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.
Utah Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document for homeowners seeking assistance in modifying their mortgage loans within the state of Utah. This affidavit plays a significant role in determining an individual's eligibility for mortgage modification under the CAMP initiative. By providing detailed information and supporting evidence of financial hardship, Utah residents can present their case to lenders and demonstrate their need for mortgage relief. The purpose of the Utah Home Affordable Modification Program Hardship Affidavit is to establish a homeowner's inability to sustain their present mortgage payments due to financial hardship. It requires the applicant to disclose various personal and financial details necessary to evaluate their eligibility. The affidavit typically requests information such as income, expenses, assets, debts, and any significant life events that caused the financial strain. Utah's homeowners must accurately complete the Hardship Affidavit, ensuring that all relevant information is included and supported by relevant documentation. This may include pay stubs, tax returns, bank statements, medical bills, divorce papers, or other financial records that verify the claimed hardship. It is important to note that Utah Home Affordable Modification Program Hardship Affidavits may have different variations or specific requirements depending on the lender or service involved. These variations might include unique supplementary forms or additional questions specific to certain loan programs or circumstances. Some lenders or services might offer customized versions of the Hardship Affidavit, adjusting certain criteria to better align with their program requirements. These adaptations often aim to capture additional details while ensuring compliance with Utah state regulations and the federal guidelines of the Home Affordable Modification Program. To obtain the most accurate and up-to-date version of the Utah Home Affordable Modification Program Hardship Affidavit, homeowners are advised to consult their specific lender or service, or visit the official website of the Utah Housing Corporation for the latest information and documentation. In summary, the Utah Home Affordable Modification Program Hardship Affidavit serves as a critical document for homeowners seeking mortgage modifications in the state of Utah. By providing comprehensive and verifiable information about their financial hardship, individuals can demonstrate their need for assistance and, if eligible, secure the necessary relief to make their mortgage payments more affordable.
