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 Cook Illinois Home Affordable Modification Program (CAMP) Hardship Affidavit is a key document required during the application process for homeowners seeking assistance in modifying their mortgage terms under the CAMP program. This affidavit is specifically used by Cook Illinois residents to demonstrate their financial hardship and eligibility for mortgage modification. The Cook Illinois CAMP Hardship Affidavit is designed to provide detailed information about the homeowner's financial situation, including income, expenses, and the reasons behind their inability to meet the existing mortgage payments. It aims to outline the difficulties faced by homeowners that hinder them from fulfilling their mortgage obligations and seeks to ascertain whether they qualify for modification under the CAMP guidelines. Some of the essential details that may be contained in the Cook Illinois CAMP Hardship Affidavit include the homeowner's identification information, property details, loan details, and the specific financial hardships experienced. This may encompass factors such as loss of employment, reduction in income, medical expenses, divorce or separation, death of a family member, or other circumstances that have significantly impacted the homeowner's ability to make mortgage payments. It is crucial to ensure that the Cook Illinois CAMP Hardship Affidavit is completed accurately and truthfully. Documentation supporting the financial hardships outlined in the affidavit should be provided wherever possible to strengthen the case. In addition to the standard Cook Illinois CAMP Hardship Affidavit, there may be additional variations of the affidavit provided by different loan services or mortgage lenders that align with their specific requirements or policies. The Cook Illinois CAMP Hardship Affidavit is an important tool for both homeowners and mortgage services to assess eligibility for mortgage modification and determine suitable alternatives to foreclosure. By providing a comprehensive overview of the homeowner's financial situation, this document plays a vital role in facilitating more sustainable mortgage terms and assisting homeowners in retaining their homes.The Cook Illinois Home Affordable Modification Program (CAMP) Hardship Affidavit is a key document required during the application process for homeowners seeking assistance in modifying their mortgage terms under the CAMP program. This affidavit is specifically used by Cook Illinois residents to demonstrate their financial hardship and eligibility for mortgage modification. The Cook Illinois CAMP Hardship Affidavit is designed to provide detailed information about the homeowner's financial situation, including income, expenses, and the reasons behind their inability to meet the existing mortgage payments. It aims to outline the difficulties faced by homeowners that hinder them from fulfilling their mortgage obligations and seeks to ascertain whether they qualify for modification under the CAMP guidelines. Some of the essential details that may be contained in the Cook Illinois CAMP Hardship Affidavit include the homeowner's identification information, property details, loan details, and the specific financial hardships experienced. This may encompass factors such as loss of employment, reduction in income, medical expenses, divorce or separation, death of a family member, or other circumstances that have significantly impacted the homeowner's ability to make mortgage payments. It is crucial to ensure that the Cook Illinois CAMP Hardship Affidavit is completed accurately and truthfully. Documentation supporting the financial hardships outlined in the affidavit should be provided wherever possible to strengthen the case. In addition to the standard Cook Illinois CAMP Hardship Affidavit, there may be additional variations of the affidavit provided by different loan services or mortgage lenders that align with their specific requirements or policies. The Cook Illinois CAMP Hardship Affidavit is an important tool for both homeowners and mortgage services to assess eligibility for mortgage modification and determine suitable alternatives to foreclosure. By providing a comprehensive overview of the homeowner's financial situation, this document plays a vital role in facilitating more sustainable mortgage terms and assisting homeowners in retaining their homes.
