Partial Claim

This option is only applicable for FHA loans. We work with HUD to qualify you for one-time payment from the FHA Insurance Fund. To qualify for Partial Claim, there are several factors that need to be assessed. For instance, ability to pay full mortgage payments, proof of long term financial stability, up to a maximum of 12 months delinquent etc. It also matters if the property is your primary residence. If you have already filed for Bankruptcy, you may still qualify for the particle claim provided that court must give its approval.

As per its process, you would be required to sign a promissory note with HUD and they will place a lien on your property. As the HUD loan is interest-free, it will bring your account up to date immediately. But you have to pay it when you pay off loan or sell your property. The terms for Partial claim are as follows:

The note will be interest free.
The note is payable to HUD
You will not be required to make monthly or periodic payments
The note will be due when the Mortgage is paid off or when the home owner sells the property
There will be no repayment penalty
The Home Owner can apply for a refund in the mortgage insurance premium when the note is paid in full
You can make partial payments but they must be by cashier’s check or certified funds

The method of gaining Partial Claim might be combined with other plans or can be used as standalone to help you stop foreclosure. We are here to guide you to the correct path. Just fill up the form and let us guide you as per the best possible way keeping in view your current situation.

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