Washington 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

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.

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.

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.

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.

Loan modification programs Conventional loan modification ? For conventional mortgages owned by Fannie or Freddie, you can pursue the Flex Modification program, which can reduce monthly payments by up to 20 percent, extend the loan term up to 40 years and potentially lower the 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.

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

The Bottom Line Most lenders agree to modifications only if you're at immediate risk of foreclosure. A loan modification can also help you change the terms of your loan if your home loan is underwater. Contact your lender if you think you qualify for a modification.

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.

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Washington HAMP Loan Modification Package