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Partial Claim Questions

So I've had to do a loan modification in the first year of my FHA loan as the company handling my loan has denied my application for a deferral of some payments I missed due to a death in the family. I have been given a partial claim that includes my missed payments. As much as I hate it, it's unavoidable at this point.

I understand the part where I have to pay the partial claim when I sell my home, refinance, or if I finish my mortgage payments on the 40 year term.

My question is, can I use equity to pay it off if I sell or refinance?

Ex I have 40k in equity on a 225k loan and the partial claim is 25k, I want to refinance, would i be able to refinance the original loan amount of 225k or would I only be able to refinance the remaining 185k? Could I add the partial claim to the amount I want to refinance(210k)? Or would the 25k partial claim be due before the refinancing can occur?

Another question I have is concerns selling the home. Would the the partial claim have to be settled prior to the sell of the home or after?

Ex. 40k in equity on a 225k loan and the partial claim is 25k. Would i have to pay the 25k prior to selling the home, or would I be able to sell the home, settle the initial loan, then use the remaining balance of equity to pay the partial claim.

Thank you for any and all help.

submitted by /u/bubbles1914
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1ac6d1r/partial_claim_questions/
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