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 Chicago, Illinois Home Affordable Modification Program (CAMP) is an initiative designed to assist homeowners facing financial difficulties in modifying their mortgage terms to make them more affordable. The program includes certain eligibility criteria that homeowners must meet and requires the submission of various documents, including the Hardship Affidavit. The Chicago CAMP Hardship Affidavit is a detailed document that outlines the homeowner's financial situation and demonstrates the hardship they are facing. It is an essential component of the modification application process, providing crucial information to lenders or loan services for evaluating the homeowner's eligibility for assistance. The Hardship Affidavit requires homeowners to provide detailed information about their financial status, such as income, expenses, assets, and liabilities. It requires them to disclose the reasons for their financial hardship, which may include job loss, income reduction, medical expenses, divorce, or other extenuating circumstances. Different types of Chicago, Illinois Home Affordable Modification Program Hardship Affidavits may exist to cater to specific situations or programs. Examples of such variations may include: 1. Unemployment Hardship Affidavit: This type of affidavit is tailored for homeowners who are facing financial difficulties primarily due to unemployment or job loss. 2. Medical Hardship Affidavit: Homeowners experiencing financial hardship resulting from significant medical expenses or health issues can use this affidavit to outline their situation. 3. Divorce or Separation Hardship Affidavit: This affidavit is designed for homeowners facing financial difficulties as a result of a divorce, separation, or other family-related circumstances. 4. Military Service Hardship Affidavit: This affidavit is specific to military service members who have experienced financial hardship due to deployment, relocation, or other military-related matters. It is important for homeowners to review the specific requirements and guidelines provided by their loan service or lender when submitting a Chicago CAMP Hardship Affidavit. Providing comprehensive and accurate information, supported by relevant paperwork, increases the chances of qualifying for a mortgage modification under the Home Affordable Modification Program in Chicago, Illinois.The Chicago, Illinois Home Affordable Modification Program (CAMP) is an initiative designed to assist homeowners facing financial difficulties in modifying their mortgage terms to make them more affordable. The program includes certain eligibility criteria that homeowners must meet and requires the submission of various documents, including the Hardship Affidavit. The Chicago CAMP Hardship Affidavit is a detailed document that outlines the homeowner's financial situation and demonstrates the hardship they are facing. It is an essential component of the modification application process, providing crucial information to lenders or loan services for evaluating the homeowner's eligibility for assistance. The Hardship Affidavit requires homeowners to provide detailed information about their financial status, such as income, expenses, assets, and liabilities. It requires them to disclose the reasons for their financial hardship, which may include job loss, income reduction, medical expenses, divorce, or other extenuating circumstances. Different types of Chicago, Illinois Home Affordable Modification Program Hardship Affidavits may exist to cater to specific situations or programs. Examples of such variations may include: 1. Unemployment Hardship Affidavit: This type of affidavit is tailored for homeowners who are facing financial difficulties primarily due to unemployment or job loss. 2. Medical Hardship Affidavit: Homeowners experiencing financial hardship resulting from significant medical expenses or health issues can use this affidavit to outline their situation. 3. Divorce or Separation Hardship Affidavit: This affidavit is designed for homeowners facing financial difficulties as a result of a divorce, separation, or other family-related circumstances. 4. Military Service Hardship Affidavit: This affidavit is specific to military service members who have experienced financial hardship due to deployment, relocation, or other military-related matters. It is important for homeowners to review the specific requirements and guidelines provided by their loan service or lender when submitting a Chicago CAMP Hardship Affidavit. Providing comprehensive and accurate information, supported by relevant paperwork, increases the chances of qualifying for a mortgage modification under the Home Affordable Modification Program in Chicago, Illinois.
