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 Wisconsin Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document required for individuals seeking assistance under the CAMP program in the state of Wisconsin. This affidavit serves as a detailed account of the financial hardships faced by homeowners, enabling them to qualify for loan modifications and make their mortgage payments more affordable. To highlight the different types of Wisconsin Home Affordable Modification Program Hardship Affidavits, we can mention the two commonly used ones: 1. Initial Hardship Affidavit: This document is typically submitted by homeowners who are encountering financial difficulties for the first time and are seeking loan modifications. It outlines the specific hardships, such as job loss, income reduction, medical expenses, divorce, or other circumstances that have led to the homeowner's inability to sustain their current mortgage payment. 2. Updated Hardship Affidavit: If a homeowner's financial situation worsens or changes after their initial application, they must provide an updated hardship affidavit. This updated affidavit allows them to detail the new or additional hardships they are facing, ensuring their eligibility for further loan modification consideration. The Wisconsin Home Affordable Modification Program Hardship Affidavit requires homeowners to gather and present comprehensive information regarding their income, expenses, financial obligations, assets, and existing debts. This information provides lenders and loan services with an accurate representation of the homeowner's financial situation and assists them in determining the most suitable loan modification options. Submitting a completed hardship affidavit, along with supporting documentation such as pay stubs, tax returns, bank statements, and proof of other financial obligations, is crucial to the application process. Homeowners must ensure that all relevant information is accurate and up-to-date to increase their chances of approval and successfully securing a loan modification through the Wisconsin Home Affordable Modification Program. By offering a detailed description of the Wisconsin Home Affordable Modification Program Hardship Affidavit and its types, individuals seeking assistance can gain a better understanding of the documentation required to qualify for the program. Remember to consult the official channels, including the Wisconsin Housing and Economic Development Authority (WHEN) and loan servicing institutions, for the most accurate and up-to-date information regarding the Wisconsin Home Affordable Modification Program.
