Home Affordable Modification Program Hardship Affidavit
What is this form?
The Home Affordable Modification Program Hardship Affidavit is a legal document that allows borrowers to disclose financial hardships that are impacting their ability to make mortgage payments. This form is used primarily to qualify for loan modification under the federal government's Home Affordable Modification Program (HAMP). It differs from other financial documents as it specifically outlines the borrower's economic hardships and is essential for seeking relief from various mortgage obligations.
What’s included in this form
- Borrower and Co-Borrower Information: Sections for personal identification including names and dates of birth.
- Property Details: Information about the property address and loan number.
- Hardship Events: Checkboxes for borrowers to indicate specific financial difficulties that impact their mortgage payments.
- Government Monitoring Information: Sections that comply with federal laws regarding discrimination in housing.
- Borrower Acknowledgments: Certifying the truthfulness of the information provided and understanding of the consequences of false statements.
When to use this document
This form should be used when a borrower is experiencing financial hardships and is seeking to modify the terms of their mortgage loan. It is applicable when the borrower is at least thirty-one days delinquent on their mortgage or is experiencing imminent default. Situations could include job loss, illness, increased living expenses, or other financial stresses that hinder timely mortgage payments.
Intended users of this form
Eligibility for using this form includes:
- Borrowers who have first-lien mortgages owned or guaranteed by Freddie Mac, as well as eligible FHA, VA, and RHS loans.
- Individuals currently facing imminent default or who are already delinquent on their mortgage payments.
- Borrowers currently undergoing foreclosure proceedings or in negotiations for other workout arrangements related to their mortgage.
- Homeowners whose housing expense-to-income ratio exceeds thirty-one percent of their verified gross monthly income.
Instructions for completing this form
- Enter personal details: Write the names and dates of birth for both the borrower and co-borrower.
- Provide property information: Fill in the property address and loan number accurately.
- Select hardship events: Indicate the financial difficulties affecting your ability to make payments by checking the appropriate boxes.
- Complete the government monitoring section: Provide, if comfortable, information regarding ethnicity, race, and gender.
- Sign and date the affidavit: Both borrower and co-borrower must sign, confirming the information is true and acknowledging the terms outlined.
Notarization guidance
This form does not typically require notarization unless specified by local law. It is advisable to check your stateâs requirements to ensure compliance.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to provide complete and accurate information in the borrower and co-borrower sections.
- Not detailing the explanation for hardship clearly, which may delay processing.
- Missing signatures or dates, which are crucial for the form's validity.
- Neglecting to check all applicable hardship events, potentially affecting eligibility for modification.
Why use this form online
- Convenience: Download and complete the form at your own pace, from anywhere with internet access.
- Editability: Easily modify your entries if your circumstances change before submission.
- Reliability: Access to up-to-date legal forms drafted by licensed attorneys ensures compliance with current laws.
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FAQ
Hardship Examples. There are a variety of situations that may qualify as a hardship. Keep it original. Be honest. Keep it concise. Don't cast blame or shirk responsibility. Don't use jargon or fancy words. Keep your objectives in mind. Provide the creditor an action plan.
Make the letter concise. Do not write pages explaining your hardship. State your response to the hardship. You need to describe the steps you have taken in response to the difficulty. Clearly state what you want. You can include enclosures. The conclusion.
A hardship affidavit can help distressed homeowners keep their homes or otherwise avoid a looming foreclosure.Hardship affidavits, sometimes known as hardship letters, should be completed with precision, as lenders may request supporting documents to verify your hardship.
Proof of income (pay stubs, offer letter, etc.) proof of other income (e.g., alimony, child support, disability benefits) an expense sheet laying out all your expenses. tax returns (two years worth of returns) profit and loss statement. current bank statements.
Your name, address, phone number and account number. The type of debt resolution you're seeking. Your financial situation that has caused you to fall behind in your payments. A detailed budget and your plan for making payments (if you want to keep your home)
Suspend past due amounts. Bring your account current. Adjust your interest rate. Lower your minimum payments. Modify your loan. Agree to a short sale of a home. Consider a settlement option.
The most common examples of hardship include: Illness or injury. Change of employment status. Loss of income.
Financial hardship typically refers to a situation in which a person cannot keep up with debt payments and bills or if the amount you need to pay each month is more than the amount you earn, due to a circumstance beyond your control.
Name, address, phone number, date, loan number. Short introduction asking for permission to sell your home in a short sale. Hardship details and neighborhood comparables. Assertion that the only other alternative is foreclosure.
