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 Kentucky Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document utilized in the process of applying for mortgage assistance in the state. This written statement acts as proof of the homeowner's financial hardship, helping them qualify for potential modifications to their existing mortgage terms. When applying for a Kentucky CAMP, homeowners must complete the Hardship Affidavit to provide a comprehensive overview of their current financial situation. This document must accurately reflect the individual's income, expenses, assets, and debts, as well as the reasons behind their financial struggle. By using relevant keywords, such as "Kentucky CAMP Hardship Affidavit" and "mortgage assistance," we can further explore the different types and components of this important document. Types of Kentucky Home Affordable Modification Program Hardship Affidavits: 1. Standard Hardship Affidavit: The most common type of Kentucky CAMP Hardship Affidavit used by homeowners willing to modify their mortgage terms to alleviate their financial burdens. It requires detailed information regarding income, employment, personal finances, and explanations for the financial hardship experienced. 2. Unemployment Hardship Affidavit: Specifically designed for borrowers who have lost their jobs or are encountering significant reductions in income due to unemployment. This affidavit demands additional details about the individual's employment status, severance packages, unemployment benefits, and efforts made to secure new employment. 3. Change in Household Hardship Affidavit: This variant of the CAMP Hardship Affidavit is required when a major change in the household composition or the number of dependents affects the homeowner's financial stability. Relevant keywords for this type of affidavit could include "change in household," "dependents," and "financial stability." 4. Medical Hardship Affidavit: Individuals who face substantial medical expenses or a decrease in income due to health-related circumstances can utilize this affidavit to present a case for mortgage modification. It necessitates detailed medical records, insurance coverage information, and explanations relating to the financial impact of medical conditions. 5. Disaster Hardship Affidavit: Homeowners who have experienced substantial property damage or financial difficulties due to a natural disaster, such as a flood or hurricane, can make use of this type of affidavit. It requires the affected individual to provide specific details surrounding the disaster, including insurance claims, FEMA assistance, and any resulting financial struggles. In conclusion, the Kentucky Home Affordable Modification Program (CAMP) Hardship Affidavit is a key component of the application process for mortgage assistance. By adequately describing and categorizing the various types of affidavits available, including Standard, Unemployment, Change in Household, Medical, and Disaster-related affidavits, homeowners can better understand the specific requirements for each situation. By incorporating relevant keywords throughout the content, such as "Kentucky CAMP Hardship Affidavit" and "mortgage assistance," it becomes easier to provide a comprehensive and informative description of this important document.
