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How To Request a Home Affordable Modification

loan modification

Most people don't know how to apply for a Making Home Affordable Program such as Home Affordable Modification Program, FHA Home Affordable Modification Program (FHA-HAMP), Veteran's Administration Home Affordable Modification (VA-HAMP),
Second Lien Modification Program (2MP), Home Affordable Unemployment Program (UP) so we have written this article to help homeowners seeking loan modifications under the government program.

If your loan size is above $729,750 with all past due amounts, and your loan was not originated before January 1st, 2009, is not an owner occupied property, or if you don't have payment difficulties, then you should not apply for MHA programs as you are not eligible.


Start your application for the Home Affordable Modification Program (HAMP) by submitting a complete “Initial Package” to your mortgage company servicer (the company to which you make your monthly mortgage payments). Below are some links to more information about the programs along  with instructions.

Home Affordable Modification Program,
FHA Home Affordable Modification Program (FHA-HAMP),
Veteran's Administration Home Affordable Modification (VA-HAMP),
Second Lien Modification Program (2MP),
Home Affordable Unemployment Program (UP),

The Initial Package includes:

Request Form (Request for Modification and Affidavit)
Tax Form (Form 4506T-EZ ) or (Form 4506-T)
Verification of income
Dodd-Frank Certification Form

Read more about how to complete these documents below, or click here to find out more about the Home Affordable Modification Program.

Step 1 - Complete the Request Form (Request for Modification and Affidavit)

The Request Form provides information to your mortgage servicer about your home and financial situation. You can download an instruction guide for completing the Request Form here. After you have completed the form, print two copies—one for your records and one to send to your mortgage servicer.  All of the borrowers on the mortgage must sign the Request Form.

Step 2 - Complete the Tax Authorization (Form 4506T-EZ or 4506-T)

Borrowers who have filed their annual taxes on a Form 1040, should complete Tax Form 4506T-EZ. Form 4506T-EZ gives permission to your mortgage servicer to request a copy of the most recent tax return transcript you have filed with the Internal Revenue Service (IRS). Click here for instructions on completing the Form 4506T-EZ.

All other borrowers, including those who have not been required to file taxes because their income may be below the threshold amount required to file taxes or their only source of income may be non-taxable income, should complete Tax Form 4506-T. If you did not file a tax return, Form 4506-T gives permission to your mortgage servicer to verify that you did not file a tax return with the Internal Revenue Service (IRS). Click here for instructions on completing the Form 4506-T.

After you have completed the appropriate Tax Form for your case, print two copies—one for your records and one to send to your mortgage servicer. Only one taxpayer is required to sign the Tax Form.

Step 3 - Gather Proof of Income

Your mortgage servicer is required to verify your income to ensure that the modified mortgage payments will be affordable for you.  The type of documentation you need to provide depends on the source of your income.  The simple Proof of Income Checklist will tell you what documents you need to collect if you are a wage earner, self-employed, or receive retirement income.  Be sure to make copies of your income documentation and keep the originals for your records.

Step 4 - Complete the Dodd-Frank Certification Form

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, homeowners who apply for the Making Home Affordable Program are required to certify that they have not been convicted of any crimes associated witha mortgage or real estate transaction within the past ten years. This form must be signed and returned with your initial packet.

Step 5 - Prepare and Send the Documents to Your Mortgage Servicer

After you complete, print, and sign the Request Form and Tax Form, send these documents, along with your proof of income, to your mortgage servicer after putting your loan number in the margins of each page, and signing your tax returns, and signing your name on any income documentation next to your loan number.  You will find the correct mailing address and fax number at Contact Your Mortgage Servicer.

Step 6 - Follow up with Your Mortgage Servicer

Keep a copy for your records and make sure the servicer received your documentation in a legible format. Verify the time it takes for review and set up a calendar to follow up. Make sure to keep your servicer's name and phone numbers of who you spoke with and what you wanted from the call and what was given to you over the phone.

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We can help you stop foreclosure with a loan modification in the following states:

If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.



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