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!
Wisconsin CAMP Loan Modification Package is a comprehensive program designed to assist struggling homeowners in Wisconsin to reduce their monthly mortgage payments and avoid foreclosure. The aim of this program is to create a feasible and sustainable solution by modifying the existing loan terms, making it more affordable for the borrower. The Wisconsin CAMP Loan Modification Package provides several options for homeowners, depending on their specific financial circumstances. These options may include: 1. Interest Rate Reduction: This modification allows the borrower to have their current interest rate reduced, resulting in a lower monthly mortgage payment. 2. Loan Term Extension: For borrowers facing temporary financial hardships, extending the loan term can provide immediate relief by spreading out the remaining mortgage balance over a longer period, reducing the monthly payment amount. 3. Principal Forbearance: In certain cases where the borrower's mortgage amount exceeds the current value of their home, a portion of the principal balance might be temporarily set aside, resulting in a reduced monthly payment. This amount, known as principal forbearance, is often due at the end of the loan term or upon refinancing. 4. Principal Reduction: In select cases, the Wisconsin CAMP Loan Modification Package may offer a principal reduction to borrowers who have faced significant financial hardships. This reduction reduces the overall mortgage balance and can provide long-term affordability. To apply for a Wisconsin CAMP Loan Modification Package, borrowers must provide relevant paperwork, including income documentation, bank statements, tax returns, and a hardship letter explaining the reason for seeking assistance. Once the necessary documents are submitted, the loan service will assess the borrower's eligibility and determine the most suitable modification option. It is important to note that the Wisconsin CAMP Loan Modification Package is subject to specific eligibility criteria and availability. Homeowners are encouraged to contact their loan service or a housing counselor to explore the available options and determine if the program is right for them. Additionally, it is advisable to stay up-to-date with any updates or changes to the program guidelines issued by the state of Wisconsin.
