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 Maryland CAMP Loan Modification Package is a comprehensive program designed to assist homeowners in Maryland who are struggling with their mortgage payments. This program aims to prevent foreclosures and provide financial relief to borrowers facing financial hardships. By modifying the existing mortgage terms, the CAMP Loan Modification Package helps homeowners achieve more affordable monthly payments. In Maryland, there are two primary types of CAMP Loan Modification Packages: 1. Maryland Home Affordable Modification Program (CAMP): This type of loan modification package is specifically designed for homeowners who are eligible for the federal Home Affordable Modification Program. Homeowners who meet the eligibility criteria, such as being delinquent on their mortgage payments or facing imminent default, can apply for this package. Through the CAMP, the Maryland Department of Housing and Community Development (DCD) collaborates with participating loan services to modify mortgage terms for eligible borrowers. 2. Maryland Mortgage Assistance Program (MAP): This loan modification package is provided by the Maryland DCD to assist homeowners who are not eligible for the federal CAMP. The MAP offers financial assistance to Maryland homeowners who are experiencing financial difficulties, but do not meet the specific eligibility criteria of the CAMP. Through the MAP, borrowers can obtain loan modifications that suit their financial capabilities, helping them avoid foreclosure and regain stable homeownership. The Maryland CAMP Loan Modification Package entails a thorough application process, including gathering all necessary documentation such as income verification, tax returns, bank statements, and hardship letters. Homeowners are required to provide details about their financial situation and explain their inability to meet the current mortgage terms. By demonstrating financial hardship, homeowners increase their chances of qualifying for the loan modification package. Once the application is submitted, the loan services review the homeowner's financial information and determine the appropriate loan modification options. These options may include reducing the interest rate, extending the loan term, or even forgiving a portion of the principal balance. The goal is to reduce the monthly mortgage payments to a more affordable level, allowing the homeowner to remain in their home. It is important to note that the specific terms and requirements of the Maryland CAMP Loan Modification Package may vary depending on the homeowner's unique financial circumstances and the participating loan service. Therefore, homeowners should consult with their loan service or the Maryland DCD to understand the specific eligibility criteria and application process for their situation. Overall, the Maryland CAMP Loan Modification Package provides struggling homeowners with a viable solution to navigate their financial difficulties and avoid foreclosure. It serves as a crucial resource for those facing challenges in meeting their mortgage obligations, promoting housing stability and sustainability throughout the state.
