What is an “affidavit of financial hardship”…this is required to qualify for mortgage help?
"The administration, launching what it calls the "Making Home Affordable" initiative, said that borrowers will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the billion loan modification program, which runs through 2012."
http://news.yahoo.com/s/ap/20090304/ap_on_go_pr_wh/obama_housing
Tagged with: affidavit • borrowers • financial hardship • initiative • loan modification • news yahoo • obama • pay stubs • tax return • wh • yahoo
Filed under: Mortgage financial
#1 Mortgages refinancing solution:
Mortgage Bullseye - Almost 40% of The People Who Visited This site Signed Up With Mortgage Bullseye. Dont Stay Behind Visit Mortgage Bullseye Right Now!
Why are people getting nasty about this? Not everyone is looking for a hand out. I myself had no problems making my mortgage payments until my salary was cut by 8% when the economy tanked out.Now, I’m struggling to pay all of my bills in a timely fashion. The government allowed for this to happen by not regulating certain industries and not looking out for the everyday person, the government SHOULD step up and help people out of this crisis! I’m not one of those stupid people who went out and got an ARM loan. I have a fixed rate, 30 yr mortgage that I’m struggling with. The people getting nasty about this question need to realize that not everyone is as lucky as they may be and they need to accept that right now the average person is struggling to support their families and survive!
cancelled welfare checks will do fine.
This is where people lie to get money from the government. Later, you can always say whatever the tax cheats in Obama’s cabinet said to wiggle out of it. Is America great or what?
No job. Which means you can’t pay back any loan, no matter what the terms.
Actually, if you were laid off but returned to work, had an illness or injury, etc, that would qualify. But this is no different than the programs banks already have.
A recent study said that less than 10% would be in foreclosure if they had taken steps early on. The problem is that too many waited until it is too late.
what is a affidavid of hardship
How would you get one of these forms?
It’s just a form where you affirm that you are strapped to make your current payment, and that refinancing would alleviate the burden. I don’t know that they have worked out the exact language, but there are other examples available: http://www.doli.state.mn.us/pdf/as01.pdf
I am hopeful that this program will be effective, I tried to refi 7months ago with a 720 credit score, Bank of America turned me down, now Im going to be two months behind, maybe worse…I needed the equity in my home to use as a tool, thats what it is there for, for the average working american…..we all make mistakes, have hardships, the important thing is to learn from the mistakes the best we can
I found an example of an affidavit of hardship letter at this site http://www.usattorneylegalservices.com/financial-hardship-letter.html You don’t have to write it exactly this way as long as you list why your are having a financial hardship(loss of job, medical bills, income reduction etc.) Hope this helps!
I was looking for this information too. It looks like once the program is finalized there will be an actual form. It doesn’t exist right now.
I have a fixed loan as well and now I’m having trouble keeping up since ALL expenses went up and my wife and I received NO raise.
I tried to re-fi but the banks are basically rejected all appraisals if you don’t have 15% or better equity. I was rejected twice and two different banks said they wanted to do their own appraisal (bascially because there weren’t comps that sold in the last 90 days…no crap, not alot of house are selling in Dec, Jan and Feb). I could have lowered my payments $300 a month. I have 748 credit rating and low debt ratio….it just doesn’t make sense.
The banks not only initiated this whole recession with risky lending, but now they are only lending to the elite with high equity…they just pocket the savings and literally save it….no wonder the economy continues to spiral.