Tamera Aragon » mitigation option http://www.tameraaragon.com www.tameraaragon.com Fri, 20 Jan 2012 23:12:54 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Avoid Foreclosure: Option 13 – PARTIAL CLAIM http://www.tameraaragon.com/42/avoid-foreclosure-option-13-partial-claim/ http://www.tameraaragon.com/42/avoid-foreclosure-option-13-partial-claim/#comments Tue, 06 Sep 2011 17:42:36 +0000 Tamera http://www.tamerarei.com/?p=42 Option 13. PARTIAL CLAIM.

(FHA mortgages only) (Some Freddie Mac Investor loans)

Definition: This is a loss mitigation option that allows a borrower, with help from a lender, to get an interest-free loan from HUD to bring their mortgage payments up to date

Partial Claim

You may qualify if:

  1. Loan must be 92 days delinquent (4 full payments due and unpaid).
  2. Mortgagor must have overcome the cause of default.
  3. Owner-occupant committed to continuing occupancy as primary residence.
  4. You are able to begin making full mortgage payments.

When your lender files a Partial Claim, the U.S. Department of Housing and Urban Development will pay your lender the amount necessary to bring your mortgage current. 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 is due when you pay off the first mortgage or when you sell the property.

For more information on this option you may contact:

National Servicing Center

Email: hsg-lossmit@hud.gov

1-888-297-8685

http://www.hud.gov/offices/hsg/sfh/nsc/rep/pcfact.pdf

For more information and coaching: Avoid Foreclosure eBook

Originally posted 2008-07-01 11:35:24. Republished by Blog Post Promoter


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