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 New Jersey CAMP Loan Modification Package is a comprehensive program designed to assist homeowners in the state of New Jersey who are struggling with their mortgage payments. It aims to provide financial relief to borrowers by modifying their existing home loans, allowing them to make more affordable monthly payments and avoid foreclosure. The New Jersey CAMP Loan Modification Package falls under the federal Home Affordable Modification Program (CAMP), which was introduced by the Obama administration in response to the housing crisis. It is tailored specifically to meet the needs of New Jersey residents facing financial hardship due to job loss, reduced income, or other circumstances. The New Jersey CAMP Loan Modification Package offers various types of loan modifications designed to suit different homeowners' situations: 1. CAMP Tier 1 Modification: This is the primary option offered to borrowers who meet specific criteria. It aims to reduce the monthly payment to 31% of the homeowner's gross monthly income. The package may include a reduction in interest rates, an extension of the loan term, or a forbearance plan. 2. CAMP Tier 2 Modification: This option is available to borrowers who did not qualify for Tier 1 but meet certain requirements. It provides a path for loan modification with a different formula for calculating the new monthly payment. 3. Principal Reduction Alternative (PRA): This modification option is for borrowers who owe more on their mortgage than the current value of their home. It aims to reduce the outstanding loan balance to make it more affordable for the homeowner. 4. Second Lien Modification Program (2MP): If a borrower has a second mortgage on the same property, they may also be eligible for a modification under the New Jersey CAMP Loan Modification Package. To apply for the New Jersey CAMP Loan Modification Package, homeowners must submit an application along with supporting documents such as income verification, bank statements, and tax returns. The application will be reviewed by the loan service, who will determine the borrower's eligibility and calculate the new modified terms. It is important to note that the New Jersey CAMP Loan Modification Package provides temporary relief and does not automatically result in long-term mortgage forgiveness. However, it offers an opportunity for homeowners to regain financial stability and avoid the risk of foreclosure. Overall, the New Jersey CAMP Loan Modification Package plays a crucial role in supporting struggling homeowners by offering various modification options tailored to their unique circumstances.
