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!
New Mexico CAMP Loan Modification Package: A Detailed Description The New Mexico CAMP Loan Modification Package is a comprehensive solution designed to assist New Mexico homeowners facing financial hardship in keeping their homes and avoiding foreclosure. CAMP stands for Home Affordable Modification Program, which is a federal initiative introduced as a part of the Making Home Affordable Program. The New Mexico CAMP Loan Modification Package encompasses various forms, documents, and eligibility criteria necessary for homeowners to apply for loan modification assistance. It is tailored to meet the specific requirements and guidelines set forth by the state of New Mexico. This program aims to provide affordable and sustainable mortgage payment options to homeowners who are struggling to make their monthly mortgage payments due to factors such as unemployment, reduced income, medical emergencies, or other unforeseen circumstances. Key components of the New Mexico CAMP Loan Modification Package may include: 1. Financial Hardship Affidavit: This document requires homeowners to provide a detailed account of their financial situation, including income, expenses, and any hardships they currently face. 2. Request for Mortgage Assistance (RMA) Form: This form collects vital information about the homeowner's current mortgage, property, and financial status. It helps lenders evaluate the applicant's eligibility for loan modification. 3. Income Verification: Homeowners need to provide recent pay stubs, bank statements, tax returns, or other financial documents to demonstrate their income and ability to make modified mortgage payments. 4. Authorization to Release Information: This form allows lenders to verify the applicant's financial information and converse with third parties, such as credit bureaus or employers, for complete assessment. 5. Hardship Explanation Letter: Applicants are required to draft a comprehensive letter explaining the circumstances leading to their financial hardship, providing supporting documentation wherever possible. It is important to note that while the New Mexico CAMP Loan Modification Package provides a standardized process for loan modification, specific lenders may have additional documents or requirements. Types of New Mexico CAMP Loan Modification Packages: 1. Tier 1 CAMP: This program aims to lower monthly mortgage payments to 31% of the homeowner's gross monthly income by adjusting the interest rate, extending the loan term, or forgiving a portion of the principal balance. 2. Tier 2 CAMP: This program offers more flexible guidelines, primarily targeting borrowers who do not qualify for Tier 1 CAMP. It may include borrowers who are facing imminent default and require an alternative to foreclosure. 3. CAMP Principal Reduction Alternative (PRA): This option focuses on reducing the principal balance for borrowers who are significantly underwater on their mortgages or owe more than the property is worth. By offering these different types of loan modification options, the New Mexico CAMP Loan Modification Package strives to provide viable alternatives for struggling homeowners to find sustainable solutions that prevent foreclosure and allow them to retain their homes.
