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 Maryland Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used to apply for assistance in modifying a mortgage under the Maryland Home Affordable Modification Program. This detailed affidavit provides comprehensive information about an applicant's financial situation and the reasons behind their financial hardship, thereby helping the lender assess their eligibility for loan modification or other foreclosure prevention programs. Key factors addressed in the Maryland Home Affordable Modification Program Hardship Affidavit include the borrower's income, expenses, outstanding debts, and any extenuating circumstances that have contributed to their current financial struggle. This affidavit aims to assist Maryland homeowners facing challenges meeting their mortgage payments due to factors such as job loss, medical expenses, reduced income, divorce, or other unforeseen circumstances. The Maryland CAMP offers various types of hardship affidavit forms, which cater to specific situations borrowers may be facing. Some types of Maryland Home Affordable Modification Program Hardship Affidavits are: 1. Unemployment or Underemployment Affidavit: This affidavit is intended for individuals who have lost their job or experienced a significant reduction in income, making it difficult to sustain their mortgage payments. 2. Medical Expenses Affidavit: This affidavit is designed for homeowners who face substantial medical expenses, making it challenging to meet their monthly mortgage obligations. 3. Divorce or Separation Affidavit: This affidavit accounts for borrowers who have gone through a divorce or separation proceeding, resulting in financial hardships that hinder their ability to pay their mortgage. 4. Death of Spouse or Family Member Affidavit: This affidavit is specifically for borrowers who have lost a loved one, especially a spouse or family member who was contributing to the household income, causing financial strain. 5. Natural Disaster Affidavit: Homeowners who have been affected by a natural disaster, such as a hurricane, flood, or earthquake, can utilize this affidavit to explain the impact it has had on their ability to meet their mortgage obligations. By accurately completing the relevant Maryland Home Affordable Modification Program Hardship Affidavit that aligns with their specific circumstances, homeowners increase their chances of qualifying for mortgage modification options and foreclosure prevention programs through the Maryland CAMP. It is crucial for borrowers to provide truthful, detailed, and substantiated information in their affidavit to provide lenders with a comprehensive understanding of their financial hardship and potential eligibility for assistance.
