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!
Illinois CAMP Loan Modification Package is a specialized program offered by the state of Illinois, aimed at providing struggling homeowners with the opportunity to modify their existing mortgage terms and prevent foreclosure. The program is designed to make mortgage payments more affordable for homeowners who are facing financial hardships. The Illinois CAMP Loan Modification Package includes various options and features tailored to individual homeowners' needs and circumstances. These options can be categorized into different types, including: 1. Illinois CAMP Standard Modification: This type of modification is intended to reduce the monthly mortgage payment by adjusting the interest rate, extending the loan term, or deferring a portion of the principal balance. It enables homeowners to achieve a sustainable payment plan while maintaining homeownership. 2. Illinois Principal Reduction Program: This modification program aims to reduce the principal balance of the mortgage loan directly, making homeowners' loan more manageable and affordable in the long term. The principal reduction can significantly lower the monthly mortgage payment and help homeowners gain equity in their property. 3. Illinois Second Lien Modification Program: This type of modification targets homeowners with a second lien on their property. It offers options to modify or eliminate the subordinate lien, assisting homeowners in reducing their overall debt burden and resulting in increased affordability. 4. Illinois Reinstatement Assistance Program: This program provides temporary financial assistance to homeowners who have fallen behind on their mortgage payments due to a short-term economic hardship. It offers financial aid to reinstate the mortgage, covering past-due amounts and associated fees. 5. Illinois Transition Assistance Program: This program assists homeowners who are unable to maintain their mortgage payments and decides to transition out of their home. It offers financial incentives to homeowners who agree to a deed-in-lieu of foreclosure or a short sale, providing an alternative to foreclosure and helping them make a fresh start. 6. Illinois Mortgage Assistance Program: This program focuses on providing short-term financial assistance and counseling to eligible homeowners who are facing an imminent foreclosure. It aims to stabilize families and prevent homelessness by offering temporary mortgage payment subsidies. The Illinois CAMP Loan Modification Package is part of the broader federal Home Affordable Modification Program (CAMP) implemented by the U.S. Department of the Treasury. Homeowners in Illinois can benefit from these specialized programs by working closely with their mortgage services and housing counseling agencies approved by the federal government. To participate in any of these Illinois CAMP Loan Modification Package programs, homeowners must meet specific eligibility criteria, such as demonstrating financial hardship, occupying the property as their primary residence, and having a loan originated before a particular cutoff date. Overall, the Illinois CAMP Loan Modification Package provides struggling homeowners in Illinois with multiple options to find a feasible solution that suits their financial circumstances and helps them avoid foreclosure. It is a vital resource for those seeking assistance in maintaining homeownership and improving their long-term financial stability.
