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 Illinois Home Affordable Modification Program (CAMP) Hardship Affidavit serves as a crucial document in assisting homeowners facing financial difficulties to seek loan modification assistance. This affidavit allows homeowners to provide comprehensive information about their financial circumstances, enabling mortgage services to evaluate eligibility for assistance under the CAMP. The CAMP Hardship Affidavit requires homeowners to disclose their personal information, such as name, address, and contact details. They must also provide detailed financial information, including monthly income, expenses, assets, and liabilities. By revealing their financial situation, homeowners can demonstrate their need for assistance and the extent of their financial hardship. Moreover, the Illinois CAMP Hardship Affidavit includes specific areas where homeowners must explain the reason(s) for their financial hardship. Valid reasons can include job loss, reduced income, increased expenses, medical emergencies, divorce, or other significant life events impacting their ability to maintain mortgage payments. This section allows homeowners to articulate the circumstances beyond their control that have affected their financial stability. It is important to note that there are no distinct types of Illinois CAMP Hardship Affidavits. However, homeowners may need to fill out different versions of this document if they apply for loan modification multiple times or if specific updates or changes occur in their circumstances during the application process. To ensure the effectiveness of the Illinois CAMP Hardship Affidavit, homeowners should exercise diligence and accuracy when completing the form. Providing truthful and detailed information will facilitate a thorough evaluation of their eligibility for mortgage assistance under the CAMP. Additionally, homeowners should gather supporting documentation, such as pay stubs, bank statements, tax returns, and other relevant financial records to strengthen their application. In conclusion, the Illinois Home Affordable Modification Program Hardship Affidavit is a critical document for homeowners seeking loan modification assistance under the CAMP. By accurately completing this form and providing comprehensive information about their financial hardships, homeowners increase their chances of qualifying for the mortgage assistance they need to retain their homes.
