One of the realities of life is that sometimes people need financial help. For a homeowner facing foreclosure, looking for any solution to stop the process is vital. The following will provide information about government home affordable modification for mortgage loans and will take a look at how to qualify for it.
Phoenix, AZ -- (SBWIRE) -- 12/06/2012 -- The government home modification program called Making Home Affordable (MHA) is available to many homeowners in need of a bit of help to keep their homes. However, the application and approval time for the program is somewhat lengthy, so be prepared to gather as much financial information as possible to make the procedure easier. There are several different modification and refinancing plans available, so take some time to look into them. One of the ways one can prepare for the process of applying for an MHA modification is to work closely with one’s mortgage servicer. The servicer does not want to eject a family from its home, so give him the information he needs to devise a way to keep one’s homeownership. Approving one for a loan modification gives the mortgage servicer a lower return on his investment, but it also costs far less than foreclosure, so he’ll try very hard to work with a homeowner.
Know More Guidelines to Get Qualify for Government Home Affordable Modification
Government home affordable modification requires some serious paperwork, including the Request for Mortgage Assistance Form. This form provides information to one’s mortgage servicer about one’s financial and home situation. Once the form is filled out, make two copies – one for oneself and one for the mortgage servicer. If one’s spouse is also requesting MHA help, she or he must also sign the forms. One must also provide proof that he or she has not been convicted of a crime involving a real estate or mortgage transaction within the past ten years. This information is included in the RFA form.
The second document one must fill out is the Tax Authorization form (4506T-EZ or 4506-T). People who have filed their annual tax returns on a 1040 Form should also fill out Tax Form 4506T-EZ, which gives one’s mortgage servicer permission to receive a copy of the most recent tax transcript one has filed with the IRS. The remaining form is used to show proof of income, whether it’s from a job, being self-employed, or receiving disability benefits. Make copies of the documents and send one of them to the mortgage servicer.
Completing all of the forms necessary to obtain government home modification program help correctly and accurately will enable the mortgage servicer to quickly determine which MHA plan one qualifies for.
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