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 Oklahoma Home Affordable Modification Program (CHAMP) hardship affidavit is a crucial document used in the home loan modification process for homeowners facing financial difficulties in Oklahoma. This affidavit serves as evidence of the borrower's financial hardship and is required as part of the application to qualify for the program. The CHAMP hardship affidavit is designed to provide detailed information about the homeowner's financial situation, allowing lenders to assess their eligibility for loan modification. The document typically requires thorough and accurate information related to the borrower's income, expenses, assets, and debts. By filling out the CHAMP hardship affidavit, homeowners can outline the reasons behind their financial distress that hinder their ability to make mortgage payments. This information includes the loss of income, job loss, significant medical expenses, divorce, disability, or any other circumstances that have affected their ability to meet mortgage obligations. The CHAMP program aims to help to struggle homeowners avoid foreclosure by providing them with affordable mortgage modifications tailored to their financial situation. These modifications may include reducing interest rates, extending the loan term, forgiving a portion of the principal, or other suitable adjustments. While there may not be different types of Oklahoma Home Affordable Modification Program hardship affidavits specifically, the content and requirements of the affidavit may vary depending on the lender or loan service. However, the essential information required to be included in the affidavit remains consistent throughout. To ensure the accuracy and validity of the CHAMP hardship affidavit, homeowners should gather supporting documents such as pay stubs, bank statements, tax returns, and any other relevant financial records. These documents provide concrete evidence of the borrower's financial hardship and strengthen their application for loan modification. In conclusion, the Oklahoma Home Affordable Modification Program hardship affidavit plays a pivotal role in the loan modification process. By providing an in-depth account of the borrower's financial distress, it helps lenders determine eligibility for assistance and assists struggling homeowners in securing feasible mortgage modifications.
