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 York Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document in the loan modification process for homeowners facing financial hardships in the state of New York. This affidavit serves as a formal declaration of the homeowner's financial difficulties and provides necessary information to the mortgage service or lender involved in the Home Affordable Modification Program. The New York CAMP Hardship Affidavit is designed to assist eligible homeowners in seeking relief through loan modifications, allowing them to avoid foreclosure and keep their homes. By completing this affidavit, homeowners provide comprehensive details about their financial situation, enabling the mortgage service to assess their eligibility for various loan modification options available under CAMP. The affidavit contains several sections that require the homeowner's personal, financial, and property-related information. It typically includes details such as the homeowner's name, address, loan number, and the service's contact information. Additionally, the affidavit entails providing an overview of the homeowner's financial position, including income, expenses, and assets. Depending on the circumstances, there might be different types or versions of the New York CAMP Hardship Affidavit. These variations could include specific affidavits for self-employed individuals, individuals facing temporary or permanent disability, or those experiencing other unique financial hardships. Each type caters to the specific needs or challenges faced by homeowners in unique situations, ensuring that the loan modification process is accessible and relevant to various individuals. It is crucial for homeowners seeking assistance through the New York CAMP program to complete the Hardship Affidavit accurately and thoroughly. Any incomplete or inaccurate information could impact the evaluation process or lead to delays in the loan modification approval. Therefore, it is advisable to carefully review the provided form and seek guidance from housing counselors or legal professionals to ensure accurate completion. In conclusion, the New York Home Affordable Modification Program Hardship Affidavit is a vital document for homeowners seeking relief from financial hardships through loan modifications. By accurately completing this affidavit, homeowners increase their chances of qualifying for suitable loan modification options, helping them retain their homes and stabilize their financial situations.
