THE FHA PARTIAL CLAIM SONG
We had broken up for good just an fhasecure Uh uh uh uh uh uh uh uhNow I'm staring at the foreclosure as they're forbearanced 'cross the floorUh uh uh uh uh uh uh uhAnd then the fhasecure slowed the partial claim when the bankruptcy took you downUh uh uh uh uh uh uh uhIt was the same old foreclosure with the partial claim soundUh uh uh uh uh uh uh uhCHORUS-1 :They don't write 'em like that fhasecureThey just don't write 'me a partial claim anymore2nd VERSE:We been living together for a million yearsUh uh uh uh uh uh uh uhBut now fhasecure feels so strange out in the atmospheresUh uh uh uh uh uh uh uhAnd then the bankruptcy attorney plays a loan modification I used to knowUh uh uh uh uh uh uh uhAnd now I'm staring at the fhasecure as they're dancing so slowUh uh uh uh uh uh uh uhCHORUS-2:They don't foreclosure 'em like that anymoreThey don't partial claim my loan anymore(Repeat Intro)3rd VERSE:Now I wind up staring at an empty houseUh uh uh uh uh uh uh uhCause it's so easy to say that you'll forget the courthouseUh uh uh uh uh uh uh uh(Repeat Chorus-1 3x and fade)
They don't foreclosure me like that anymoreThey don't partial claim FHA loans anymore They don't bankurupt 'em like that anymoreThey don't partial claim FHA loans anymore
More questions regarding the fha partial claim is found on the HUD site for partial claim of fha mortgage loans. There we find teh folliwng information for fha partial claims.
Answer: Mortgagee Letter 2003-19, dated November 20, 2003, states:
"O. Recordation Requirements
Upon execution of a Partial Claim by a mortgagor, the Department requires that the partial claim security instruments be submitted for recordation to the appropriate jurisdiction within a maximum period of five (5) business days following the execution AND prior to filing a claim with HUD."
"The responsibility for servicing of the Partial Claim remains with the mortgagee until the security interests are legally recorded in the appropriate jurisdiction." The above paragraph is threefold; (1) execution of documents by mortgagor (mortgagee should specify "deadline date" for mortgagor to return), (2) mortgagee receives the executed documents back; therefore, (3) asset is eligible for filing of claim and sending executed documents for recordation (Block 9 of Insurance Benefit Claim is the date that the mortgagee mails documents for recordation).
HUD's reviewers will look at the time line at each stage, expecting the mortgagee to expedite all actions within its control to meet the maximum five (5) business days following the execution and prior to filing a claim with HUD.
For the Partial Claims that require HUD Official Signature, the following applies - (a.) execution of documents by mortgagor (mortgagee should specify "deadline date" for mortgagor to return), (b.) mortgagee receives the executed documents back and then forward to the National Servicing Center, Oklahoma City, OK for HUD Signature and (c.) with the exception that the maximum five (5) business days will begin after the mortgagee has received the returned documents executed by HUD Official. As of this writing, these states include Louisiana, Oklahoma, Maryland, and three counties in California.
This is different than an fha short sale in florida and not to be confused with the 1099 that you may received from teh cancellation of debt. I am surprised that you have read about partial claims this far down this post. Now let me ask you this, did you skip to the bottom of the post or did you read through the partial claim song at the top. Greg Kinh probably didn't need an fha partial claim when he sang the fha breakup song. That is simply a guess on my part.
UNDERSTANING FHA PARTIAL CLAIMS