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!
Guam CAMP Loan Modification Package refers to a specific loan modification program available in Guam, providing homeowners with an opportunity to modify their mortgage loans and make them more affordable. The program is aimed at helping homeowners facing financial hardships to avoid foreclosure and maintain homeownership. Guam CAMP Loan Modification Package offers various types of loan modifications, each designed to suit different financial situations. Here are some of the types commonly available: 1. Standard Loan Modification: This type of loan modification adjusts the terms of the mortgage loan to make monthly payments more affordable. Interest rates may be reduced, loan terms extended, or a combination of both to create a more manageable payment plan. 2. Rate Reduction Loan Modification: Some homeowners may be eligible for a loan modification that specifically focuses on reducing the interest rate on their mortgage loan. This helps to lower monthly mortgage payments and make them more affordable in the long run. 3. Principal Balance Reduction: In select cases, homeowners may qualify for a principal balance reduction, which involves reducing the outstanding loan balance. This can significantly lower monthly payments and help homeowners maintain their mortgages even in challenging financial conditions. 4. Graduated Payment Loan Modification: This type of loan modification starts with lower monthly payments, gradually increasing over time, enabling homeowners to manage their finances better. This option is suitable for homeowners who anticipate an increase in income in the coming years. 5. Step Rate Loan Modification: Under this arrangement, homeowners initially enjoy a reduced interest rate for a fixed period, often three to five years. After this period, the interest rate gradually increases, allowing homeowners to stabilize their finances before facing higher mortgage payments. It is important to note that the availability and eligibility criteria for these loan modifications may vary. Homeowners in Guam facing financial difficulties should contact their loan services or housing counseling agencies to determine the specific types of CAMP loan modifications available to them. By understanding the different types of Guam CAMP Loan Modification Packages, homeowners can explore options that best suit their needs and work towards a more affordable mortgage payment plan, ultimately helping them maintain their homes and avoid foreclosure.
