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 Tennessee CAMP Loan Modification Package is a program designed to assist homeowners in Tennessee who are struggling to make their mortgage payments. CAMP (Home Affordable Modification Program) is a federal initiative aimed at preventing foreclosures and stabilizing the housing market. This loan modification package is an important tool for eligible homeowners to obtain more affordable and sustainable mortgage terms. The Tennessee CAMP Loan Modification Package offers various options to borrowers, including interest rate reduction, term extension, principal forbearance, and principal reduction. These options are customized to the borrower's financial situation and aim to reduce the monthly mortgage payment to a more manageable level. There are several types of Tennessee CAMP Loan Modification Packages available depending on the homeowner's specific circumstances: 1. CAMP Tier 1: This package is suitable for borrowers who meet the eligibility criteria established by the federal government. It provides long-term assistance by reducing the interest rate, extending the loan term, or adjusting the principal balance. 2. CAMP Tier 2: This package is designed for borrowers who do not qualify for Tier 1 or have previously received a CAMP modification but are still struggling with their mortgage payments. It offers a similar range of options to Tier 1 but with some adjustments to qualifying criteria. 3. Principal Reduction Alternative (PRA): Under this package, borrowers who are significantly underwater on their mortgages receive a reduction in the principal balance, bringing the loan closer to the current property value. This option aims to provide greater financial stability for homeowners with severe negative equity. 4. Second Lien Modification Program (2MP): For homeowners who have a second lien on their property, 2MP offers the opportunity to modify both the first and second mortgages simultaneously, improving the overall affordability of their monthly payments. 5. Unemployment Program (UP): This specialized package targets unemployed homeowners, providing temporary assistance in the form of reduced or suspended mortgage payments until they find employment. Once reemployed, homeowners may be eligible for a CAMP modification to establish a more sustainable payment plan. It is important for homeowners in Tennessee facing financial difficulties to explore the various Tennessee CAMP Loan Modification Packages and determine their eligibility. Seeking assistance from a housing counselor or mortgage service is highly recommended navigating the application process and understand the potential benefits and implications of each option.
