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 Delaware Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that individuals must fill out when applying for mortgage assistance through the program. This affidavit is specifically designed for Delaware residents who are facing financial difficulties and need help modifying their mortgages to make monthly payments more affordable. The purpose of the Delaware CAMP Hardship Affidavit is to provide detailed information about the applicant's financial situation, proving that they are in dire need of mortgage assistance. It requires the homeowner to disclose various aspects of their income, expenses, and other financial obligations. The information provided in this affidavit helps the lender determine eligibility for the Home Affordable Modification Program. Keywords: Delaware, Home Affordable Modification Program, CAMP, hardship affidavit, mortgage assistance, financial difficulties, modify mortgage, monthly payments, Delaware residents, financial situation, eligibility. There are no different types of Delaware Home Affordable Modification Program Hardship Affidavits specifically, as it is a standardized document required for individuals who wish to apply for mortgage assistance through the CAMP in Delaware. However, there might be variations in format or specific instructions provided by different lenders or loan services involved in the program. It is essential to ensure that the affidavit is in line with the guidelines set by the participating lender or loan service.
