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 Maricopa, Arizona Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in Maricopa, Arizona must complete when applying for assistance under the CAMP program. This affidavit helps the homeowners demonstrate their financial hardship and eligibility for a loan modification. The CAMP program offers struggling homeowners the opportunity to modify their existing mortgage terms, making them more affordable and sustainable. The Hardship Affidavit is designed to provide a detailed account of the homeowner's financial situation, explaining the factors that led to their hardship, and presenting a case for their need for mortgage assistance. Keywords: Maricopa, Arizona; Home Affordable Modification Program; CAMP; hardship affidavit; loan modification; financial hardship; eligibility; mortgage assistance. Different types of Maricopa, Arizona Home Affordable Modification Program Hardship Affidavits may vary based on specific circumstances or situations the homeowners are facing. While the core purpose of the affidavit remains the same, homeowners might be required to complete different versions depending on their specific challenges, such as: 1. Unemployment Hardship Affidavit: This affidavit focuses on homeowners who are facing unemployment or a significant reduction in income leading to financial hardship. 2. Medical Hardship Affidavit: Homeowners who are burdened with overwhelming medical expenses or have experienced a health crisis may utilize this affidavit to outline the impact these circumstances have had on their ability to pay their mortgage. 3. Natural Disaster Hardship Affidavit: This type of affidavit is applicable to homeowners who have encountered financial hardship due to a natural disaster or catastrophic event, like floods, hurricanes, or wildfires. 4. Divorce or Separation Hardship Affidavit: Homeowners experiencing financial difficulties arising from a divorce or separation can submit this affidavit to demonstrate the impact on their ability to afford their mortgage payments. 5. Military Service Hardship Affidavit: This affidavit is specific to homeowners who are active-duty military personnel facing financial challenges due to their service obligations, deployment, or relocation. By tailoring the affidavit to their specific circumstances, homeowners can provide relevant documentation and evidence of their financial hardship, increasing their chances of securing a loan modification and averting foreclosure. Keywords: Maricopa, Arizona; Home Affordable Modification Program; CAMP; hardship affidavit; loan modification; unemployment; medical expenses; natural disaster; divorce or separation; military service.The Maricopa, Arizona Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in Maricopa, Arizona must complete when applying for assistance under the CAMP program. This affidavit helps the homeowners demonstrate their financial hardship and eligibility for a loan modification. The CAMP program offers struggling homeowners the opportunity to modify their existing mortgage terms, making them more affordable and sustainable. The Hardship Affidavit is designed to provide a detailed account of the homeowner's financial situation, explaining the factors that led to their hardship, and presenting a case for their need for mortgage assistance. Keywords: Maricopa, Arizona; Home Affordable Modification Program; CAMP; hardship affidavit; loan modification; financial hardship; eligibility; mortgage assistance. Different types of Maricopa, Arizona Home Affordable Modification Program Hardship Affidavits may vary based on specific circumstances or situations the homeowners are facing. While the core purpose of the affidavit remains the same, homeowners might be required to complete different versions depending on their specific challenges, such as: 1. Unemployment Hardship Affidavit: This affidavit focuses on homeowners who are facing unemployment or a significant reduction in income leading to financial hardship. 2. Medical Hardship Affidavit: Homeowners who are burdened with overwhelming medical expenses or have experienced a health crisis may utilize this affidavit to outline the impact these circumstances have had on their ability to pay their mortgage. 3. Natural Disaster Hardship Affidavit: This type of affidavit is applicable to homeowners who have encountered financial hardship due to a natural disaster or catastrophic event, like floods, hurricanes, or wildfires. 4. Divorce or Separation Hardship Affidavit: Homeowners experiencing financial difficulties arising from a divorce or separation can submit this affidavit to demonstrate the impact on their ability to afford their mortgage payments. 5. Military Service Hardship Affidavit: This affidavit is specific to homeowners who are active-duty military personnel facing financial challenges due to their service obligations, deployment, or relocation. By tailoring the affidavit to their specific circumstances, homeowners can provide relevant documentation and evidence of their financial hardship, increasing their chances of securing a loan modification and averting foreclosure. Keywords: Maricopa, Arizona; Home Affordable Modification Program; CAMP; hardship affidavit; loan modification; unemployment; medical expenses; natural disaster; divorce or separation; military service.
