Answer: The collection process on a Partial Claim that is left "unpaid" at the time the mortgagor pays off their FHA first mortgage is the Department bills the mortgagor directly. The Partial Claim debt is not forgiven and the mortgagor is required to make a lump sum payoff.
Overall it is a great way to get current on your fha mortgage loan. The FHA secure is another way to help an in florida the fha secure programs will help many. You amy also look at florida short sales to help avoid foreclosure.
My partial claim program is not the fha loan and the fha loan has their own partial claim program. You can search teh fha website for fha loan and fha refinance for the fha partial claim.
FHA lenders available for bankruptcy buyouts fo fha loans.
You amy not be interested in an fha partial claim today so just keep the fha partial claim info on hold for now. RESPA may have something to do with all of this fha loan business.
Another idea that fha partial claim brings up is "The Mortgagee's responsibility for a Partial Claim ends when the following two events occur: (a.) HUD receives the executed subordinate mortgage and (b.) When any requests for payoff of the first lien occur, the mortgagee is obligated to notify HUD to obtain full payoff amount of the Partial Claim and supply that information to the mortgagor. " and try to keep that in mind about the fha partial claim program when investigating teh fha alternatives to foreclosure. The FHA secure is one more option to consider. Sometimes the fha subordination agreement can help to reduce the ltv for an fha refinance.
MY FHA PARTIAL CLAIM