Form HUD-56142, Financial Statement, is the Debt Resolution Program form of the U.S. Department of Housing and Urban Development (HUD), Office of Housing. A debtor with a HUD/FHA debt uses this financial statement to report assets, debts, income and monthly expenses to the HUD Debt Management Center, and signs it under penalty of perjury. On this page you can fill out the form online on FillingPDF and download or print the completed PDF; HUD publishes the original PDF at hud.gov.
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What is HUD-56142?
Form HUD-56142, Financial Statement, is the Debt Resolution Program form on which a debtor with a HUD/FHA debt reports assets, liabilities, income and expenses to the HUD Debt Management Center, certifying the figures under penalty of perjury.
The form is issued by the U.S. Department of Housing and Urban Development (HUD), Office of Housing, under OMB Approval No. 2502-0483 (exp. 4/30/2027). It is addressed to the Debt Management Center and carries an FHA Claim Number and a date at the top. In the form's certification, the debtor states that the information exactly and fully reflects their financial status as of the date the statement is executed.
It has nine numbered sections: employment, pensions, monthly household expenses, assets, debts, Schedule A (installment accounts), Schedule B (notes payable), life insurance and real estate owned. Page 2 holds the Public Reporting Burden and Privacy Act statements, which the form says should be fully reviewed before you complete it.
HUD says it uses the information to evaluate the debtor's ability to pay the debt in full, the ability to pay it in installments, and justification for a compromise. It is a HUD debt-collection form tied to defaults on HUD/FHA insured Title I loans and other HUD/FHA loans, not a general-purpose financial statement.
Who needs to file HUD-56142?
Debtors who owe HUD on a HUD/FHA loan complete Form HUD-56142 so that the HUD Debt Management Center can assess their finances. HUD's Privacy Act statement ties the form to debts resulting from defaults on HUD/FHA insured Title I loans and from other HUD/FHA loans, and the form carries an FHA Claim Number.
The form is written for one debtor or for two: it says "my (our) circumstances", asks for Name(s) & Address, and has two signature blocks, each with its own Social Security Number and date. Where two people are debtors on the claim, both provide their information and sign.
Page 2 describes completion as voluntary and says you may object by refusing to complete it. It also states that the information requested is required to obtain benefits. The form does not say who else may sign for a debtor, so do not assume a representative can sign for you.
Anyone who knowingly submits false statements on the form is subject to criminal and civil penalties, as the signature block warns.
When to file HUD-56142
Form HUD-56142 is completed when HUD needs current financial information to handle a debt on an FHA claim, since HUD uses it to evaluate ability to pay in full, payment in installments or a compromise. No due date is printed on the form.
The statement must reflect your finances as of the date it is executed, so fill it out and date it when you are ready to submit it, using current figures. The form's top line also asks for a date. Before you start, review the Public Reporting Burden and Privacy Act statements on page 2. HUD estimates that the collection of information takes an average of 25 minutes per response.
Documents you need
- A separate sheet answering the Real Estate Owned questions in section 9 for each additional parcel, only if you own more property than the form's section covers.
How to fill out HUD-56142
Complete the heading and personal details
Enter your FHA Claim Number and the date at the top. Then enter your name(s) and address, age, number of dependents and the ages of dependents.
Report employment in section 1
Enter the employer's name and address, your position and salary with the pay period. Add other members of the family who are employed and their income.
Report pensions in section 2
Enter any Civil Service, Social Security or other pension income, with the amount and the period it is paid.
Total monthly household expenses
In section 3, enter Rent, Food, Electricity, Gas, Heat, Telephone and Other, then the total household expenses.
List your assets in section 4
Enter cash on hand and in banks and the name and address of each bank. Add furniture and car, U.S. Saving Bonds, other securities and other assets, listing the other assets.
List your debts in section 5
Enter bills owed, installment accounts payable (itemized under Schedule A), notes payable (itemized under Schedule B) and other debts.
Itemize installment accounts on Schedule A
In section 6, list to whom each debt is owed, including FHA loans. Enter the original debt, present balance, payments delinquent and monthly payments, then the total.
Itemize notes payable on Schedule B
In section 7, list to whom each note is owed, the original debt, monthly payment and present balance.
