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 Nevada Home Affordable Modification Program (CAMP) is a government initiative aimed at assisting struggling homeowners in Nevada to modify their mortgage loans to make them more affordable and prevent foreclosure. As part of the application process, homeowners are often required to submit a Hardship Affidavit to provide detailed information about their financial situation. A Hardship Affidavit serves as a crucial document for the Nevada Home Affordable Modification Program because it allows homeowners to outline the specific financial difficulties they are experiencing, which may include job loss, medical expenses, divorce, or other unforeseen circumstances. This affidavit serves as a plea for assistance, enabling lenders to evaluate the eligibility of homeowners for mortgage loan modification options. The Nevada Home Affordable Modification Program offers various types of Hardship Affidavits tailored to different scenarios and needs of homeowners. Some common types may include: 1. Unemployment Affidavit: Designed for individuals who have lost their jobs, this affidavit focuses on explaining the impact of unemployment on their ability to make mortgage payments. 2. Medical Hardship Affidavit: Aimed at individuals facing significant medical expenses or ongoing health issues, this type of affidavit highlights the financial strain caused by medical bills and the subsequent impact on mortgage affordability. 3. Divorce or Separation Affidavit: This affidavit is for homeowners experiencing the financial aftermath of a divorce or separation, outlining the resulting financial challenges and increased difficulty in meeting mortgage obligations. 4. Disaster-Related Affidavit: In cases where homeowners have endured natural disasters or accidents leading to property damage, this affidavit emphasizes the hardship they face due to unexpected expenses and potential loss of income. 5. Death of a Spouse Affidavit: Intended for surviving homeowners who have experienced the loss of a spouse, this affidavit addresses the financial struggles that may arise from a decrease in income and increased responsibility for mortgage payments. Submitting an accurate and comprehensive Hardship Affidavit is vital in the Nevada Home Affordable Modification Program application process. It enables lenders to assess the homeowner's eligibility for potential modification options, including interest rate reduction, principal reduction, or loan term extension, to make the mortgage payments more affordable and sustainable. It's crucial for homeowners to carefully review and understand the specific requirements and guidelines associated with the Nevada Home Affordable Modification Program and its various Hardship Affidavit options. Seeking professional assistance from a housing counselor or legal expert can help ensure accurate completion of the affidavit and increase the chances of obtaining the desired loan modification to prevent foreclosure and retain their homes.
