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 Washington CAMP Loan Modification Package is a specialized program designed to assist homeowners in Washington State who are facing financial hardship and struggling to make their mortgage payments. This program aims to make homeownership more affordable by providing eligible individuals with a loan modification that may lower their monthly mortgage payments and prevent the risk of foreclosure. The Washington CAMP Loan Modification Package is part of the broader Home Affordable Modification Program (CAMP) initiated by the federal government. It offers various options and benefits to borrowers who meet specific criteria. Here are the different types of Washington CAMP Loan Modification Packages available: 1. Standard Loan Modification: This option enables eligible homeowners to modify the terms of their existing mortgage loan. The modification package aims to lower the interest rate, extend the loan term, or reduce the outstanding balance, resulting in reduced monthly payments that are more manageable for the struggling borrower. 2. Principal Reduction Alternative (PRA): The PRA option is designed for homeowners who owe significantly more on their mortgage than the current value of their property. Under this package, the lender may reduce the principal balance to align it with the home's current market value, thus making the mortgage more affordable for the borrower. 3. Home Affordable Unemployment Program (UP): This package caters to homeowners who have lost their jobs or are experiencing a significant reduction in income. It offers temporary assistance by reducing or suspending mortgage payments for a designated period, typically up to 12 months, giving homeowners the opportunity to stabilize their financial situation while seeking new employment. 4. Second Lien Modification Program (2MP): For homeowners who have a second mortgage on their property, the 2MP package provides an option to modify or extinguish the second lien, thereby reducing the overall debt burden. To apply for the Washington CAMP Loan Modification Package, homeowners need to contact their mortgage service and provide detailed information about their financial situation, including income, expenses, and a hardship letter explaining the reasons for their inability to make regular mortgage payments. It is important to note that eligibility for these programs is assessed on a case-by-case basis, and meeting the specific program requirements is crucial. By offering these various Washington CAMP Loan Modification Packages, the state aims to provide financial relief to struggling homeowners, minimize the risk of foreclosures, and promote housing stability within the community.
