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 San Diego California Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the process of homeowners seeking loan modification assistance. It is an official form that borrowers are required to complete and submit to their loan service as part of their application for the CAMP. The CAMP is a federal program created to help to struggle homeowners avoid foreclosure by modifying their mortgage loans to more affordable terms. The hardship affidavit plays a significant role in assessing a borrower's eligibility and level of financial hardship, which is essential in determining whether they qualify for the program or not. The San Diego California Home Affordable Modification Program Hardship Affidavit requests detailed information about the borrower's financial situation, income, expenses, debts, and other factors that contribute to their hardship. It requires individuals to provide accurate and comprehensive documentation to support their claims of financial distress. Additionally, there are different types of hardship affidavits that may exist under the San Diego California Home Affordable Modification Program. These may include: 1. Initial Hardship Affidavit: This is the most common type of affidavit used by borrowers when they first apply for loan modification assistance. It helps loan services understand the borrower's initial financial hardship and determines if they are eligible for further consideration. 2. Updated Hardship Affidavit: In cases where a borrower's financial hardship situation has changed significantly since their initial application, an updated affidavit may be required. This document allows borrowers to provide updated and accurate information, ensuring loan services have the most recent details regarding their financial situation. 3. Supplemental Hardship Affidavit: In certain circumstances, borrowers may require additional documentation to support their application for the CAMP. A supplemental hardship affidavit allows borrowers to provide extra information or clarification on specific financial aspects, which may have an impact on the loan modification decision. It is important for borrowers in San Diego, California, to understand the significance of the Home Affordable Modification Program Hardship Affidavit and its importance in the loan modification process. By accurately completing this document and providing supporting documentation, borrowers can enhance their chances of qualifying for the CAMP and maintaining homeownership in challenging financial circumstances.The San Diego California Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the process of homeowners seeking loan modification assistance. It is an official form that borrowers are required to complete and submit to their loan service as part of their application for the CAMP. The CAMP is a federal program created to help to struggle homeowners avoid foreclosure by modifying their mortgage loans to more affordable terms. The hardship affidavit plays a significant role in assessing a borrower's eligibility and level of financial hardship, which is essential in determining whether they qualify for the program or not. The San Diego California Home Affordable Modification Program Hardship Affidavit requests detailed information about the borrower's financial situation, income, expenses, debts, and other factors that contribute to their hardship. It requires individuals to provide accurate and comprehensive documentation to support their claims of financial distress. Additionally, there are different types of hardship affidavits that may exist under the San Diego California Home Affordable Modification Program. These may include: 1. Initial Hardship Affidavit: This is the most common type of affidavit used by borrowers when they first apply for loan modification assistance. It helps loan services understand the borrower's initial financial hardship and determines if they are eligible for further consideration. 2. Updated Hardship Affidavit: In cases where a borrower's financial hardship situation has changed significantly since their initial application, an updated affidavit may be required. This document allows borrowers to provide updated and accurate information, ensuring loan services have the most recent details regarding their financial situation. 3. Supplemental Hardship Affidavit: In certain circumstances, borrowers may require additional documentation to support their application for the CAMP. A supplemental hardship affidavit allows borrowers to provide extra information or clarification on specific financial aspects, which may have an impact on the loan modification decision. It is important for borrowers in San Diego, California, to understand the significance of the Home Affordable Modification Program Hardship Affidavit and its importance in the loan modification process. By accurately completing this document and providing supporting documentation, borrowers can enhance their chances of qualifying for the CAMP and maintaining homeownership in challenging financial circumstances.
