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 Allegheny Pennsylvania Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in Allegheny County, Pennsylvania, need to fill out when applying for a loan modification under the CAMP. This program was established by the federal government to help homeowners facing financial distress to reduce their mortgage payments and avoid foreclosure. The CAMP Hardship Affidavit serves as a detailed account of the homeowner's financial situation and outlines the hardships they have encountered that have made it challenging for them to meet their mortgage obligations. It requires the homeowner to submit accurate and truthful information to demonstrate their eligibility for assistance. While there are no different types of Allegheny Pennsylvania Home Affordable Modification Program Hardship Affidavits, it is crucial to understand the various sections and key elements that need to be included in this document to ensure its completion is comprehensive and meets the program's requirements. 1. Identification Information: The affidavit begins with the homeowner's personal details, including their name, address, contact information, and the loan number associated with the property. 2. Financial Information: This section requires the homeowner to provide an overview of their current financial situation. It includes details such as income, expenses, debts, assets, and any other relevant financial information. The purpose is to provide a clear snapshot of the homeowner's financial position and to determine if the mortgage payment is genuinely causing financial hardship. 3. Hardship Explanation: In this section, the homeowner must provide a detailed explanation of the circumstances that have led to their financial hardship. Common hardships may include job loss, reduction in income, medical expenses, divorce, death of a spouse, or any other circumstance that has significantly impacted their ability to pay their mortgage. 4. Additional Documentation: Homeowners may be required to attach supporting documentation to verify the information provided in the affidavit. This can include pay stubs, bank statements, tax returns, medical bills, divorce decrees, or any other relevant documentation that strengthens their case. It is essential to be thorough and honest when completing the Allegheny Pennsylvania Home Affordable Modification Program Hardship Affidavit, as all the information provided will be verified and assessed by the loan service. Any falsification of information may lead to denial of the loan modification request and potential legal consequences. By accurately completing this affidavit, homeowners in Allegheny County, Pennsylvania, can increase their chances of being considered for the Home Affordable Modification Program under CAMP. This program aims to alleviate the financial burden on struggling homeowners and provide an opportunity for them to keep their homes and regain stability in their lives.The Allegheny Pennsylvania Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in Allegheny County, Pennsylvania, need to fill out when applying for a loan modification under the CAMP. This program was established by the federal government to help homeowners facing financial distress to reduce their mortgage payments and avoid foreclosure. The CAMP Hardship Affidavit serves as a detailed account of the homeowner's financial situation and outlines the hardships they have encountered that have made it challenging for them to meet their mortgage obligations. It requires the homeowner to submit accurate and truthful information to demonstrate their eligibility for assistance. While there are no different types of Allegheny Pennsylvania Home Affordable Modification Program Hardship Affidavits, it is crucial to understand the various sections and key elements that need to be included in this document to ensure its completion is comprehensive and meets the program's requirements. 1. Identification Information: The affidavit begins with the homeowner's personal details, including their name, address, contact information, and the loan number associated with the property. 2. Financial Information: This section requires the homeowner to provide an overview of their current financial situation. It includes details such as income, expenses, debts, assets, and any other relevant financial information. The purpose is to provide a clear snapshot of the homeowner's financial position and to determine if the mortgage payment is genuinely causing financial hardship. 3. Hardship Explanation: In this section, the homeowner must provide a detailed explanation of the circumstances that have led to their financial hardship. Common hardships may include job loss, reduction in income, medical expenses, divorce, death of a spouse, or any other circumstance that has significantly impacted their ability to pay their mortgage. 4. Additional Documentation: Homeowners may be required to attach supporting documentation to verify the information provided in the affidavit. This can include pay stubs, bank statements, tax returns, medical bills, divorce decrees, or any other relevant documentation that strengthens their case. It is essential to be thorough and honest when completing the Allegheny Pennsylvania Home Affordable Modification Program Hardship Affidavit, as all the information provided will be verified and assessed by the loan service. Any falsification of information may lead to denial of the loan modification request and potential legal consequences. By accurately completing this affidavit, homeowners in Allegheny County, Pennsylvania, can increase their chances of being considered for the Home Affordable Modification Program under CAMP. This program aims to alleviate the financial burden on struggling homeowners and provide an opportunity for them to keep their homes and regain stability in their lives.
