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!
Nevada CAMP Loan Modification Package is a specialized program designed to assist homeowners in Nevada who are struggling to keep up with their mortgage payments. It is a part of the Home Affordable Modification Program (CAMP) introduced by the federal government to provide financial relief to homeowners facing foreclosure. The Nevada CAMP Loan Modification Package enables eligible homeowners to modify their existing mortgage terms, making them more affordable and sustainable. By lowering the monthly mortgage payments, reducing interest rates, or extending the loan term, homeowners can avoid foreclosure and stay in their homes. The package includes a set of documents and forms that homeowners need to complete and submit to their mortgage service for qualification. These documents typically include: 1. Hardship Affidavit: This form outlines the financial hardship faced by the homeowner, providing details about income, expenses, debt, and any other pertinent information. 2. Request for Mortgage Assistance (RMA) form: Homeowners must complete this form, providing detailed information about their current loan, monthly payment amounts, and any changes they propose. 3. IRS Form 4506-T: This form authorizes the mortgage service to obtain tax return transcripts directly from the Internal Revenue Service (IRS), verifying the homeowner's income. 4. Proof of Income: Homeowners are required to submit recent pay stubs, bank statements, and other relevant documents to support their income claims. 5. Financial Worksheet: This worksheet allows homeowners to provide a comprehensive overview of their current financial situation, including all sources of income, monthly expenses, and debts. 6. Utility Bills: Copies of recent utility bills may be required to confirm occupancy and provide evidence of the financial commitment associated with homeownership. The Nevada CAMP Loan Modification Package aims to offer several types of modifications to homeowners, depending on their unique circumstances. Some of these modifications include: 1. Interest rate reduction: This modification involves lowering the interest rate on the existing mortgage, resulting in reduced monthly payments. 2. Term extension: By extending the loan term, homeowners can spread out their payments over a longer period, thereby reducing the monthly payment amount. 3. Principal forbearance: In specific cases, a portion of the principal amount owed may be temporarily postponed, allowing homeowners to repay it at a later date or upon selling the property. 4. Principal reduction: In certain situations, the outstanding principal balance may be reduced, providing immediate relief to homeowners with significant negative equity. It is important for homeowners in Nevada to carefully review the specific requirements and guidelines provided by their mortgage services for the Nevada CAMP Loan Modification Package. Consulting with a housing counselor or an attorney specializing in foreclosure prevention can also assist homeowners in navigating the loan modification process successfully.
