Partial Claim FHA Mortgage | Help With Partial Claim FHA Loans | AFS
Partial Claim (for FHA Loans only)
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If you have an FHA Loan, we will be able to start discussions with your lender for a Partial Claim. This strategy is only available on FHA loans. Working together with The Department of Housing and Urban Development (HUD), your lender will agree to help you with a one-time payment from the FHA Insurance Fund. You may qualify if your loan is:
1. At least 4 months but no more than 12 months delinquent
2. You are able to begin making full mortgage payments
3. You have resolved the hardship that caused you to fall behind
4. You may or may not be in foreclosure
5. The mortgagor has the long-term financial stability
to support the mortgage debt or make the payment
5. The homeowner does not have the ability to repay the past due amount through a special forbearance or modification
6. The property is your primary residence
7. If you have filed for bankruptcy you may still qualify for a partial claim, but the Bankruptcy Court must give approval
You will be required to sign a promissory note with HUD and they will place a lien on your property. This HUD loan is interest-free and will bring your account up to date immediately, but it is due when you pay off the loan or when you sell or leave the property.
Here are the terms for the Partial Claim:
1. The note will be interest free.
2. You will not be required to make monthly or periodic payments
3. The note will be due when the mortgage is paid off or when the homeowner sells the property
4. There will be no repayment penalty
5. The homeowner can apply for a refund in the mortgage insurance premium when the note is paid in full
6. The note is payable to HUD
7. You can make partial payments but they must be by cashiers check or certified funds
From the HUD Website:
If a loan has been modified or reinstated using a partial claim within the past three years, re-default risk is presumed to increase following a subsequent partial claim. Prior to allowing a partial claim in this circumstance, the mortgagee must prepare a written justification, and retain a copy along with supporting documents in the claim review file. It is anticipated that this will be a highly unusual occurrence, and that the cause of the second default will be unrelated to the original problem. There is a lifetime limitation of 12 monthly installments of PITI.
The Partial Claim may be combined with another plan or stand-alone. In some cases a special forbearance may be combined to give the homeowner some additional options.
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IMPORANT NOTICE – PLEASE READ There is no guarantee you will receive a loan modification. Even if you accept this offer and use our service, your lender may not agree to change your loan. Loan Modification approval is dependent on criteria including but not limited to hardship, income, debt ratios. American Foreclosure Specialists is not a Bank, nor a government agency or government affiliate. Our services are not approved by the government or your lender. American Foreclosure Specialists assists in the document preparation, working with and communication with your Mortgage Bank in the attempt to acquire an approved Loan Modification. If you stop paying your mortgage, you could lose your home and damage your credit rating. Loan Modification Plans are dependent upon mortgage company criteria and financial information gathered as part of the efforts of AFS. The information and notices contained on this website are intended as informational and should not be regarded, as financial or legal advice. AFS attempts to ensure that the material contained on the website is accurate and complete at the date first published, however you should recognize that information contained on this website may become out of date over time. Readers who have particular questions regarding real estate law, finance, or who believe they require legal counsel, should seek the advice of a financial advisor or an attorney. Submitting a contact request, gives AFS consent to contact you by telephone and/or email, even if you have previously listed yourself on any state or federal Do-Not-Call List.