- Loss Mitigation / Loan Modification -
FHA Loans only
currently have a
FHA Loan, we can start discussions with your lender for a
Partial Claim. This strategy is only available on FHA
loans. With The Department of Housing and Urban Development
(HUD), your lender, we work together to help you with a one-time
payment from the FHA Insurance Fund. You may qualify if your
will be required to sign a promissory note with HUD. With this,
they will place a lien on your property. This loan from HUD is
interest-free and will bring your account up to date
immediately, this lien will be due when you decide to refinance,
sell or leave the property.
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 strategy may be combined with another plan or stand alone. In some situations a special type forbearance may be combined, giving the home owner some additional options.
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