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 Bexar Texas Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that plays a significant role in helping homeowners facing financial difficulties to apply for mortgage modification programs. This affidavit allows homeowners to explain their financial hardship in detail and provide supporting documentation to qualify for assistance under CAMP. The purpose of the Bexar Texas CAMP Hardship Affidavit is to provide a comprehensive and transparent understanding of the homeowner's current financial situation, which will be evaluated by lenders to decide if they can offer a modification plan to make the mortgage more affordable. The information provided in the affidavit is crucial for determining the homeowner's eligibility for the program. Keywords: Bexar Texas, Home Affordable Modification Program, CAMP, hardship affidavit, mortgage modification programs, financial difficulties, apply, supporting documentation, qualify, assistance, comprehensive, transparent, current financial situation, lenders, modification plan, affordable, eligibility. There are no different types of Bexar Texas Home Affordable Modification Program Hardship Affidavits, as it is a standardized document used for CAMP applications in the area.The Bexar Texas Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that plays a significant role in helping homeowners facing financial difficulties to apply for mortgage modification programs. This affidavit allows homeowners to explain their financial hardship in detail and provide supporting documentation to qualify for assistance under CAMP. The purpose of the Bexar Texas CAMP Hardship Affidavit is to provide a comprehensive and transparent understanding of the homeowner's current financial situation, which will be evaluated by lenders to decide if they can offer a modification plan to make the mortgage more affordable. The information provided in the affidavit is crucial for determining the homeowner's eligibility for the program. Keywords: Bexar Texas, Home Affordable Modification Program, CAMP, hardship affidavit, mortgage modification programs, financial difficulties, apply, supporting documentation, qualify, assistance, comprehensive, transparent, current financial situation, lenders, modification plan, affordable, eligibility. There are no different types of Bexar Texas Home Affordable Modification Program Hardship Affidavits, as it is a standardized document used for CAMP applications in the area.