Describe life insurance in section 8
For each policy, enter the company, face amount, beneficiary, annual premium, amount borrowed on the policy and cash surrender value.
Describe real estate in section 9
For each property, enter the address, type, mortgage holder, mortgage terms, who holds title, occupant and rent, insurance, taxes and your valuation. Use a separate sheet for any additional parcel.
Sign and date the certification
Each person making the statement enters a Social Security Number, signs and dates in a signature block. Reread the penalty-of-perjury statement before signing.
Review and download the completed PDF
Check every section and schedule against your records, then download or print the completed PDF from FillingPDF and mail it as described under How to submit.
How to submit HUD-56142
Form HUD-56142 is submitted by U.S. Mail. The form is addressed "To: U.S. Department of Housing and Urban Development, Debt Management Center" and states that you submit the information to HUD by U.S. Mail.
- By U.S. Mail: send the signed and dated statement, with your FHA Claim Number filled in at the top, to the Debt Management Center. The form prints no street address or P.O. box, so confirm the delivery address with the Debt Management Center before you mail it.
- Extra property: if you own more real estate than section 9 covers, include a separate sheet answering the same questions for each additional parcel.
Do not send the form to the Reports Management Officer, QDAM, 451 7th St, SW, Rm 4176, Washington, DC 20410-5000. The form gives that address only for comments on the burden estimate. No fee is mentioned on the form. FillingPDF lets you fill out and download the PDF; submission follows the channel above.
Common mistakes to avoid
- Listing installment accounts or notes payable only as totals in section 5 without itemizing them under Schedule A (section 6) and Schedule B (section 7), as the lines direct.
- Leaving FHA loans off Schedule A; the column heading says to include FHA loans in the list of amounts owed.
- Answering for a second property on the same form instead of on a separate sheet; the form says to use a separate sheet for each additional parcel.
- Using figures that are not current. The certification says the statement reflects your finances as of the date it is executed.
- Leaving the second signature block blank when two people are making the statement, or signing without a Social Security Number and date.
- Signing without reading the penalty warning; knowingly false statements are subject to criminal and civil penalties, including confinement for up to 5 years.
- Skipping the Public Reporting Burden and Privacy Act statements on page 2, which the form says to review fully before completing it.
- Mailing the form to the Reports Management Officer address printed on page 2, which is only for comments on the burden estimate.
Frequently asked questions
What is Form HUD-56142, Financial Statement?
Form HUD-56142 is the HUD Debt Resolution Program form on which a debtor lists assets, debts, income and monthly expenses for the Debt Management Center. HUD uses it to evaluate ability to pay a debt in full or in installments, or to justify a compromise.
Who has to fill out the HUD financial statement?
Debtors with a debt to HUD on a HUD/FHA loan use it, including defaults on HUD/FHA insured Title I loans. The form has room for two people and two signature blocks. It says completion is voluntary, but that the information is required to obtain benefits.
Where do I send Form HUD-56142?
Send it by U.S. Mail to the HUD Debt Management Center, to which the form is addressed. The form prints no street address, so confirm the delivery address with the Debt Management Center. Do not use the Washington, DC address on page 2; it is for burden comments only.
Can I fill out Form HUD-56142 online?
Yes, you can fill out the PDF online on FillingPDF and download or print it. FillingPDF is an independent service and does not file the form with HUD; you mail the signed statement to the Debt Management Center.
Do I have to sign the HUD-56142 under penalty of perjury?
Yes, the form carries a certification under penalty of perjury above the signature blocks. It warns that anyone who knowingly makes a false claim or false statements faces criminal and civil penalties, including confinement for up to 5 years and fines.
What if I own more than one property?
Section 9 covers one parcel. If you own more property, answer the same questions on a separate sheet for each additional parcel, as the form instructs.
Why does the form ask for my Social Security Number?
Page 2 says the Housing and Community Act of 1987, 42 U.S.C. 3543(a), authorizes HUD to collect the Social Security Number. Each of the two signature blocks has a line for it next to the signature and date.
How long does it take to complete Form HUD-56142?
HUD estimates an average of 25 minutes per response, including time to review the form, gather data and complete it. Having your income, expense, bank, loan and property records at hand before you start shortens the work.
Ready to fill out HUD-56142?
Fill out HUD-56142 now