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 Montana Home Affordable Modification Program (CAMP) is a government initiative designed to help homeowners facing financial hardships maintain their mortgage payments and avoid foreclosure. To determine eligibility for the program, homeowners need to complete the Montana Home Affordable Modification Program Hardship Affidavit. This detailed document serves as a crucial component of the application process, enabling homeowners to clarify their financial situation and demonstrate why they require assistance. The Montana Home Affordable Modification Program Hardship Affidavit requires homeowners to provide accurate and comprehensive information about their income, expenses, assets, debts, and any other pertinent financial details. By thoroughly examining these factors, lenders can evaluate the homeowner's ability to meet modified mortgage terms and assess the appropriate level of assistance needed. Keywords: Montana, Home Affordable Modification Program, CAMP, hardship affidavit, eligibility, financial hardship, mortgage payments, foreclosure, application process, financial situation, assistance, income, expenses, assets, debts, modified mortgage terms. Different types of Montana Home Affordable Modification Program Hardship Affidavits may include variations based on specific situations or circumstances, such as: 1. Unemployment: This type of hardship affidavit is for homeowners who have recently become unemployed or experienced a significant reduction in their income, making it challenging to sustain mortgage payments. 2. Medical Hardship: Homeowners facing substantial medical expenses or a severe illness may complete a medical hardship affidavit to demonstrate their financial inability to meet mortgage obligations due to these unforeseen healthcare costs. 3. Divorce or Separation: In situations where homeowners have experienced divorce or separation, resulting in substantial financial changes, a hardship affidavit can be completed to outline the impact on their ability to afford mortgage payments. 4. Natural Disasters: Homeowners affected by natural disasters, such as wildfires, floods, or storms, may provide a hardship affidavit to explain the financial challenges they face due to property damage, insurance claim delays, or relocation costs. By tailoring the Montana Home Affordable Modification Program Hardship Affidavit to various hardship scenarios, the program aims to cater to the unique needs of homeowners experiencing different challenges that hinder their mortgage payment capabilities. Keywords: Montana, Home Affordable Modification Program, CAMP, hardship affidavit, unemployment, medical hardship, divorce, separation, natural disasters, financial changes, property damage, insurance claims, relocation costs.
