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 Massachusetts Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in Massachusetts must complete when applying for mortgage modification through the CAMP program. This affidavit plays a pivotal role in determining the homeowner's eligibility for loan modification by assessing their financial hardship. The purpose of the Massachusetts CAMP Hardship Affidavit is to provide a detailed explanation of the homeowner's financial troubles, which have made it challenging for them to keep up with their mortgage payments. It requires the homeowner to outline their income, expenses, debts, and any specific circumstances that have led to their current financial hardship. This affidavit is designed to demonstrate to the mortgage lender that the homeowner is genuinely struggling to meet their mortgage obligations and is in need of a modified payment plan. It helps the lender assess whether the homeowner qualifies for loan modification or other foreclosure prevention options under the Massachusetts CAMP program. Some essential keywords to include regarding Massachusetts CAMP Hardship Affidavit are: 1. Massachusetts Home Affordable Modification Program 2. CAMP program eligibility 3. Mortgage modification 4. Financial hardship documentation 5. Loan modification application 6. Massachusetts foreclosure prevention 7. Hardship Affidavit requirements 8. Income and expense statements 9. Debt and asset information 10. Explanation of financial challenges 11. Massachusetts CAMP Hardship Affidavit types, if applicable It is important to note that while there may not be different types of Massachusetts CAMP Hardship Affidavits, there may be variations in the specific requirements or formats depending on the mortgage lender or service involved. Homeowners should double-check with their lender or housing counselor to ensure they are using the correct version of the affidavit for their specific situation.
