Sunday, April 20, 2008

Questions about FHA Partial Claim

There was a question about the FHA partial claim on another HUD partial claim questions blog and it was the following:

Question 1: A Loan Modification was completed; the mortgagor then defaults again and has different circumstances; it's been less than 12 months since the Loan Modification was completed; can the mortgagee consider a Partial Claim?

I'll post teh answer to this fha partial claim question in a second. The FHA partial claim information is vital to all fha loan borrrowers to understand how to avoid forelcosure with the fha mortgage loan. Now here is teh answer to the fha partial claim answer or rather the fha partial claim question posted above.

Answer: Yes, if the mortgagor meets the qualifying criteria for usage, the mortgagee can consider using a Partial Claim to assist the mortgagor in avoiding foreclosure. The mortgagee should ensure there is a valid documented reason for the default that meets the criteria reflected in Mortgagee Letter 2003-19, page 6, Paragraph N, Limitations on Use. It is up to the mortgagee to fully document the servicing file with the reason a Partial Claim is needed.

This should help you to understand that fha has a partial claim program and it can indeed assist an fha borrower to avoid foreclosure. I hope this information has helped some fha loan borrowers to avoid foreclosure with the fha mortgage lending program sponsored by HUD.

This is more than the florida foreclosure refinance loan or short sales have to do with other areas in florida with short selling. Take a look at the forbearance plan that was offered to avoid foreclosure last week. You can't explain the fha secure loan in that way yet.


No comments: