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 Louisiana Home Affordable Modification Program (CAMP) is a government initiative designed to assist homeowners who are facing financial hardships, by offering them the opportunity to modify their mortgage and make it more affordable. As part of the application process for CAMP, homeowners in Louisiana may be required to submit a Hardship Affidavit, which provides detailed information about their financial situation and the difficulties they are experiencing in making their mortgage payments. The Hardship Affidavit plays a critical role in determining the homeowner's eligibility for the Louisiana Home Affordable Modification Program. It serves as a documented testimony of the homeowner's financial hardships, demonstrating that they are genuinely struggling to meet their mortgage obligations. The affidavit helps the lender assess the homeowner's financial situation, understand the root cause of the hardship, and evaluate whether modification of the loan terms is a viable solution. The Louisiana Home Affordable Modification Program Hardship Affidavit encompasses several vital aspects to paint a comprehensive picture of the homeowner's financial distress. It typically includes details regarding income, expenses, debts, assets, employment status, and any other relevant financial information. Homeowners are required to provide accurate and up-to-date information to ensure a fair assessment of their situation. Different types of Louisiana Home Affordable Modification Program Hardship Affidavits may exist based on the specific type of financial hardship faced by the homeowner. Some common types include job loss or reduction in income, medical emergencies or excessive medical expenses, divorce or separation, death of a spouse or family member, natural disasters, or significant increases in essential expenses such as property taxes or insurance premiums. Submitting a properly completed Louisiana Home Affordable Modification Program Hardship Affidavit is crucial for homeowners seeking assistance through CAMP. It is important to ensure that all information provided is accurate, as any false or misleading information can lead to consequences, including the denial of the modification request. Homeowners are encouraged to seek professional assistance or guidance from housing counselors to navigate the application process and ensure all necessary documentation is provided. Overall, the Louisiana Home Affordable Modification Program Hardship Affidavit serves as a means for eligible homeowners to explain their financial hardships and seek viable solutions to modify their mortgage terms. It is an essential step towards obtaining assistance through CAMP and securing a more affordable and sustainable path to homeownership.
