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 Maine Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the foreclosure prevention plan designated for homeowners in the state of Maine. It plays a significant role in assessing the borrower's financial situation and determining their eligibility for mortgage loan modification under the Maine CAMP. The Hardship Affidavit acts as a comprehensive statement that outlines the borrower's financial hardship and the reasons causing them to fall behind on their mortgage payments. By submitting this affidavit, homeowners can provide a detailed account of their financial circumstances and demonstrate their need for assistance in order to avoid foreclosure. Maine Home Affordable Modification Program offers various types of Hardship Affidavits to cater to different situations that homeowners might face. These affidavits are specifically designed to address specific financial hardships, ensuring that all borrowers have an opportunity to seek mortgage loan modification if they qualify. Here are some of the different types of Maine Home Affordable Modification Program Hardship Affidavits: 1. Loss of Income Affidavit: This type of affidavit is used when an individual experiences a reduction or loss of income due to factors such as job loss, reduction in working hours, pay cuts, or involuntary unemployment. 2. Medical Hardship Affidavit: When a homeowner faces significant medical expenses, mounting healthcare bills, or any other medical crisis that affects their ability to meet mortgage obligations, this affidavit allows them to substantiate their situation. 3. Divorce or Separation Affidavit: In case of marital dissolution or separation, this affidavit is utilized to outline the financial challenges faced by a borrower due to the breakdown of their relationship, which directly impacts their ability to honor mortgage payments. 4. Natural Disaster Affidavit: Homeowners affected by natural disasters such as hurricanes, floods, or earthquakes can use this affidavit to provide evidence of the financial hardships that resulted from the disaster, hindering their ability to make timely mortgage payments. 5. Military Affidavit: This affidavit addresses the specific challenges faced by active duty service members or reservists who are experiencing financial difficulties due to their military service, such as overseas deployment or change in duty station. Overall, the Maine Home Affordable Modification Program Hardship Affidavit is an essential component of the foreclosure prevention process. It allows homeowners to present a detailed account of their financial hardships to determine their eligibility for mortgage loan modification options provided by the program. Choosing the appropriate type of affidavit based on their specific situation ensures that homeowners have the best chance of receiving the foreclosure prevention assistance they need.
