Partial Claim (FHA)
by Lisa Phillips
December 2009
Your lender may be able to work with you to obtain a one-time
payment from the FHA-Insurance fund to bring your mortgage
current. Your loan must be FHA insured. FHA will advance the
defaulted amount on behalf of the borrower to the lender. The loan
must be at least four months due but not more than twelve months
due.

In curing the defaulted amount, FHA creates a subordinate
mortgage from the borrower that is due once the borrower sells the
property or when the first mortgage is paid in full.
You must execute a Promissory Note, and a Lien will be placed on
your property until the Promissory Note is paid in full.

The Promissory Note is interest-free and you are not required to
make monthly or periodic payments. There is no repayment penalty
and the homeowner can request a refund in the mortgage insurance
premium when the note is paid in full.

Qualifications:

  • Your loan is at least 4 months delinquent but no more than 12
    months delinquent

  • You are able to begin making full mortgage payments

  • The hardship that caused you to fall behind has been resolved

  • You may or may not be in Foreclosure

  • You have the long-term financial stability to support the
    mortgage debt  or make the payment

  • The homeowner cannot repay the past due amount a special
  forbearance or loan modification

  • The property is your primary residence

If you are in the process of foreclosure you may still request a partial
claim. The legal fees and related foreclosure costs may be included
in the Partial Claim amount. However, accrued late charges should
be waived by the lender at the time of the Partial Claim.
Homeowners Fail to Take Advantage
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