How Do You Apply for Mortgage Federal Assistance?

How Do You Apply for Mortgage Federal Assistance?

The process of applying for federal mortgage assistance involves checking for eligibility, filling out a mortgage assistance form, completing a Tax Form 4506T-EZ, gathering proof of income and submitting the documents to a mortgage servicer. The federal mortgage assistance shown here is the Home Affordable Modification Program or HAMP, which is a type of assistance to help homeowners get mortgage relief and avoid foreclosure, notes the Federal Housing Finance Agency (FHFA) website.

The HAMP is a type of federal assistance program that helps homeowners who are not unemployed but are having problems making monthly mortgage payments make the payments more affordable and sustainable. It is part of the Making Home Affordable program for mortgage relief and foreclosure avoidance, states the FHFA website.

The following shows the process of applying for HAMP.

  1. Complete the request form
  2. After making sure of qualifying for the eligibility requirements, complete the Request for Mortgage Assistance Form. Print out a copy for the mortgage servicer.

  3. Complete a Tax Authorization Form
  4. Fill out a Tax Form 4506T-EZ, which gives the mortgage servicer access to the applicant's latest tax return records.

  5. Prepare proof of income documents
  6. Prepare and gather proof of income documents. The mortgage servicer will use this documents to make sure that the adjusted mortgage payments will be manageable for the applicant.

  7. Submit the documents
  8. After making sure that all of the necessary documents are completed, correct and signed, submit them to the mortgage servicer.