Forbearance Update - FHA Partial Claim explained - How to defer missed payments

Do you have a FHA loan and wondering what how to do a partial claim at the end of your forbearance? What is a partial claim? Are you wondering how you are going to pay back your missed mortgage payments due to accepting mortgage forbearance with your lender? In this video, I explain FHA’s option of deferring your missed payments in a partial claim.

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What is a partial claim on an FHA loan? A partial claim is a no interest, junior loan secured by your property.

How do you pay off your partial claim on an FHA loan? No payments are due on the COVID-19 Standalone Partial Claim until the payoff, maturity or acceleration of your insured mortgage, including for the sale of your Property or a refinancing, or the termination of FHA insurance on your mortgage.

Will I be required to make a “lump sum” payment to my loan servicer for the total missed payments at the end of the COVID-19 Forbearance period?

No. A “lump sum” repayment for the total missed payments is not required immediately at the end of the COVID-19 Forbearance period. However, your lender will then evaluate you to see what loss mitigation options may be available. If you are an owner-occupant borrower who indicates they have the ability to resume making on-time mortgage payments, and were current or less than 30 Days past due as of March 1, 2020, you may be eligible for a COVID19 Standalone Partial Claim. A partial claim is a no interest, junior loan secured by your property. No payments are due on the COVID-19 Standalone Partial Claim until the payoff, maturity or acceleration of your insured mortgage, including for the sale of your Property or a refinancing, or the termination of FHA insurance on your mortgage. If you are not eligible for the COVID-19 Standalone Partial Claim, your servicer will evaluate you with FHA’s other loss mitigation tools to help you repay the balance owed over time.

FHA forbearance document directly from the HUD website:
https://www.hud.gov/sites/dfiles/SFH/documents/COVID-19HomeownerHelp.pdf

At the end of the forbearance period completed by owner-occupant borrowers, the mortgagee must evaluate the borrower for the standalone partial claim no later than the end of the forbearance period(s).
Eligibility requirements are as follows:
The mortgage was current or less than 30 days past due as of March 1, 2020.
The borrower indicates they have the ability to resume making on-time mortgage payments.
The property is owner-occupied.
Terms of the claim are as follows:
Accumulated late fees are waived.
Amount includes only arrearages, which consists of principal, interest, taxes and insurance.
Does not exceed the maximum statutory value of all partial claims for an FHA-insured mortgage, as listed in Statutory Maximum for Partial Claims (III.A.2.k.v(D)(2)(a)).
Do have additional questions about FHA forbearance or mortgage forbearance, please comment below or contact me directly.

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