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 Virginia Home Affordable Modification Program (CAMP) Hardship Affidavit is a legal document that homeowners in Virginia must submit when applying for a loan modification through the CAMP program. This affidavit is a crucial component of the application process as it helps determine the homeowner's eligibility for mortgage assistance based on their financial hardship. The purpose of the Virginia CAMP Hardship Affidavit is to provide detailed information about the homeowner's financial situation, the reasons for the inability to meet mortgage payments, and the efforts made to resolve the issue. By completing this document, homeowners can demonstrate their need for assistance and apply for a modified loan repayment plan that is more affordable and sustainable. There are different types of Virginia CAMP Hardship Affidavits, which include: 1. Virginia CAMP Unemployment Affidavit: This affidavit is specifically designed for homeowners who have lost their jobs and are facing financial difficulties as a result. It requires the homeowner to provide information about their previous employment, duration of unemployment, and efforts made to secure a new job. 2. Virginia CAMP Medical Affidavit: This affidavit is intended for homeowners who are experiencing financial hardship due to medical reasons. It requires the homeowner to disclose details about their medical condition, medical expenses, insurance coverage, and any impact on their ability to make mortgage payments. 3. Virginia CAMP Income Reduction Affidavit: This affidavit is suitable for homeowners who have experienced a significant reduction in income, but not necessarily due to unemployment or medical issues. It requires the homeowner to provide detailed information about the decrease in income, including the cause, duration, and efforts made to increase income. 4. Virginia CAMP Divorce or Separation Affidavit: This affidavit is for homeowners who are facing financial difficulties resulting from a divorce or separation. It requires the homeowner to furnish information about the divorce or separation, any legal obligations related to the home, and the impact of these circumstances on their ability to pay the mortgage. In conclusion, the Virginia Home Affordable Modification Program Hardship Affidavit is a crucial document for homeowners seeking mortgage assistance through the CAMP program in Virginia. It helps determine their eligibility based on various financial hardships such as unemployment, medical issues, income reduction, or divorce/separation. By providing detailed and accurate information in the relevant affidavit type, homeowners can increase their chances of securing a modified loan repayment plan that allows them to retain their homes.
