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.
Los Angeles California Home Affordable Modification Program (CAMP) is a federally funded initiative designed to assist homeowners facing financial hardship in order to avoid foreclosure. One crucial component of the program is the Hardship Affidavit, which serves as a comprehensive document detailing the borrower's financial circumstances. The affidavit is submitted as part of the loan modification application and aids services in evaluating the borrower's eligibility for assistance. The Los Angeles California CAMP Hardship Affidavit collects essential information to determine the homeowner's need for loan modification, including income, expenses, and any extenuating circumstances contributing to financial distress. Accuracy and thoroughness are crucial in completing this form, as it greatly influences the approval decision. While the general purpose and structure of the Hardship Affidavit remain consistent, there are variations depending on the specific situation or program. Los Angeles California CAMP offers various types of Hardship Affidavits tailored to different circumstances. These may include: 1. Unemployment Hardship Affidavit: Designed for borrowers experiencing job loss or reduced income due to unemployment, this affidavit highlights the loss of regular income source and the need for mortgage payment adjustment. 2. Reduced Income Hardship Affidavit: If a homeowner is experiencing a significant drop in income due to illness, injury, or other unexpected events, this affidavit addresses the challenges faced and provides supporting documentation to substantiate the claim. 3. Excessive Debt Hardship Affidavit: Applicable to borrowers burdened by significant debt obligations, this affidavit focuses on the borrower's inability to cover mortgage payments due to overwhelming financial liabilities. 4. Divorce or Separation Hardship Affidavit: Specific to homeowners encountering financial hardships due to divorce or separation from a spouse, this affidavit highlights the resulting financial strain and the need for modified mortgage terms. 5. Natural Disaster Hardship Affidavit: In the event of a natural disaster affecting the property, this affidavit details the impact of the disaster on the homeowner's ability to fulfill mortgage obligations and seeks assistance in rebuilding. Completing the Los Angeles California CAMP Hardship Affidavit accurately and providing the required supporting documentation is crucial for homeowners seeking loan modification under the program. It is equally vital to consult with a housing counselor or legal professional specializing in housing matters to ensure the affidavit is correctly and effectively completed, increasing the likelihood of a successful loan modification outcome.Los Angeles California Home Affordable Modification Program (CAMP) is a federally funded initiative designed to assist homeowners facing financial hardship in order to avoid foreclosure. One crucial component of the program is the Hardship Affidavit, which serves as a comprehensive document detailing the borrower's financial circumstances. The affidavit is submitted as part of the loan modification application and aids services in evaluating the borrower's eligibility for assistance. The Los Angeles California CAMP Hardship Affidavit collects essential information to determine the homeowner's need for loan modification, including income, expenses, and any extenuating circumstances contributing to financial distress. Accuracy and thoroughness are crucial in completing this form, as it greatly influences the approval decision. While the general purpose and structure of the Hardship Affidavit remain consistent, there are variations depending on the specific situation or program. Los Angeles California CAMP offers various types of Hardship Affidavits tailored to different circumstances. These may include: 1. Unemployment Hardship Affidavit: Designed for borrowers experiencing job loss or reduced income due to unemployment, this affidavit highlights the loss of regular income source and the need for mortgage payment adjustment. 2. Reduced Income Hardship Affidavit: If a homeowner is experiencing a significant drop in income due to illness, injury, or other unexpected events, this affidavit addresses the challenges faced and provides supporting documentation to substantiate the claim. 3. Excessive Debt Hardship Affidavit: Applicable to borrowers burdened by significant debt obligations, this affidavit focuses on the borrower's inability to cover mortgage payments due to overwhelming financial liabilities. 4. Divorce or Separation Hardship Affidavit: Specific to homeowners encountering financial hardships due to divorce or separation from a spouse, this affidavit highlights the resulting financial strain and the need for modified mortgage terms. 5. Natural Disaster Hardship Affidavit: In the event of a natural disaster affecting the property, this affidavit details the impact of the disaster on the homeowner's ability to fulfill mortgage obligations and seeks assistance in rebuilding. Completing the Los Angeles California CAMP Hardship Affidavit accurately and providing the required supporting documentation is crucial for homeowners seeking loan modification under the program. It is equally vital to consult with a housing counselor or legal professional specializing in housing matters to ensure the affidavit is correctly and effectively completed, increasing the likelihood of a successful loan modification outcome.
