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 Wayne Michigan Home Affordable Modification Program (CAMP) Hardship Affidavit is an essential document that homeowners in Wayne, Michigan, need to complete as part of the CAMP application process. This program is designed to assist homeowners facing financial hardships to modify their home loans and make them more affordable. The CAMP Hardship Affidavit serves as a detailed statement of the homeowner's financial situation and the reasons why they are experiencing difficulty in meeting their mortgage obligations. It helps the mortgage service assess the homeowner's eligibility for a loan modification under CAMP. The Wayne Michigan Home Affordable Modification Program offers various types of hardship affidavits, each tailored to specific circumstances. These include: 1. Unemployment Affidavit: This affidavit is applicable to homeowners who have lost their jobs and are struggling to make mortgage payments due to unemployment or underemployment. 2. Income Reduction Affidavit: Homeowners who have experienced a significant reduction in their income or a change in their employment status can use this affidavit to explain their financial hardship. 3. Divorce or Separation Affidavit: In cases where the homeowner's financial situation has been negatively impacted by divorce, legal separation, or the end of a domestic partnership, this affidavit is utilized to document the related financial challenges. 4. Medical or Disability Affidavit: Individuals facing high medical expenses or those who have become disabled can utilize this affidavit to outline the financial hardship caused by these circumstances. 5. Military Service Affidavit: For active-duty military service members who are having difficulty meeting their mortgage obligations due to their service, this affidavit provides a platform to explain their financial challenges. Completing the Wayne Michigan Home Affordable Modification Program Hardship Affidavit accurately and thoroughly is crucial to determine eligibility for loan modification assistance. It is recommended that homeowners seek guidance from a housing counselor or legal professional to ensure they provide all the necessary information and supporting documentation. By doing so, eligible homeowners can increase their chances of obtaining loan modification assistance to make their home loans more affordable and sustainable.The Wayne Michigan Home Affordable Modification Program (CAMP) Hardship Affidavit is an essential document that homeowners in Wayne, Michigan, need to complete as part of the CAMP application process. This program is designed to assist homeowners facing financial hardships to modify their home loans and make them more affordable. The CAMP Hardship Affidavit serves as a detailed statement of the homeowner's financial situation and the reasons why they are experiencing difficulty in meeting their mortgage obligations. It helps the mortgage service assess the homeowner's eligibility for a loan modification under CAMP. The Wayne Michigan Home Affordable Modification Program offers various types of hardship affidavits, each tailored to specific circumstances. These include: 1. Unemployment Affidavit: This affidavit is applicable to homeowners who have lost their jobs and are struggling to make mortgage payments due to unemployment or underemployment. 2. Income Reduction Affidavit: Homeowners who have experienced a significant reduction in their income or a change in their employment status can use this affidavit to explain their financial hardship. 3. Divorce or Separation Affidavit: In cases where the homeowner's financial situation has been negatively impacted by divorce, legal separation, or the end of a domestic partnership, this affidavit is utilized to document the related financial challenges. 4. Medical or Disability Affidavit: Individuals facing high medical expenses or those who have become disabled can utilize this affidavit to outline the financial hardship caused by these circumstances. 5. Military Service Affidavit: For active-duty military service members who are having difficulty meeting their mortgage obligations due to their service, this affidavit provides a platform to explain their financial challenges. Completing the Wayne Michigan Home Affordable Modification Program Hardship Affidavit accurately and thoroughly is crucial to determine eligibility for loan modification assistance. It is recommended that homeowners seek guidance from a housing counselor or legal professional to ensure they provide all the necessary information and supporting documentation. By doing so, eligible homeowners can increase their chances of obtaining loan modification assistance to make their home loans more affordable and sustainable.
