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 Oregon Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used in the mortgage modification process for Oregon homeowners facing financial hardships and struggling to make their monthly mortgage payments. This affidavit serves as a means for homeowners to formally communicate the difficulties they are facing to their loan service or lender as part of their request for mortgage assistance. Keywords: Oregon Home Affordable Modification Program, CAMP, hardship affidavit, mortgage modification, financial hardships, monthly mortgage payments, homeowners, loan service, lender, mortgage assistance. The Oregon Home Affordable Modification Program offers several types of CAMP Hardship Affidavits, specifically tailored to different homeowner situations. These affidavits provide an opportunity for homeowners to provide detailed information about their financial situation, allowing loan services to assess eligibility and determine suitable modification options. Some notable types of Oregon Home Affordable Modification Program Hardship Affidavits include: 1. Unemployment Hardship Affidavit: Designed specifically for homeowners who have lost their jobs or experienced a significant reduction in income. This affidavit allows individuals to showcase the impact of job loss on their ability to make mortgage payments. 2. Medical Hardship Affidavit: Intended for homeowners facing substantial medical expenses or dealing with a serious illness or disability. This affidavit permits them to outline medical costs and illustrate how these financial burdens impede their mortgage payment ability. 3. Divorce or Separation Hardship Affidavit: A specific affidavit for homeowners experiencing separation or divorce, acknowledging the financial distress caused by legal proceedings or the division of assets and income. 4. Natural Disaster Hardship Affidavit: Catering to homeowners affected by natural disasters such as wildfires, floods, or earthquakes. This affidavit allows individuals to present the impact of these events on their financial stability. 5. Military Service Hardship Affidavit: Designed for military personnel serving in active duty or veterans returning from service who are experiencing financial hardship as a result. By utilizing the appropriate Oregon Home Affordable Modification Program Hardship Affidavit, homeowners can provide a comprehensive overview of their circumstances, allowing loan services to evaluate their eligibility for mortgage modification plans. It is crucial to accurately complete these affidavits, including all relevant supporting documentation, to increase the chances of successful participation in the program and ultimately, mortgage relief.
