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 Hawaii Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the state of Hawaii to apply for mortgage loan modifications. This affidavit serves as evidence of an individual's financial hardship and the need for a modification in their mortgage terms. It enables homeowners to request lower monthly mortgage payments, the reduction of interest rates, or extending the loan term to make payments more affordable. The Hawaii Home Affordable Modification Program Hardship Affidavit is designed to assist struggling homeowners who are facing difficulties in meeting their mortgage obligations due to various reasons. These reasons can include job loss, reduction in income, medical emergencies, divorce, or any other unforeseen circumstances impacting their financial stability. Submitting the Hawaii Home Affordable Modification Program Hardship Affidavit is a critical step towards qualifying for a loan modification under CAMP. The affidavit should provide detailed information about the homeowner's financial situation, demonstrating that paying the existing mortgage is no longer feasible. It includes essential details such as income, expenses, debts, assets, and any other relevant financial information. There are no specific variations or types of Hawaii Home Affordable Modification Program Hardship Affidavits. However, the overall purpose remains the same — to explain and document the homeowner's financial hardship, enabling them to seek assistance through a mortgage modification program. To ensure the Hawaii Home Affordable Modification Program Hardship Affidavit is accurate and comprehensive, it is recommended to include key keywords and phrases such as "Hawaii CAMP," "loan modification," "financial hardship," "monthly mortgage payment reduction," "interest rate reduction," "loan term extension," "income documentation," "expense breakdown," "debt overview," and "asset details." By including these keywords in the document, homeowners can ensure their eligibility for a loan modification under the Hawaii CAMP and increase their chances of successfully receiving financial assistance.
