In order to apply for a HAMP loan modification, you will need to complete a Request for Modification Assistance (RMA) form with supporting. Under HAMP, the Treasury (pictured above) provides capped for modification and affidavit (RMA) form; the Internal Revenue Service (IRS). On March 30, HAMP released Updated RMA Form Now Available. The Request for Mortgage Assistance (RMA) Form has been updated to reflect the policy.
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Many of our clients are receiving these days a Hardship Affidavit that seems like it is causing haamp storm of confusion. Even those in the industry find that they are not exactly sure what it is for.
It can also be considered to be a sworn statement of fact from which the lender will draw its final conclusions if it can help a homeowner or not.
What is a Hardship Affidavit? A Question we get about HAMP – Mortgage Lender Report
Having insider knowledge of that very system we know that these letters are crucial in the application process. The same thing goes for this. Imagine that the changes made at this time are the ones that may continue to affect the homeowner for the 30 years of the loan or whatever the remaining term is.
One of the most important examples that we can draw from is in our experience with Bank of America BAC Home Loan Servicing, LP where they were requesting that the possibility of a deficiency on the first mortgage be kept and a 20, note to be taken from the second mortgage.
If you have any questions or concerns we request that you participate in the postings below and put up your questions. We know that if you are having the question that one of the possible Hundreds of visitors will have the exact same questions. If you are concerned about posting information online and would like to directly contact someone please feel free to reach us at There is a section that follows that is requested but is not necessary to be filled out and it is mainly like a short hand census that states:.
You are not required to furnish this information, but are encouraged to do so. For race, you may check rms than one designation.
Finally at the bottom you will find a series of questions and recitals that you must agree to in order to have your file reviewed. In most cases it really only advises you to be truthful as it could come back to bite you:. I understand that the Servicer, the U. I understand the Servicer will pull a current credit report on all borrowers obligated on the Note. I am willing to provide all requested documents and to respond to all Servicer questions in a timely manner.
I am willing to commit to credit counseling if it is determined that my financial hardship is related to excessive debt. I understand that the Servicer will collect and record personal information, including, but not limited to, my name, address, telephone number, social security number, credit scoreincome, payment history, government monitoring information, and information about account balances and activity. I understand and consent to the disclosure of my personal information and the terms of any Making Home Affordable Agreement by Servicer to a the U.
Department of the Treasury, b Fannie Mae and Freddie Mac in connection with their responsibilities under the Homeowner Affordability and Stability Plan; c any investor, insurer, guarantor or servicer that owns, insures, guarantees or services my first lien or subordinate lien if applicable mortgage loan s ; d companies that perform support services in conjunction with Making Home Affordable; and e any HUD-certified housing counselor.
is 90 day document expiration real in a HAMP RMA process?
Be advised that by signing this document you understand that any documents and information you submit to your servicer in connection with the Making Home Affordable Program are under penalty of perjury. The information contained in these documents is subject to examination and verification.
Any potential misrepresentation will be referred to the appropriate law enforcement authority for investigation and prosecution.
By signing this document you certify, represent and agree that: NW, Washington, DC The entire HAMP Loan Modification process can take many months so remember to be patient as there are an estimate ra Million people that will be affected by foreclosures in You must be logged in to post a comment.
What is a Hardship Affidavit? I am having difficulty making my monthly payment because of financial difficulties created by then there are boxes you check if they apply. My monthly debt payments are excessive and I am overextended with my creditors. Debt includes credit cards, home equity or other debt. My cash reserves, including all liquid assets, are insufficient to maintain my current mortgage payment and cover basic living expenses at the same time.
This is another section where the homeowner can document if necessary what other type of hardship they have been affected by. This is followed by a section used to document the hmap income and out go for the homeowner. If you include income and expenses from a household member who is not a borrower, please specify using the back of this form if necessary. You are not required to disclose Child Support, Alimony or Separation Maintenance income, unless you choose to have it considered by your servicer.
Harsh rules leaving many homeowners in trouble. Many times these programs that we deal with for our clients change for the better but there are also certain In action but what does it mean to your and your homeowners.
What is a Hardship Affidavit? A Question we get about HAMP
HAFA is not guaranteed as not all lenders will be participating. What is the HAMP review? Many different acronyms get thrown around frequently in the business world. The banking world being one of the hapm cogs What is a T and how is it different than a T-EZ? Thousands of Short Sales saved from Buyers dropping their offers! Anyone riding the short sale pipeline may have seen many buyers getting antsy as we came to the end of Submit a Comment Cancel reply You must be logged in to post a comment.