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 Guam Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that plays a significant role in the loan modification process. This affidavit is designed to assist struggling homeowners in Guam who are facing financial hardships in keeping their homes. When applying for a loan modification under the Guam CAMP, homeowners are required to complete and submit the Hardship Affidavit. This document serves as a formal declaration of the homeowner's financial difficulties and acts as evidence to support their eligibility for a loan modification. The Guam CAMP Hardship Affidavit asks homeowners to provide detailed information regarding their financial situation, including their income, expenses, assets, and liabilities. By accurately disclosing this information, homeowners enable mortgage services to assess their ability to afford modified mortgage payments. It is worth noting that there are different types of Hardship Affidavits available under the Guam CAMP, designed to cater to various financial hardships faced by homeowners. These may include: 1. Financial Hardship Affidavit: This type of affidavit is used when homeowners are experiencing economic hardships due to factors such as job loss, reduction of income, medical expenses, divorce, death of a spouse, or other unforeseen circumstances affecting their financial stability. 2. COVID-19 Hardship Affidavit: Specifically introduced in response to the ongoing COVID-19 pandemic, this affidavit is for homeowners who have been impacted by the crisis, leading to financial instability. It takes into account factors like job loss, reduced work hours, medical expenses, or other pandemic-related financial hardships. 3. Natural Disaster Hardship Affidavit: This affidavit applies to homeowners who have experienced financial distress due to natural disasters such as typhoons, earthquakes, floods, or any other calamities that have affected their ability to meet their mortgage payments. Submitting a truthful and complete Guam CAMP Hardship Affidavit is crucial, as it influences the mortgage service's decision on whether to approve a loan modification. Homeowners should ensure that they provide accurate information and supporting documentation to validate their financial hardship claims. By engaging in the Guam CAMP loan modification process and completing the necessary paperwork, homeowners increase their chances of securing a more affordable mortgage payment, ultimately helping them avoid foreclosure and maintain homeownership in Guam.
