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 Phoenix Arizona Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the mortgage modification process for homeowners facing financial difficulties in Phoenix, Arizona. Designed to help to struggle homeowners maintain homeownership, CAMP provides a range of options to modify their mortgage terms and make monthly payments more affordable. The CAMP Hardship Affidavit is an essential component of the application process, allowing homeowners to explain their financial hardship in detail. By providing accurate and comprehensive information, homeowners increase their chances of qualifying for the CAMP program. Keywords: Phoenix Arizona, Home Affordable Modification Program, CAMP, hardship affidavit, mortgage modification, financial difficulties, struggling homeowners, homeownership, monthly payments, application process. Different types of Phoenix Arizona Home Affordable Modification Program Hardship Affidavits may include: 1. Standard Hardship Affidavit: This is the most common type of hardship affidavit utilized in the CAMP application process. It requires homeowners to provide detailed financial information, including income, expenses, and assets, in order to demonstrate their eligibility for the program. 2. Unemployment Hardship Affidavit: Specifically designed for homeowners who have lost their jobs and are experiencing financial hardship as a result. This affidavit places emphasis on documenting unemployment benefits, income assistance programs, and efforts made to secure new employment. 3. Medical Hardship Affidavit: Intended for homeowners facing substantial medical bills, ongoing health issues, or disability-related expenses. This affidavit requires medical documentation, proof of medical insurance, and detailed information on medical expenses incurred. 4. Income Reduction Hardship Affidavit: Aimed at individuals who have experienced a significant reduction in income due to factors such as reduced work hours, pay cuts, or business downturns. This affidavit necessitates providing proof of income reduction, along with supporting documentation. 5. Disaster Hardship Affidavit: Reserved for homeowners in Phoenix, Arizona, who have suffered financial distress due to a natural disaster, such as floods, wildfires, or severe storms. This affidavit requires documentation supporting the claim of disaster-related hardship. Keywords: Phoenix Arizona, Home Affordable Modification Program, CAMP, hardship affidavit, types, standard, unemployment, medical, income reduction, disaster, financial difficulties, eligibility, application process.The Phoenix Arizona Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the mortgage modification process for homeowners facing financial difficulties in Phoenix, Arizona. Designed to help to struggle homeowners maintain homeownership, CAMP provides a range of options to modify their mortgage terms and make monthly payments more affordable. The CAMP Hardship Affidavit is an essential component of the application process, allowing homeowners to explain their financial hardship in detail. By providing accurate and comprehensive information, homeowners increase their chances of qualifying for the CAMP program. Keywords: Phoenix Arizona, Home Affordable Modification Program, CAMP, hardship affidavit, mortgage modification, financial difficulties, struggling homeowners, homeownership, monthly payments, application process. Different types of Phoenix Arizona Home Affordable Modification Program Hardship Affidavits may include: 1. Standard Hardship Affidavit: This is the most common type of hardship affidavit utilized in the CAMP application process. It requires homeowners to provide detailed financial information, including income, expenses, and assets, in order to demonstrate their eligibility for the program. 2. Unemployment Hardship Affidavit: Specifically designed for homeowners who have lost their jobs and are experiencing financial hardship as a result. This affidavit places emphasis on documenting unemployment benefits, income assistance programs, and efforts made to secure new employment. 3. Medical Hardship Affidavit: Intended for homeowners facing substantial medical bills, ongoing health issues, or disability-related expenses. This affidavit requires medical documentation, proof of medical insurance, and detailed information on medical expenses incurred. 4. Income Reduction Hardship Affidavit: Aimed at individuals who have experienced a significant reduction in income due to factors such as reduced work hours, pay cuts, or business downturns. This affidavit necessitates providing proof of income reduction, along with supporting documentation. 5. Disaster Hardship Affidavit: Reserved for homeowners in Phoenix, Arizona, who have suffered financial distress due to a natural disaster, such as floods, wildfires, or severe storms. This affidavit requires documentation supporting the claim of disaster-related hardship. Keywords: Phoenix Arizona, Home Affordable Modification Program, CAMP, hardship affidavit, types, standard, unemployment, medical, income reduction, disaster, financial difficulties, eligibility, application process.
