Form Modification Loan With Partial Claim
Description
How to fill out HAMP Loan Modification Package?
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FAQ
The Partial Claim is a zero-interest subordinate lien that will include a portion of the amount to be resolved and if you meet the requirements, a principal deferment. The remainder is added to the principal loan balance of your first mortgage and extends the term for 30 years (360 months) at a fixed interest rate.
The Partial Claim is a zero-interest subordinate lien that will include a portion of the amount to be resolved and if you meet the requirements, a principal deferment. The remainder is added to the principal loan balance of your first mortgage and extends the term for 30 years (360 months) at a fixed interest rate.
Description: A loan modification with partial claim mortgage takes part of the amount due and creates a new 2nd mortgage with a new 30- or 40-year term and a new interest rate. This 2nd mortgage is comprised of the arrearages, and is the ?partial claim? portion of the loan modification.
The problem with HUD partial claims is that they almost always end up being far larger than expected by the homeowner, and usually this additional debt lands the homeowner in a position where they owe more than their home is worth.