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.
Connecticut Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in Connecticut need to submit as part of their application for a loan modification under the CAMP. This affidavit serves as a detailed account of the financial hardship that the homeowner is facing, justifying their need for a more affordable mortgage payment. Keywords: Connecticut, Home Affordable Modification Program, CAMP, hardship affidavit, loan modification, financial hardship, affordable mortgage payment. The Connecticut Home Affordable Modification Program Hardship Affidavit captures essential information about the homeowner's financial status, monthly income, expenses, debts, and reasons for the financial hardship. This affidavit provides lenders with insightful details that help them assess the borrower's eligibility for a loan modification. There may be various types of Connecticut Home Affordable Modification Program Hardship Affidavits, depending on the specific circumstances and nature of the homeowner's hardships. These may include: 1. Income-related hardship: This type of affidavit focuses primarily on the decrease in income, loss of employment, reduction in working hours, or any other income-related challenges that have led to the borrower's inability to afford their mortgage payments. 2. Medical hardship: If the homeowner is dealing with substantial medical expenses, ongoing health issues, or a disabling condition, they can submit a medical hardship affidavit, outlining the medical circumstances that have affected their ability to make mortgage payments. 3. Divorce or separation-related hardship: In cases where the borrower has experienced a significant change in their marital status, resulting in financial difficulties, a divorce or separation-related hardship affidavit can be submitted. This affidavit explains how the change in income and increased expenses have led to mortgage payment challenges. 4. Disaster-related hardship: Homeowners affected by natural disasters, such as hurricanes or floods, can provide a hardship affidavit specifically detailing the challenges they face due to the disaster. This affidavit can include property damage, increased living expenses, or loss of income caused by the disaster. 5. Military service-related hardship: If the homeowner or their spouse is serving on active duty in the military, an affidavit detailing the specific financial hardships resulting from military service can be submitted. This includes information about reduced income, increased expenses, and other challenges faced during deployment. Submitting a complete and accurate Connecticut Home Affordable Modification Program Hardship Affidavit is crucial as it plays a pivotal role in determining the homeowner's eligibility for a loan modification. It is essential to fill out the affidavit diligently, provide supporting documentation when required, and ensure that all information showcased is truthful and verifiable. The affidavit serves as a means for homeowners to explain their financial difficulties in a comprehensive and persuasive manner, increasing the chances of a successful loan modification approval under the Connecticut Home Affordable Modification Program.
