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 New Mexico Home Affordable Modification Program (CAMP) is designed to assist homeowners facing financial hardship by providing them with an opportunity to modify their mortgage terms and avoid foreclosure. The program requires applicants to submit a Hardship Affidavit, which is a document that outlines the homeowner's financial situation and provides evidence of the hardship they are facing. In the New Mexico Home Affordable Modification Program, the Hardship Affidavit serves as a crucial component of the application process. It allows homeowners to detail the specific circumstances that have led to their financial hardship, which could include job loss, reduced income, medical expenses, divorce, or other unforeseen events. By presenting a compelling case through the Hardship Affidavit, homeowners increase their chances of being approved for a loan modification that can make their mortgage payments more affordable. To ensure accuracy and completeness, it is essential to include relevant keywords and information in the New Mexico Home Affordable Modification Program Hardship Affidavit. Some recommended keywords are: 1. Financial hardship: Clearly explain the nature of the financial hardship and how it has impacted the homeowner's ability to make mortgage payments. 2. Income: Provide detailed information about the homeowner's current income, including salary, wages, self-employment earnings, and any additional sources of income. 3. Monthly expenses: List all monthly expenses, including mortgage payments, utilities, taxes, insurance, groceries, transportation, medical expenses, and any other relevant expenses. 4. Assets and liabilities: Disclose assets such as real estate, vehicles, investments, retirement accounts, and any debts or liabilities such as credit card debt or outstanding loans. 5. Supporting documents: Include supporting documentation such as pay stubs, tax returns, bank statements, medical bills, divorce or separation agreements, or any other relevant documents related to the financial situation. 6. Repayment capacity: Evaluate and explain the homeowner's ability to make modified mortgage payments or propose an affordable repayment plan within the CAMP guidelines. 7. Contact information: Provide accurate contact details, including phone number, email address, and mailing address, to ensure effective communication throughout the application process. While there may not be different types of New Mexico Home Affordable Modification Program Hardship Affidavits, homeowners should personalize the document based on their unique circumstances. It is important to accurately assess the financial situation and provide compelling evidence to support the request for a loan modification under the program. Homeowners are also encouraged to seek guidance from housing counselors or legal professionals to ensure the completion of a comprehensive and persuasive Hardship Affidavit.
