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 Rhode Island Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document used to evaluate a homeowner's eligibility for a mortgage loan modification under the program. It provides detailed information about the homeowner's financial situation and the challenges they face in making timely mortgage payments. This affidavit serves as evidence of the homeowner's hardship, which is a necessary requirement for CAMP consideration. The Rhode Island CAMP Hardship Affidavit requires the applicant to provide comprehensive and accurate details related to their income, monthly expenses, debts, and assets. The information disclosed in this document aims to determine the borrower's ability to sustain modified mortgage payments and ultimately avoid foreclosure. The CAMP Hardship Affidavit includes essential sections that cover various aspects of the homeowner's financial circumstances. It typically includes sections for: 1. Borrower Information: This section captures the borrower's name, address, contact information, and loan account details. 2. Income Documentation: Here, the homeowner must provide a breakdown of their income sources, including employment, self-employment, child support, alimony, or any other regular payments received. 3. Expenses: In this section, the applicant must outline their monthly expenses, such as mortgage payments, utility bills, property taxes, insurance, transportation costs, medical expenses, child care, and other essential living expenses. 4. Assets and Liabilities: Homeowners are required to list their assets, including bank accounts, investments, real estate properties, vehicles, and any significant personal property. Additionally, all outstanding debts, such as credit cards, student loans, car loans, and medical bills, must be detailed. 5. Hardship Explanation: This is a crucial part of the affidavit, where the homeowner must provide a detailed account of the circumstances leading to their financial hardship. Examples of hardships may include job loss, reduction in income, medical expenses, divorce, or other situations affecting their ability to meet mortgage obligations. It is important to note that the Rhode Island Home Affordable Modification Program Hardship Affidavit is not specifically categorized into separate types. However, variations or updates to the form may occur over time, and applicants should ensure they are using the most current version available through their mortgage service, housing counseling agency, or directly from the Rhode Island Housing agency's official website. Completing the Rhode Island CAMP Hardship Affidavit accurately and thoroughly is crucial, as any missing or false information could lead to the denial of a loan modification request. It is advisable for homeowners to seek professional assistance from housing counselors or legal experts who can guide them through the process and help ensure the hardship affidavit is correctly filled out.
