How to apply for the Obama home mortgage assistance?


The Obama home mortgage assistance program, also known as the Making Home Affordable Plan, can help homeowners avoid foreclosure.

Under the Obama mortgage relief plan, homeowners who are finding it hard to meet their monthly mortgage dues can apply for a loan modification. Those who want to get better rates or loan terms, on the other hand, can apply for a mortgage refinance.

How to apply for a mortgage modification under the Obama home mortgage assistance program?

  1. Confirm if you are eligible for a loan modification. Go to for the eligibility checklist. If you meet the basic eligibility criteria, proceed to the next steps.
  2. Print and fill out the Request Form (a 3-page RMA (Request for Modification and Affidavit) form.
  3. Print and fill out the Tax Form (a 2-page Short Form Request for Individual Tax Return Transcript.
  4. Call your mortgage lender or servicer. Apply for the Home Affordable Modification Program and ask for the specific procedures involved.
  5. Prepare the required documents. Additionally, prepare the following to help the underwriter assess your monthly income:
If you are: Required supporting documents*
Salaried or paid hourly wages 2 pay slips (most recent); they should indicate your year-to-date (YTD) income
Self-employed Your YTD or quarterly (most recent) balance sheet or statement
Receiving benefits Your benefits statement or a letter from the administrator of your benefits; it should indicate how much the benefit payment is, how often it is paid and for how long such a benefit will be paid;
2 bank account statements (most recent) for the bank account you are using to receive benefit payments
Receiving alimony or child support** Documents that detail the amount and duration of such income;
2 bank account statements (most recent) for the bank account you are using to receive this income
Additionally, if your borrower status is Required supporting documents*
Current Your federal tax return (most recent); must be complete
Finally, if you are Required action
Receiving income not covered in the above section Call 1-888-995 HOPE to find out what supporting documents you need to provide your servicer to apply for a Home Affordable Modification

*Copies only. Keep the original documents for your reference.
**Provide proof only if you want such income to be considered.

  1. Send to the mortgage lender/servicer the completely filled out application and tax forms plus all other necessary supporting documents.
  2. After a few days, call your service provider to confirm receipt of your loan modification application documents.
  3. Wait for the loan modification decision.

How to apply for a mortgage refinance under the Obama home mortgage assistance program?

  1. Confirm your eligibility by using the Home Affordable Refinance Program eligibility checklist found at If you meet the minimum eligibility requirements, proceed.
  2. Prepare the following:
    1. primary mortgage documents; mortgage-related documents and statements that will give you complete and updated information about your mortgage
    2. line of credit (HELOC) or secondary mortgage documents (if any) that will give you complete and updated information about any subsidiary mortgages or HELOC on the property
    3. your income tax return (the most recent)
    4. pay slips, statements and other documents that will help you assess your pre-tax monthly income
    5. credit card statements (most recent) that will let you assess your total credit card debt and your (minimum) monthly credit card dues
    6. loan statements to assess your total personal debts and your minimum monthly dues on these debts
  3. Call your mortgage lender/servicer and apply for a Home Affordable Refinance. Ask about the specific refinance procedures and request the necessary application forms. This call will be more productive if you have taken the time to gather the information outlined above.
  4. Proceed with your Home Affordable Refinance application as per your servicer or mortgage lender's instructions.
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