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 New Hampshire Home Affordable Modification Program (CAMP) Hardship Affidavit is an important document used in the mortgage modification process for homeowners facing financial difficulties in the state of New Hampshire. This affidavit is designed to provide detailed information about the homeowner's financial situation and the hardships they are facing, ultimately helping mortgage services determine eligibility for loan modifications. The New Hampshire CAMP Hardship Affidavit requires homeowners to provide accurate and comprehensive information pertaining to their financial status, including income, expenses, assets, debts, and any other relevant details. It is crucial for applicants to be thorough and accurate when completing this affidavit, as any discrepancies or errors may affect their eligibility for assistance. Some of the key information that may be requested in the New Hampshire CAMP Hardship Affidavit includes the homeowner's monthly income from all sources, such as wages, investments, or government assistance. Additionally, applicants are often asked to disclose their monthly expenses, including mortgage payments, other debts, insurance, property taxes, utilities, transportation, and other essential costs. Furthermore, applicants may have to provide details about any assets they own, such as real estate properties, vehicles, retirement accounts, or savings. They may also be required to list their outstanding debts, like credit card balances or student loans. Any additional information or documentation relevant to the homeowner's financial situation, such as medical bills, divorce decrees, or job loss documentation, should also be submitted alongside the hardship affidavit. It's important to note that while the New Hampshire CAMP Hardship Affidavit is primarily used to assess eligibility for the Home Affordable Modification Program, there may be variations or additional affidavits required by specific mortgage services or loan modification programs. These additional affidavits may focus on more specific financial aspects or may require supporting documentation related to the homeowner's hardship. In conclusion, the New Hampshire Home Affordable Modification Program Hardship Affidavit is a critical document for homeowners experiencing financial difficulties in New Hampshire. It allows mortgage services to evaluate the homeowner's financial situation and determine their eligibility for loan modifications under the CAMP. Accuracy and completeness are crucial when completing this affidavit, as it can greatly impact the outcome of the application process. Homeowners should consult their respective mortgage services or housing counseling agencies to ensure they are properly completing the required affidavits and providing all necessary supporting documentation.
