Home Affordable Program (www.makinghomeeaffordable.gov) is
part of the U.S. government’s
plan to help families set an affordable mortgage payment. The program
lowers borrowers’ housing-related expenses (principal, interest, taxes,
insurance, and assessments or PITIA*) to 31% of gross monthly income
(before tax deductions). The program also will pay you up to $1,000
per year on
your principal for 5 years if you make your payments on time.
you must meet certain eligibility criteria, including:
The home is your primary residence.
Amount owed on first mortgage for a single family
home is $729,750 or less.
Mortgage dated before January 1, 2009.
First mortgage payment* is over 31% of gross
You are having financial difficulty making your
current monthly payment.
Respond to Requests for Information You
will need to provide your servicer with key documents under the program
before a modification can be granted. Avoid missing a deadline by responding
to requests for information and providing documents in a timely manner.
Information you will or may need readily available is listed in the
following Borrower Modification
Two most recent pay stubs
Most recent Federal income tax return
Form 4506-T - Request for Transcript of Tax Return (servicer provides)
Most recent bank statement for 1 month (To verify
direct deposits, e.g. social security, rental income,
Profit and Loss Statement (for self-employed