Michigan 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

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.

It was a frightening place to be and the HAMP loan modification program offered a small silver lining to desperate homeowners. The HAMP modification may feel like a get out of jail free card to some homeowners. It does not, however, come without a price to pay. It is a loan modification and not loan forgiveness.

The Home Affordable Modification Program (HAMP) was a loan modification program introduced by the federal government in 2009 to help struggling homeowners avoid foreclosure. The program's focus was to help homeowners who paid more than 31% of their gross income toward mortgage payments.

Refinancing after loan modification If you've already been through the loan modification process with your lender, you'll typically have to wait 12 to 24 months after the loan modification to qualify for a refinance.

All FHA-HAMP Options are temporarily suspended and must not be offered through October 30, 2024.

HAMP's goal is to offer homeowners who are at risk of foreclosure reduced monthly mortgage payments that are affordable and sustainable over the long-term. HAMP was designed to help families who are struggling to remain in their homes and show: Documented financial hardship.

If your modification is temporary, you'll likely need to return to the original terms of your mortgage and repay the amount that was deferred before you can qualify for a new purchase or refinance loan.

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Michigan HAMP Loan Modification Package