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 Jersey Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document required by the New Jersey Housing and Mortgage Finance Agency (MFA) for homeowners seeking assistance through the CAMP program. This affidavit serves as proof of financial hardship and demonstrates the homeowner's eligibility for loan modification. The CAMP Hardship Affidavit provides a detailed account of the homeowner's financial situation, expenses, and income. It includes relevant keywords such as financial hardship, mortgage modification, MFA, loan assistance, loan modification, and eligibility criteria. The New Jersey CAMP Hardship Affidavit may vary depending on the applicant's circumstances and the type of assistance they are seeking. The different types of CAMP Hardship Affidavits in New Jersey may include: 1. CAMP Loan Modification Affidavit: This affidavit is used by homeowners who wish to apply for a loan modification under the CAMP program. It requires detailed information such as income, expenses, assets, and liabilities, along with an explanation of the financial hardship the homeowner is facing. 2. CAMP Partial Claim Affidavit: Homeowners who are eligible for a partial claim under CAMP can utilize this type of affidavit. It outlines the specific requirements for a partial claim, including the amount of outstanding mortgage payments and the necessary proofs of financial hardship. 3. CAMP Principal Reduction Affidavit: If a homeowner is seeking a reduction in the principal balance of their mortgage, they would use this affidavit. It requires evidence of financial hardship and a detailed explanation of why a principal reduction is necessary. 4. CAMP Second Lien Affidavit: For homeowners with a second mortgage or lien on their property, this affidavit is used to request assistance and modifications specifically for the second lien. It requires disclosure of the second lien details and explanations of financial need. The above descriptions and keywords provide a comprehensive understanding of the New Jersey Home Affordable Modification Program Hardship Affidavit and its various types. It is essential for homeowners to carefully complete and submit the appropriate affidavit relevant to their specific circumstances to increase their chances of qualifying for assistance through the CAMP program.
