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!
Maine CAMP Loan Modification Package is a program offered by the state of Maine to assist homeowners who are struggling to make their mortgage payments. CAMP (Home Affordable Modification Program) is a federal initiative designed to help borrowers avoid foreclosure and stay in their homes. The Maine CAMP Loan Modification Package aims to provide eligible homeowners with affordable and sustainable mortgage modifications. By reducing the monthly mortgage payment, lowering interest rates, extending the loan term, or even forgiving a portion of the principal balance, this program helps borrowers who are facing financial hardship. The Maine CAMP Loan Modification Package offers several types of loan modifications to meet the diverse needs of homeowners. These include: 1. Interest Rate Reduction: Under this type of modification, the interest rate on the loan is reduced, resulting in a lower monthly mortgage payment. 2. Loan Term Extension: This modification involves extending the loan term, which spreads out the remaining payments over a longer period. By doing so, the monthly mortgage payment is reduced, providing borrowers with greater affordability. 3. Principal Forbearance: In some cases, a portion of the principal balance can be deferred or reduced, allowing borrowers to pay a lower amount for a specific period or even permanently. 4. Trial Period Plan (TPP): This option provides homeowners with a temporary trial period to demonstrate their ability to make modified mortgage payments. If they successfully complete the trial period, the modification becomes permanent. 5. Step Rate: This modification involves temporarily reducing the interest rate for a specific period, followed by incremental increases until reaching the original interest rate. To apply for the Maine CAMP Loan Modification Package, homeowners must meet certain criteria, including demonstrating financial hardship and living in the property as their primary residence. They also must gather documentation such as income proof, bank statements, tax returns, and a hardship letter explaining their financial difficulties. Overall, the Maine CAMP Loan Modification Package provides various avenues for struggling homeowners to obtain sustainable mortgage modifications, offering them the opportunity to regain financial stability and avoid foreclosure.
