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 Ohio Home Affordable Modification Program (CHAMP) offers assistance to homeowners who are facing financial difficulties and are at risk of foreclosure. In order to qualify for CHAMP, homeowners are required to complete a Hardship Affidavit, which provides detailed information about their financial situation. The CHAMP Hardship Affidavit is a crucial document that helps determine eligibility for mortgage modification under the program. This affidavit requires homeowners to disclose important details related to their financial hardship, such as income, expenses, assets, liabilities, and the nature of the financial hardship they are experiencing. By completing the CHAMP Hardship Affidavit, homeowners provide a comprehensive overview of their financial status, enabling lenders to evaluate their eligibility and potential for mortgage modification. The information provided in this document helps lenders assess whether homeowners meet the necessary criteria for loan modification and are genuinely facing financial hardship. It is important to note that there might not be different types of Ohio Home Affordable Modification Program Hardship Affidavits. However, there could be different versions or updates of the affidavit form over time to ensure compliance with changing program guidelines and regulations. Nevertheless, regardless of any potential variations, the purpose of the affidavit remains the same — to collect accurate and detailed information about the homeowner's financial hardship. Completing the CHAMP Hardship Affidavit accurately and honestly is crucial. Misrepresenting any information or providing false details can lead to disqualification from the program and potential legal consequences. Therefore, homeowners must carefully review and understand the requirements and questions in the affidavit to ensure accurate completion. By implementing the CHAMP Hardship Affidavit, the state of Ohio aims to assist struggling homeowners in avoiding foreclosure and finding alternative solutions that allow them to keep their homes. This program provides valuable support to individuals or families facing financial difficulty due to various unforeseen circumstances, such as job loss, illness, or other significant life events that impact their ability to fulfill mortgage obligations. Overall, the CHAMP Hardship Affidavit plays a pivotal role in the Ohio Home Affordable Modification Program by gathering essential information to evaluate homeowner eligibility for loan modification. Homeowners are encouraged to seek professional guidance or consult with mortgage counselors to accurately complete this document and increase their chances of obtaining the necessary assistance to overcome financial hardship and retain their Ohio homes.
