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 Kings New York Home Affordable Modification Program (CAMP) Hardship Affidavit is a vital document required by homeowners in Kings County, New York, who are seeking assistance through the Home Affordable Modification Program. This program aims to help to struggle homeowners modify their existing mortgage loans to more affordable terms, allowing them to avoid foreclosure and remain in their homes. The Kings New York CAMP Hardship Affidavit serves as the official declaration of financial hardship that homeowners must provide to their mortgage service when applying for a loan modification. This detailed document outlines the homeowner's current financial situation, demonstrating their inability to meet the existing mortgage terms due to various hardships. The affidavit requires homeowners to provide a comprehensive overview of their income, expenses, and assets. They must disclose their monthly income from all sources, including employment, self-employment, rental income, and any government assistance. Additionally, they must outline their monthly expenses, including but not limited to mortgage payments, property taxes, insurance, utilities, transportation, debts, and medical expenses. Furthermore, the Kings New York CAMP Hardship Affidavit demands homeowners to describe the nature of their financial hardship. They must provide reasons for their inability to continue making the current mortgage payments, such as job loss, reduction in income, illness, divorce, or significant increases in expenses. It is crucial to include specific details and dates to substantiate the hardship claims. It is important to note that there are no specific types or variations of Kings New York CAMP Hardship Affidavits. However, homeowners may encounter different versions of the affidavit based on the specific requirements of their mortgage service or lending institution. Therefore, it is essential to obtain the correct form from the appropriate authorities and carefully follow the instructions provided for completion. In summary, the Kings New York CAMP Hardship Affidavit is a crucial document that homeowners in Kings County, New York, must complete and submit when applying for assistance through the Home Affordable Modification Program. This detailed affidavit outlines the homeowner's financial situation, documents their hardship, and helps determine their eligibility for a loan modification. Completing the affidavit accurately and thoroughly is essential to maximize the chances of success in obtaining a more affordable mortgage and avoiding foreclosure.The Kings New York Home Affordable Modification Program (CAMP) Hardship Affidavit is a vital document required by homeowners in Kings County, New York, who are seeking assistance through the Home Affordable Modification Program. This program aims to help to struggle homeowners modify their existing mortgage loans to more affordable terms, allowing them to avoid foreclosure and remain in their homes. The Kings New York CAMP Hardship Affidavit serves as the official declaration of financial hardship that homeowners must provide to their mortgage service when applying for a loan modification. This detailed document outlines the homeowner's current financial situation, demonstrating their inability to meet the existing mortgage terms due to various hardships. The affidavit requires homeowners to provide a comprehensive overview of their income, expenses, and assets. They must disclose their monthly income from all sources, including employment, self-employment, rental income, and any government assistance. Additionally, they must outline their monthly expenses, including but not limited to mortgage payments, property taxes, insurance, utilities, transportation, debts, and medical expenses. Furthermore, the Kings New York CAMP Hardship Affidavit demands homeowners to describe the nature of their financial hardship. They must provide reasons for their inability to continue making the current mortgage payments, such as job loss, reduction in income, illness, divorce, or significant increases in expenses. It is crucial to include specific details and dates to substantiate the hardship claims. It is important to note that there are no specific types or variations of Kings New York CAMP Hardship Affidavits. However, homeowners may encounter different versions of the affidavit based on the specific requirements of their mortgage service or lending institution. Therefore, it is essential to obtain the correct form from the appropriate authorities and carefully follow the instructions provided for completion. In summary, the Kings New York CAMP Hardship Affidavit is a crucial document that homeowners in Kings County, New York, must complete and submit when applying for assistance through the Home Affordable Modification Program. This detailed affidavit outlines the homeowner's financial situation, documents their hardship, and helps determine their eligibility for a loan modification. Completing the affidavit accurately and thoroughly is essential to maximize the chances of success in obtaining a more affordable mortgage and avoiding foreclosure.
