Virginia 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



Purchase of this package is a savings of nearly 30% compared to purchase of the forms individually!

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FAQ

Although recasting is not an option for VA loans, some borrowers may be eligible to use reamortization as a means of avoiding foreclosure. In this case, reamortization involves totaling the number of delinquent payments and adding them back to the loan balance, effectively bringing the borrower up to date.

HAMP's goal is to offer homeowners who are at risk of foreclosure reduced monthly mortgage payments that are affordable and sustainable over the long-term. HAMP was designed to help families who are struggling to remain in their homes and show: Documented financial hardship.

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.

VA loan modification ? If you have a VA loan, you can roll the missed payments back into the loan balance and work with your lender to come up with a new, more manageable repayment schedule. Another option might be extending the loan term.

Often, a homeowner won't get approved for a loan modification unless there is evidence of one or several missed payments. Those missed payments hurt your credit score. A home loan modification does the same.

Requirements for ALL VA Modification Programs ? Standard loan modification incentives apply. ? Loan must be in default, and the reason for default is resolved prior to the modification. ? The modification will reinstate the loan. ? Household income must support all expenses.

A VA modification may lower monthly mortgage payments. Eligibility. You may be eligible1 if: You're having trouble paying the mortgage due to a financial hardship. The first mortgage is VA-insured home loan.

To be eligible for a loan modification, you must do the following: State why you cannot make your current mortgage payment due to some financial hardship. Provide all required documentation to the lender for evaluation. Complete a trial period to show that you can afford the new monthly payment.

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Virginia HAMP Loan Modification Package