Hawaii HAMP Loan Modification Package

State:
Multi-State
Control #:
US-P110-PKG
Format:
PDF; 
Word; 
Rich Text
Instant download

Description

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!

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FAQ

The Bottom Line Most lenders agree to modifications only if you're at immediate risk of foreclosure. A loan modification can also help you change the terms of your loan if your home loan is underwater. Contact your lender if you think you qualify for a modification.

How to Qualify for Loan Modification. Generally, you can qualify for a loan modification if you've had an income loss or reduction that caused you to miss your mortgage payments. Or you have to be in imminent danger of falling behind on payments.

The FHA loan modification program helps struggling homeowners by using one of the following options: Adding late payments to their principal balance. Extending their loan term. Lowering their interest rate.

Flex Modification programs help homeowners experiencing financial hardship to extend their loan term and reduce principal and interest payments. The program can reduce payments by up to 20 percent and move past-due payments to your principal balance instead of making it due upfront.

Loan modification programs Conventional loan modification ? For conventional mortgages owned by Fannie or Freddie, you can pursue the Flex Modification program, which can reduce monthly payments by up to 20 percent, extend the loan term up to 40 years and potentially lower the interest rate.

Cons of Mortgage Loan Modification Taking longer to pay off your debt. If you are paying off the same amount of principal with smaller monthly payments, it will take longer for you to pay off your home. ... Paying more interest over time. ... The foreclosure process won't stop while you're negotiating.

The lender will require certain documents if you request a loan modification. These include bank statements, pay stubs, tax returns, your budget, and a hardship letter. The loan servicer might ask for other documents as well. Your only chances of approval are if you include every document and ensure it is not outdated.

What Is Loan Modification? Loan modification is a change made to the terms of an existing loan by a lender. It may involve a reduction in the interest rate, an extension of the length of time for repayment, a different type of loan, or any combination of the three.

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Hawaii HAMP Loan Modification Package