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.
Puerto Rico Home Affordable Modification Program (PR CAMP) is a government initiative designed to assist homeowners in Puerto Rico who are facing financial difficulties in making their mortgage payments. The Puerto Rico Home Affordable Modification Program Hardship Affidavit is a crucial document that borrowers need to submit to their mortgage service to apply for mortgage modification under this program. It serves as evidence of the borrower's financial hardships and helps the service evaluate their eligibility for a loan modification. The PR CAMP Hardship Affidavit requires applicants to provide detailed information about their current financial situation, including income, expenses, assets, debts, and any additional factors contributing to the financial hardship. It may also request supporting documentation such as pay stubs, bank statements, tax returns, and utility bills to validate the information provided. The Puerto Rico Home Affordable Modification Program recognizes various types of hardships that borrowers may encounter, leading to difficulties in making their mortgage payments. Specific types of PR CAMP hardship affidavits can include: 1. Puerto Rico Home Affordable Unemployment Program (PR UP): This hardship affidavit is specifically tailored for homeowners who have lost their jobs or experienced a significant reduction in income due to unemployment. It focuses on documenting the financial strain caused by the loss of employment and the subsequent challenges in meeting mortgage obligations. 2. Puerto Rico Home Affordable Underemployment Program (PR UP): This hardship affidavit caters to borrowers who are employed but are facing reduced work hours or lower wages, resulting in financial instability. It aims to capture the impact of underemployment on the ability to afford mortgage payments. 3. Puerto Rico Home Affordable Medical Program (PR MP): This hardship affidavit addresses borrowers whose financial difficulties arise from substantial medical expenses or severe health issues. It requires documentation related to medical bills, insurance coverage, and the impact of medical conditions on income and expenses. 4. Puerto Rico Home Affordable Divorce or Separation Program (PR DSP): This type of hardship affidavit is designed for borrowers who are experiencing financial challenges due to divorce or legal separation. It seeks information about the division of assets, alimony, child support, and other relevant financial factors resulting from the dissolution of the household. These variations of the Puerto Rico Home Affordable Modification Program Hardship Affidavit are tailored to specific hardships, ensuring that borrowers can provide accurate and meaningful information to support their application for mortgage modification assistance. The completion and submission of the appropriate hardship affidavit, along with the required supporting documents, are instrumental steps in seeking mortgage relief and potentially preventing foreclosure in Puerto Rico.
