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 Florida Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the mortgage modification process for homeowners in the state of Florida. This affidavit is designed to provide detailed information about the financial hardship faced by the homeowner, allowing mortgage services to assess eligibility for CAMP. A Florida Home Affordable Modification Program Hardship Affidavit requires the homeowner to provide comprehensive information about their financial circumstances, which includes income, expenses, and assets. It helps mortgage services understand the borrower's ability to make modified mortgage payments and determine if they qualify for assistance under CAMP. Keywords: Florida Home Affordable Modification Program, CAMP, hardship affidavit, mortgage modification, homeowners, financial hardship, eligibility, mortgage services, income, expenses, assets, modified mortgage payments, assistance. There aren't specific types of Florida Home Affordable Modification Program Hardship Affidavits, as the affidavit serves as a standard document for homeowners seeking mortgage modification assistance. However, there may be slight variations in specific details required by different mortgage services or lenders, such as formatting preferences or additional requested information. Nonetheless, the overall purpose and content of the affidavit remain the same.
