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.
Santa Clara California Home Affordable Modification Program (CAMP) offers struggling homeowners the opportunity to modify their mortgage loans and make them more affordable. To qualify for the program, homeowners must demonstrate financial hardship through a Hardship Affidavit. This document serves as an important tool for applicants to provide detailed information about their financial situation and reasons for seeking a loan modification. The Santa Clara California Home Affordable Modification Program Hardship Affidavit requires homeowners to provide their personal information, including name, address, and contact details. The affidavit also requires them to describe the nature of their financial hardship, typically caused by unforeseen circumstances such as job loss, reduced income, medical expenses, divorce, or death of a family member. Applicants must explain the specific details of their financial situation, such as income sources, monthly expenses, and any outstanding debts. They also need to disclose information about their current mortgage, including loan type, interest rate, monthly payment, and outstanding balance. Additionally, the Santa Clara California Home Affordable Modification Program Hardship Affidavit may have different variations or types, including but not limited to: 1. Santa Clara California Home Affordable Modification Program Unemployment Affidavit: This type of affidavit is specifically for homeowners who have recently lost their jobs, providing additional information about unemployment benefits, job search efforts, and other relevant details. 2. Santa Clara California Home Affordable Modification Program Medical Hardship Affidavit: Designed for homeowners facing considerable medical expenses or health conditions, this affidavit requires detailed documentation, such as medical bills, insurance information, and doctor's statements. 3. Santa Clara California Home Affordable Modification Program Divorce or Separation Affidavit: This affidavit is for homeowners who have experienced marital separation or divorce, highlighting the financial impacts resulting from these situations. 4. Santa Clara California Home Affordable Modification Program Death of a Family Member Affidavit: Intended for homeowners who have experienced the loss of a family member, this affidavit requires documentation of the deceased's income, estate information, and any related financial responsibilities. By using the relevant keywords in the Santa Clara California Home Affordable Modification Program Hardship Affidavit, homeowners can present a comprehensive and accurate representation of their financial challenges, increasing their chances of qualifying for mortgage loan modification assistance under the CAMP.Santa Clara California Home Affordable Modification Program (CAMP) offers struggling homeowners the opportunity to modify their mortgage loans and make them more affordable. To qualify for the program, homeowners must demonstrate financial hardship through a Hardship Affidavit. This document serves as an important tool for applicants to provide detailed information about their financial situation and reasons for seeking a loan modification. The Santa Clara California Home Affordable Modification Program Hardship Affidavit requires homeowners to provide their personal information, including name, address, and contact details. The affidavit also requires them to describe the nature of their financial hardship, typically caused by unforeseen circumstances such as job loss, reduced income, medical expenses, divorce, or death of a family member. Applicants must explain the specific details of their financial situation, such as income sources, monthly expenses, and any outstanding debts. They also need to disclose information about their current mortgage, including loan type, interest rate, monthly payment, and outstanding balance. Additionally, the Santa Clara California Home Affordable Modification Program Hardship Affidavit may have different variations or types, including but not limited to: 1. Santa Clara California Home Affordable Modification Program Unemployment Affidavit: This type of affidavit is specifically for homeowners who have recently lost their jobs, providing additional information about unemployment benefits, job search efforts, and other relevant details. 2. Santa Clara California Home Affordable Modification Program Medical Hardship Affidavit: Designed for homeowners facing considerable medical expenses or health conditions, this affidavit requires detailed documentation, such as medical bills, insurance information, and doctor's statements. 3. Santa Clara California Home Affordable Modification Program Divorce or Separation Affidavit: This affidavit is for homeowners who have experienced marital separation or divorce, highlighting the financial impacts resulting from these situations. 4. Santa Clara California Home Affordable Modification Program Death of a Family Member Affidavit: Intended for homeowners who have experienced the loss of a family member, this affidavit requires documentation of the deceased's income, estate information, and any related financial responsibilities. By using the relevant keywords in the Santa Clara California Home Affordable Modification Program Hardship Affidavit, homeowners can present a comprehensive and accurate representation of their financial challenges, increasing their chances of qualifying for mortgage loan modification assistance under the CAMP.
