PARTIAL CLAIM

Avoid Mortgage Foreclosure With a Partial Claim

A Partial Claim is for FHA loans only. The lender may be able to obtain a one-time payment from the FHA Insurance fund to bring your mortgage current. It is a wonderful way to Avoid Mortgage Foreclosure.

Requirements For a Partial Claim

The requirements for this plan include:

• Your loan must be at least 4 months in arrears, but no more than 12 months,
• You are in a position currently to start making your current monthly payment.
• The hardship that caused you to miss your mortgage payments must be resolved.
• You must now have the ability long-term to make your mortgage payments.
• The home in default must be your primary residence.
• To qualify, you can be in foreclosure, but it's not necessary.
• If you have filed for bankruptcy, you must get approval from the Bankruptcy Court.

Terms of the Partial Claim

• The Promissory Note is interest free. It is due when the home is sold or when the first mortgage is paid.
• No monthly or periodic payments will be required.
• The Promissory Note will be paid when the property is sold or when the mortgage is paid.
• There's no penalty for repaying early.
• The Promissory Note must be paid to HUD.
• Partial payments can be made by certified funds or cashier's checks.

Let one of our Loss Mitigation Experts help you get started with this program.

If you want more information on whether you really should try to save your home you can find out here.