This package is designed to assist homeowners to obtain a loan modification under the Home Affordable Modification Program (HAMP). Including in this package are the following forms:
1. Request for Loan Modification and Affidavit RMA Under Home Affordable Modification Program HAMP
2. Instructions for Completing Request for Loan Modification and Affidavit RMA Form
3. IRS Form 4506-EZ Short Form Request for Individual Tax Return Transcript
4. Instructions for Completing IRS Form 4506T-EZ
5. How to Request a Home Affordable Modification Guide
Purchase of this package is a savings of nearly 30% compared to purchase of the forms individually!
The Arizona CAMP Loan Modification Package is a comprehensive financial assistance program designed to help to struggle homeowners in Arizona modify their mortgage loans and avoid foreclosure. This initiative is part of the federal government's Home Affordable Modification Program (CAMP), which aims to make monthly mortgage payments more affordable for homeowners facing financial hardships. The Arizona CAMP Loan Modification Package consists of various documents and forms that borrowers need to complete and submit to their mortgage services in order to be eligible for mortgage loan modification. These forms include a Request for Mortgage Assistance (RMA) form, a Hardship Affidavit, an IRS Form 4506-T, and proof of income and financial documentation. By filling out the RMA form, homeowners provide their financial information, including income, expenses, and liabilities. The Hardship Affidavit helps borrowers detail the specific challenges they are facing, such as unemployment, medical expenses, divorce, or other hardships that prevent them from making their mortgage payments on time. Upon submitting the required documents, homeowners in Arizona may be eligible for different types of loan modifications under the CAMP program: 1. Loan modification with interest rate reduction: This type of modification aims to lower the interest rate on the mortgage loan, resulting in reduced monthly payments for borrowers. 2. Loan modification with term extension: In this scenario, the loan term is extended, allowing homeowners to repay their mortgage loan over a longer period, thereby reducing the monthly payment amount. 3. Principal forbearance: This option temporarily reduces or suspends a portion of the principal amount owed, providing immediate relief to borrowers during their financial hardship. The suspended principal is typically paid back at the end of the loan term or upon the sale or refinancing of the property. 4. Principal reduction: This modification involves a permanent reduction in the total amount owed on the mortgage loan, helping borrowers achieve more affordable monthly payments and long-term sustainability. It is important for homeowners in Arizona to understand the eligibility criteria, gather the necessary documentation, and accurately complete the required forms under the Arizona CAMP Loan Modification Package. Seeking professional assistance from housing counselors or attorneys who specialize in loan modifications can be beneficial to navigate the process successfully. Overall, the Arizona CAMP Loan Modification Package provides a lifeline to homeowners facing financial difficulties by offering various options to modify their mortgage loans, making them more affordable and helping them sustain homeownership.
