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 Idaho Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners need to complete when seeking assistance through the CAMP program. This affidavit serves as a detailed account of the financial hardships that have made it difficult for homeowners to afford their mortgage payments. By providing this information, homeowners can demonstrate their eligibility for loan modification and potential assistance under the CAMP. The Idaho CAMP Hardship Affidavit requires accurate and transparent information about the homeowner's financial situation. It is structured to collect key details, such as income, expenses, debts, assets, and any unique circumstances that have led to the financial hardship. This affidavit aims to create a comprehensive picture of the homeowner's financial condition, enabling the program administrators to assess their eligibility for mortgage modification options. It is important to note that while there may not be different types of Idaho Home Affordable Modification Program Hardship Affidavits, variations can occur in the information provided based on individual circumstances. Different homeowners may face distinct hardships, such as job loss, medical emergencies, divorce, or natural disasters, impacting their ability to maintain mortgage payments. Consequently, each affidavit will differ slightly due to the specific challenges faced by the homeowner. Keywords: Idaho Home Affordable Modification Program, CAMP, hardship affidavit, financial hardships, mortgage payments, loan modification, homeowner's financial situation, income, expenses, debts, assets, unique circumstances, eligibility, mortgage modification options, job loss, medical emergencies, divorce, natural disasters.
