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!
Rhode Island CAMP Loan Modification Package is a government program designed to assist homeowners in Rhode Island who are struggling to make their mortgage payments. It is an initiative under the Home Affordable Modification Program (CAMP) that provides financial relief and offers sustainable solutions for homeowners facing foreclosure due to financial hardships. The Rhode Island CAMP Loan Modification Package includes various options to help borrowers modify their existing mortgage terms, making them more affordable and manageable. The program encourages lenders to work with homeowners by offering incentives to reduce monthly mortgage payments, interest rates, and outstanding principal balances. One type of Rhode Island CAMP Loan Modification Package is the Rate Reduction Option, which aims to lower the interest rate on the existing mortgage. This can significantly decrease the monthly payment amount, making it more affordable for struggling homeowners. Another type is the Principal Reduction Option, where the outstanding loan balance is reduced to the current market value of the property. This option helps homeowners who owe more on their mortgage than the value of their home and provides them with a more realistic loan amount based on their property's actual worth. Additionally, there is the Term Extension Option, which allows homeowners to extend the length of their mortgage repayment period. This can help reduce the monthly payment amount by spreading it out over a longer term. Furthermore, the Rhode Island CAMP Loan Modification Package offers the CAMP Tier 2 modification, which assists borrowers who do not qualify for the traditional CAMP program. This option provides a more flexible evaluation process and allows borrowers with higher debt-to-income ratios to be eligible for loan modifications. To apply for the Rhode Island CAMP Loan Modification Package, homeowners need to gather relevant documents such as income verification, financial hardship explanation, bank statements, tax returns, and a completed application form. It is advisable for borrowers to work closely with their lenders or a housing counselor approved by the U.S. Department of Housing and Urban Development (HUD) to navigate the process successfully. In conclusion, Rhode Island CAMP Loan Modification Package offers various options to struggling homeowners, including Rate Reduction, Principal Reduction, Term Extension, and CAMP Tier 2 modification. It is crucial for eligible borrowers to explore these options and take proactive steps to apply for assistance to avoid foreclosure and find stable financial footing.
