Hsbc Loan Modification – What Do You Need for Proof of Income?

Are you considering applying for an HSBC Loan Modification? You may think that a loan modification would help you avoid the foreclosure of your home. You are looking over the application information, and you are not really sure how to provide proof of your income.

President Obama has recently streamlined the application process for a loan modification under the Making Home Affordable Program. You can start the application process by filling out two forms and submitting proof of income to HSBC.

The first form is a Request for Modification and Affidavit Form (RMA.) This form provides HSBC with all of the basic information they need about your financial situation to determine eligibility. It also includes an affidavit of financial hardship that you must fill out. There are a few lines for you to briefly detail what has happened to cause your inability to fulfill your mortgage payments.

The other form gives HSBC the authority to request your latest tax return information that you have filed with the Internal Revenue Service. It is a Tax Authorization form, IRS 4506T-EZ.

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The proof of income depends, of course, on what type of income you have. If you have a traditional job, you will need the last two recent pay stubs with year-to-date totals on them.

If you are self-employed, you need to include your most recent quarterly profit/loss statement with year-to-date totals.

You need letters showing any income you derive from benefits. This benefits letter should show how much you receive and for what duration. If you do not have such a document or cannot obtain one, you could enclose bank statements showing the deposits of the benefit checks.

If any of the borrowers have income from alimony or child support, you do not have to report that as income, but you can do so if you wish to have it considered. You will need copies of any related court documents showing the amount, the frequency, and the duration.

Remember that you must include any income received by you or your co-borrower. You can use your bank statements on any of these items, if you are unable to find the desired documentation. HSBC will ask you for more complete documentation during the trial period of your HSBC Loan Modification.

For must know facts about how you can get approved for a loan modification, visit our blog at http://1MortgageModifications.com/ to get help today.

Christine Clover is a loan modification expert. She has written hundreds of articles on loan modification. She has taken the initiative to help distressed homeowners save their home.

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