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 West Virginia Home Affordable Modification Program (CAMP) Hardship Affidavit is a crucial document that homeowners in the state of West Virginia may need to complete if they are facing financial hardships and seeking assistance through the CAMP. This affidavit serves as a formal statement of the homeowner's financial difficulties, providing important information regarding their financial situation to determine their eligibility for a loan modification under CAMP. The CAMP Hardship Affidavit requires homeowners to provide detailed information about their income, expenses, assets, and debts. By completing this form, homeowners are able to demonstrate their financial hardship, which is essential for lenders to consider offering a loan modification. This document helps lenders evaluate the extent of the homeowner's financial difficulties and determine whether they qualify for assistance in adjusting their mortgage payments. The West Virginia Home Affordable Modification Program provides various types of hardship affidavits tailored to different circumstances. Some types of CAMP hardship affidavits include: 1. Unemployment Hardship Affidavit: This affidavit is designed for homeowners who have recently lost their jobs or are experiencing a significant reduction in income due to unemployment. It allows them to provide details about their job loss or reduced income and substantiate the financial hardship they currently face. 2. Medical Hardship Affidavit: This type of affidavit is for homeowners who have encountered substantial medical expenses that affect their ability to afford their mortgage payments. It enables them to outline the medical conditions or events that caused their financial strain, including medical bills, ongoing treatment costs, or a sudden medical emergency. 3. Divorce or Separation Hardship Affidavit: Homeowners who have undergone a divorce or separation and are now struggling financially can utilize this affidavit. They can explain how the dissolution of their marriage has impacted their income and expenses, leading to their financial hardship. 4. Deceased Borrower Hardship Affidavit: This affidavit is applicable when the primary borrower on the mortgage has passed away, leaving the surviving homeowner in a challenging financial situation. It allows the surviving homeowner to provide details about the loss of income or increased expenses resulting from the death of the borrower. Completing the appropriate West Virginia Home Affordable Modification Program Hardship Affidavit is crucial for homeowners seeking assistance through CAMP. It is important to provide accurate, detailed, and supporting information to increase the likelihood of eligibility for a loan modification. Homeowners should consult with their loan service or a housing counselor to ensure they select the correct affidavit form for their specific financial hardship situation.
