North Dakota 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

If you do not have consistent income to be able to make the new payment under the loan modification, your request will likely be denied. A new proposed monthly payment on a loan modification (including your property taxes and insurance) should be about 31% or less of your monthly income.

Defaulting on a loan modification really isn't any different than defaulting on the original loan. The lender still has the ability to declare a default, to file a mortgage foreclosure lawsuit, to obtain a judgment, and to conduct a judicial auction.

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.

Standalone Loan Modification: Resolves the outstanding mortgage payment arrearages by adding it to the principal loan balance of the first mortgage and extends the term of the mortgage to 360 months at a fixed interest rate.

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.

Paying more interest over time. If you have agreed to a lower monthly payment without significantly reducing your interest rate, you may end up paying more money in total because you are paying interest for a longer time than you otherwise would have.

HAMP works by encouraging participating mortgage servicers to modify mortgages so struggling homeowners can have lower monthly payments and avoid foreclosure. It has specific eligibility requirements for homeowners and includes strict guidelines for servicers.

To be eligible for a loan modification, you must do the following: State why you cannot make your current mortgage payment due to some financial hardship. Provide all required documentation to the lender for evaluation. Complete a trial period to show that you can afford the new monthly payment.

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North Dakota HAMP Loan Modification Package