Partial Claim (FHA)
A partial claim is a very good alternative which is available to
homeowners with Federal Housing Authority (FHA)
mortgage loans who satisfy the Department of Housing and Urban Development (HUD)
guidelines for a partial claim (listed below). With this selection,
homeowners are presented with an interest free loan, which HUD guarantees,
to payoff the late portion and reestablish an overdue mortgage loan.
The mortgage loan must be paid back when the 1st mortgage loan is paid off,
or when the house is sold. At the completion of a partial claim, the
homeowner doesn't need to concern themselves with the foreclosure or losing
their house.
Qualifications for the partial claim requires homeowners to have the
following:
- Long term ability to make regular payments and pay
back the loan.
- Homeowners who are not capable of qualifying for a
workout plan or a
forbearance
agreement.
- Provide proof the
financial hardship is over and was only temporary.
- Homeowner needs to remain on the property and keep
it in satisfactory livable condition.
- The existing mortgage loan should be at least four
months overdue, but no longer than twelve months.
Many homeowners believe a partial claim can't be combined with other
options to stop
foreclosure, such as a
forbearance agreement. If done right, it can be combined to
provide a more affordable payment. Generally, a partial claim is a
one-time occurrence, but in special cases, when a 2nd, unconnected hardship
has happened, a 2nd partial claim may be approved.
If your behind on your
FHA mortgage loan then you may indeed qualify for a partial claim, to
discuss this choice you should get hold of your mortgage lender immediately.
If you lender is choosing not to help you, or if the lender says you're not
qualified, you may need to look for the help of an experienced professional
to assist you in securing your right to a partial claim. In many
cases, your lender may automatically refuse your request because they have
little or no knowledge of the process, or they could very well be to lazy to
start the process. Just do yourself a favor and find a true industry
professional who can guide you through until it's been completed.