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 South Carolina Home Affordable Modification Program (SCH AMP) is a government initiative designed to provide struggling homeowners with options to modify their mortgage loans and avoid foreclosure. One vital component of this program is the Hardship Affidavit, which serves as a detailed document outlining the financial difficulties faced by the homeowners. A South Carolina Home Affordable Modification Program Hardship Affidavit is a legal declaration completed by the homeowner, providing comprehensive information about their financial situation and reasons for seeking a loan modification. It allows the homeowner to demonstrate their eligibility for assistance under the SCH AMP guidelines. Proper completion of this affidavit is crucial as it determines a homeowner's qualification for a loan modification that can make their mortgage payments more affordable. The SCH AMP Hardship Affidavit collects crucial information such as income details, expenses, debts, and assets in order to assess the homeowner's overall financial picture. It requires specific proof of hardship, emphasizing the homeowner's inability to afford the current mortgage payments and the inability to sell or refinance the property. The affidavit also demands supporting documents like paycheck stubs, tax returns, bank statements, and other relevant financial records to validate the assertions made in the affidavit. Although there may not be different types of South Carolina Home Affordable Modification Program Hardship Affidavits, the document might undergo slight variations depending on the specific guidelines followed by individual lenders or loan services. The fundamental objective remains the same, which is to gather comprehensive information about the homeowner's financial struggles and provide them with an opportunity to secure a loan modification that aligns with their financial capabilities. In summary, the South Carolina Home Affordable Modification Program Hardship Affidavit is a critical document for homeowners seeking assistance under SCH AMP. It helps demonstrate the homeowner's financial hardship, eligibility for a loan modification, and ensures that the program's guidelines are met. By providing detailed information and supporting documents, homeowners can increase their chances of obtaining a mortgage modification, aiding them in saving their home from foreclosure.
