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You will need to document a financial hardship representing that you do not have sufficient liquid assets to make the monthly mortgage payments by completing a
Home Affordable Modification Program Hardship Affidavit (sworn statement). You will also need to provide the required income documentation. The income documentation may not be more than 90 days old (as of the date the servicer is determining HMP eligibility).
Every borrower and co-borrower seeking a modification, whether in default or not, must
sign a Hardship Affidavit that attests to and describes one or more of the following types
Note: You are not required to have the Hardship Affidavit notarized.
The Making Home Affordable Refinance Program eligibility has expanded to include borrowers who are current with their mortgage, owned by Fannie Mae or Freddie Mac and have a LTV of up to 125 percent . Previously, borrowers with a LTV of 105 percent or less could qualify for refinancing under the Making Home Affordable program.
For example, a borrower who owns a home appraised at $100,000 could have a mortgage of up to $125,000 and still qualify. Previously, that same borrower could only have owed up to $105,000 on this mortgage.
The loan-to-value (LTV) ratio expresses the amount of a first mortgage as a percentage of the total appraised value of real estate.
Find out if you may be eligible for a loan modification or refinancing.