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 Indiana Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that is required for homeowners in the state of Indiana who are seeking assistance through the Home Affordable Modification Program. This affidavit serves as a written statement detailing the homeowner's financial hardship. The purpose of the Indiana CAMP Hardship Affidavit is to provide a comprehensive account of the homeowner's financial situation, including all relevant details that may contribute to their inability to meet mortgage payments. It provides a complete overview of the homeowner's income, expenses, and any extenuating circumstances that have caused financial strain. The Indiana CAMP Hardship Affidavit includes various sections that cover different aspects of the homeowner's financial condition. These sections typically include information about the homeowner's income, such as employment status, salary, and any additional sources of income. It also requires information on the homeowner's monthly expenses, such as utilities, insurance, and personal expenses. Additionally, the affidavit allows homeowners to elaborate on any exceptional circumstances that have contributed to their financial hardship. This may include medical emergencies, unemployment, divorce, or any other unforeseen events that have impacted their ability to make timely mortgage payments. It is essential to submit the Indiana CAMP Hardship Affidavit accurately and honestly, as any false information provided may lead to serious consequences, including the denial of assistance or legal repercussions. While there may not be different types of Indiana CAMP Hardship Affidavits, the content and format of the document may vary slightly depending on the specific requirements of the mortgage service or the loan modification program. However, the fundamental purpose remains the same — to demonstrate the homeowner's genuine financial hardship and eligibility for assistance through the Home Affordable Modification Program in Indiana. In conclusion, the Indiana CAMP Hardship Affidavit is a critical document that homeowners in the state of Indiana must complete when applying for assistance through the Home Affordable Modification Program. By accurately and thoroughly detailing their financial hardship, homeowners increase their chances of qualifying for mortgage modification and obtaining more affordable payments to alleviate their financial distress.
