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 Virgin Islands Home Affordable Modification Program (VI CAMP) Hardship Affidavit is an essential document that plays a significant role in assisting homeowners facing financial hardship to apply for mortgage loan modifications. This comprehensive and detailed affidavit allows homeowners in the Virgin Islands to provide verifiable information about their financial status, income, and expenses, ultimately determining their eligibility for the VI CAMP. The purpose of the VI CAMP Hardship Affidavit is to evaluate the homeowner's ability to meet the modified mortgage payment terms as part of the government's initiative to prevent foreclosures and stabilize the housing market. By completing this affidavit accurately and honestly, homeowners increase their chances of qualifying for more affordable mortgage payments that align with their financial circumstances. Key elements covered in the VI CAMP Hardship Affidavit include: 1. Personal Information: Homeowners are required to provide their full legal names, contact details, and property information, including the mortgage account number and property address. 2. Hardship Explanation: To demonstrate eligibility for the VI CAMP, homeowners must describe the specific financial hardship they are facing, such as job loss, reduction in income, medical expenses, divorce, or death of a spouse. 3. Income Information: Homeowners are asked to provide comprehensive details regarding their income sources, including employment, self-employment, alimony, rental income, and government assistance. This section may also require supporting documents such as pay stubs, tax returns, or bank statements. 4. Monthly Expenses: Homeowners should outline their current monthly expenses, including mortgage payments, property taxes, insurance, utilities, transportation costs, medical expenses, and other debts. The objective is to demonstrate a genuine financial need for mortgage payment assistance. 5. Assets and Liabilities: Homeowners must disclose all their assets and liabilities, including savings accounts, investments, retirement funds, and outstanding debts. This section allows lenders to assess the borrower's overall financial situation. It is important to note that specific forms or variations of the VI CAMP Hardship Affidavit may exist based on individual circumstances. For instance, there might be separate affidavits for self-employed individuals or homeowners with rental properties. Overall, the VI CAMP Hardship Affidavit serves as a crucial document for homeowners seeking mortgage payment assistance in the Virgin Islands. By completing this affidavit accurately and providing the required supporting documentation, homeowners can maximize their chances of securing a loan modification that helps them avoid foreclosure and maintain homeownership.
