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 Franklin Ohio Home Affordable Modification Program (CAMP) Hardship Affidavit is a document designed to assess and verify the financial hardship experienced by homeowners who are seeking a loan modification through the CAMP. By submitting this affidavit along with their loan modification application, homeowners in Franklin, Ohio, can provide detailed information about their financial situation, making it easier for mortgage lenders to evaluate their eligibility for a loan modification. The Franklin Ohio CAMP Hardship Affidavit requires applicants to provide information about their income, expenses, debts, assets, and any other relevant financial details. This affidavit serves as a crucial piece of evidence to demonstrate to lenders that the homeowner is experiencing a genuine financial hardship that makes it difficult for them to meet their mortgage obligations. There are different types of Franklin Ohio CAMP Hardship Affidavits available, depending on the specific circumstances faced by the homeowner. These may include: 1. Unemployment Affidavit: This type of affidavit is used when the hardship is primarily due to the homeowner's unemployment or significant decrease in income. It requires the homeowner to provide details about their employment history, any unemployment benefits received, and efforts made to find new employment. 2. Medical Affidavit: If the homeowner is facing financial difficulty due to medical expenses or a serious illness, this affidavit is appropriate. It requires the homeowner to disclose their medical condition, healthcare costs, insurance coverage, and any assistance received. 3. Income Reduction Affidavit: This affidavit is used when the homeowner has experienced a considerable reduction in income that impacts their ability to make mortgage payments. It requires the homeowner to provide documentation of the reduced income, such as pay stubs, tax returns, or business profit/loss statements. 4. Divorce or Separation Affidavit: When a homeowner faces financial hardships resulting from a divorce or separation, this affidavit is necessary. It requires the homeowner to disclose details about the divorce or separation, any related financial obligations or settlements, and any impact on their ability to meet mortgage payments. Submitting a complete and accurate hardship affidavit is crucial for homeowners seeking a loan modification through the Franklin Ohio CAMP program. It is recommended to consult with a housing counselor or an attorney who specializes in foreclosure prevention to ensure all necessary information is provided and to navigate the application process effectively.The Franklin Ohio Home Affordable Modification Program (CAMP) Hardship Affidavit is a document designed to assess and verify the financial hardship experienced by homeowners who are seeking a loan modification through the CAMP. By submitting this affidavit along with their loan modification application, homeowners in Franklin, Ohio, can provide detailed information about their financial situation, making it easier for mortgage lenders to evaluate their eligibility for a loan modification. The Franklin Ohio CAMP Hardship Affidavit requires applicants to provide information about their income, expenses, debts, assets, and any other relevant financial details. This affidavit serves as a crucial piece of evidence to demonstrate to lenders that the homeowner is experiencing a genuine financial hardship that makes it difficult for them to meet their mortgage obligations. There are different types of Franklin Ohio CAMP Hardship Affidavits available, depending on the specific circumstances faced by the homeowner. These may include: 1. Unemployment Affidavit: This type of affidavit is used when the hardship is primarily due to the homeowner's unemployment or significant decrease in income. It requires the homeowner to provide details about their employment history, any unemployment benefits received, and efforts made to find new employment. 2. Medical Affidavit: If the homeowner is facing financial difficulty due to medical expenses or a serious illness, this affidavit is appropriate. It requires the homeowner to disclose their medical condition, healthcare costs, insurance coverage, and any assistance received. 3. Income Reduction Affidavit: This affidavit is used when the homeowner has experienced a considerable reduction in income that impacts their ability to make mortgage payments. It requires the homeowner to provide documentation of the reduced income, such as pay stubs, tax returns, or business profit/loss statements. 4. Divorce or Separation Affidavit: When a homeowner faces financial hardships resulting from a divorce or separation, this affidavit is necessary. It requires the homeowner to disclose details about the divorce or separation, any related financial obligations or settlements, and any impact on their ability to meet mortgage payments. Submitting a complete and accurate hardship affidavit is crucial for homeowners seeking a loan modification through the Franklin Ohio CAMP program. It is recommended to consult with a housing counselor or an attorney who specializes in foreclosure prevention to ensure all necessary information is provided and to navigate the application process effectively.
