Ohio 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



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FAQ

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.

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.

When Was the Home Affordable Modification Program (HAMP) Active? The Home Affordable Modification Program (HAMP) was a loan modification program introduced in 2009 to help mitigate the impact of the 2008 subprime mortgage crisis. It expired in 2016.

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.

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

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.

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.

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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Ohio HAMP Loan Modification Package