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 Missouri Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document designed to assist homeowners in financial distress by seeking mortgage loan modifications. This affidavit enables individuals to provide an in-depth explanation of their financial hardship to their loan service, helping them demonstrate their eligibility for mortgage assistance. The CAMP Hardship Affidavit serves as a platform for borrowers to outline the circumstances causing their financial strain, such as loss of employment, medical expenses, divorce, or reduced income. It allows homeowners to present a detailed account of their situation, substantiating the need for a loan modification to regain stability and avoid foreclosure. The affidavit requires applicants to provide personal information, including their contact details, loan information, and the names of all borrowers involved. It delves into comprehensive financial details, such as income sources, monthly expenses, debts, assets, and savings. By providing these specifics, borrowers can paint a clear picture of the extent of their financial struggle. Additionally, Missouri offers various types of Home Affordable Modification Program Hardship Affidavits that cater to specific situations. Some of these include: 1. Unemployment Affidavit: This affidavit is specifically designed for homeowners who have lost their jobs and are experiencing financial hardship due to unemployment. It requires individuals to provide proof of their job loss, severance details, and any unemployment benefits they may be receiving. 2. Medical Hardship Affidavit: This type of affidavit is relevant for individuals who have incurred significant medical expenses and are struggling to meet their mortgage payments as a result. It requires documentation of medical bills, prescriptions, insurance coverage, and any other relevant medical records. 3. Divorce or Separation Affidavit: Homeowners who have experienced a divorce or separation can utilize this affidavit to explain the financial challenges they face due to the change in their marital status. Providing details about legal fees, spousal/child support, and any property settlements is crucial in this affidavit. 4. Reduced Income Affidavit: This affidavit is applicable to homeowners who have experienced a decrease in their income, whether through reduced work hours, reduced salary, or changes in commission structures. It necessitates documentation, such as pay stubs, tax returns, or profit and loss statements, to substantiate the reduction. By utilizing the appropriate Missouri Home Affordable Modification Program Hardship Affidavit that corresponds to their unique circumstances, homeowners can provide a comprehensive portrayal of their financial hardships. This documentation is essential in ensuring loan services fully understand the borrower's situation, facilitating the assessment of eligibility and consideration for mortgage loan modifications through the CAMP.
