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 Dakota Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document designed to assist homeowners in need of mortgage loan modifications. This affidavit enables homeowners in South Dakota to provide detailed information about their financial situation, proving their eligibility for CAMP's loan modification program. The South Dakota CAMP Hardship Affidavit outlines the homeowner's current financial hardships and helps lenders assess if they qualify for mortgage payment adjustments. The South Dakota CAMP Hardship Affidavit covers various crucial aspects of the homeowner's financial situation. These include personal information, such as the homeowner's full name, contact details, and property address. Additionally, homeowners must provide details about their loan information, including the mortgage service's name, loan number, and property valuation. Furthermore, the affidavit requires an in-depth disclosure of the homeowner's current financial circumstances. This includes providing monthly income and expenses, detailing sources of income, and listing monthly debts and obligations. It is crucial for homeowners to be transparent and accurate when filling out this information to ensure the lenders' assessment of their financial hardship. Different types of South Dakota Home Affordable Modification Program Hardship Affidavits may exist based on specific situations or programs. These may include: 1. Unemployment Affidavit: This type of affidavit is designed for homeowners who have lost their jobs or are experiencing a substantial decrease in income due to unemployment. 2. Medical Hardship Affidavit: Homeowners facing high medical expenses or a significant health-related hardship can utilize this affidavit to explain their situation and demonstrate the need for mortgage modification. 3. Natural Disaster Affidavit: This affidavit is relevant for homeowners who have suffered from natural disasters, such as floods, earthquakes, or wildfires, and need assistance in modifying their mortgage payments accordingly. 4. Income Reduction Affidavit: Homeowners experiencing a decrease in income, such as reduced work hours or salary cuts, can use this affidavit to substantiate their financial hardship and seek mortgage payment adjustments. By diligently completing the South Dakota Home Affordable Modification Program Hardship Affidavit, homeowners can provide accurate and detailed information to lenders, increasing their chances of qualifying for the CAMP loan modification program. It is important for homeowners to seek guidance from professionals or housing counseling agencies to ensure the affidavit is correctly filled out, supporting their eligibility for mortgage relief.
