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 Colorado Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document designed for homeowners seeking assistance and modification of their mortgage loans under the CAMP program. This affidavit serves as a formal declaration by the borrower outlining their financial hardship and supporting evidence for consideration by the mortgage service. The CAMP program was created to provide eligible homeowners with the opportunity to modify their mortgages and make them more affordable in order to prevent foreclosure. The Hardship Affidavit is an integral part of the application process for a loan modification under the CAMP program. It helps the mortgage service assess the borrower's financial situation and determine if they are eligible for assistance. The content of the Colorado Home Affordable Modification Program Hardship Affidavit includes various details related to the borrower's financial condition. It requires the borrower to disclose information such as income, expenses, assets, debts, and any financial hardships they are currently facing. This affidavit is aimed at providing a comprehensive overview of the borrower's financial situation to evaluate their qualifications for a loan modification. Furthermore, the affidavit also requires the borrower to provide supporting documentation that substantiates the information they have provided. Documents such as pay stubs, bank statements, tax returns, and other relevant financial records may be required to validate the hardship claimed by the borrower. It is important to note that there are no specific types of Colorado Home Affordable Modification Program Hardship Affidavits. However, there may be different versions or variations of the affidavit used by different mortgage services or lenders. The core elements and purpose of the document remain the same — to demonstrate the borrower's financial hardship and eligibility for mortgage loan modification under the CAMP program. In conclusion, the Colorado Home Affordable Modification Program Hardship Affidavit is a crucial document for homeowners seeking assistance through the CAMP program. It provides a detailed account of the borrower's financial condition and serves as evidence to support their request for a loan modification. The document plays a significant role in determining the borrower's eligibility for mortgage assistance and helps prevent potential foreclosures.
