I am working on a potential listing which the seller was approved for a FHA HAMP loan mod a little over a year ago and there is a 50k silent second(partial claim). They have unfortunately fell behind and now want to sell but with the second it will be short. Question can the partial claim portion just be shorted or is it the total. I think with the balance on the first we should be able to have enough to payoff in full.


Any advice or input would be appreciated.

Views: 1476

Replies to This Discussion

PC must be paid in full.

A partial claim can't be shorted as it MUST be paid in full and you can call FHA and tell them you want to request a payoff for a partial claim and they will give you that information and it's done via email and they will respond and the partial claim will come from the lender's net with no issues..

PARTIAL claim RULES!!!!!!

The shorting lender Will get less because this comes from their net with no squalking from the shorting lender..

I have the address to request but I am mobile right now and was in a parking lot so I responded..

P.S. I have done 5 of these this past year.. Piece of cake...

A Variance will be required if the net fall below the FHA PFS requirements.  

I have done 5 of them and they all fell way below the net to the lender but I did not need to ask for a variance unless they done it automatically without my knowledge..



Send an email to [email protected] and request a payoff and give them an estimated closing date or you can just wait till you are closer in the short sale process but you will need to send them a HUD with the amount on it with the written proof to the lender.



Hi Jim, I need some help with a similar case with a partial claim. Are you available by email or phone for a quick chat? Thanks.

So basically I would be shorting the first for the amount of  the PC?

Thanks for the input!


I just had one denied by Wells. Wells told me the FMV was 181500 and asked me to price it according.  Offer was $172000.  Net including full payoff of the partial claim was well within the 88% guideline but Wells said HUD denied the variance because price was not FMV.  Do these things have to go for full price?  I've never received an ATP either, even though Wells submitted the offer.  Not sure what I'm missing here.



© 2020   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************