification or alternative foreclosure prevention options. It is crucial to consult with a housing counselor or an attorney specializing in foreclosure prevention to ensure the accuracy and completeness of the document, as well as to navigate the entire CAMP application process successfully.
