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Questions about our FHA loan

We currently have an FHA but had to go on forbearance due to the pandemic. Lender has offered us a loan modification and an FHA HUD partial claim for past due amounts. We have made renovations for the home and we plan on selling in a few years. Can I use proceeds from the sale to pay my HUD partial claim? by grdschl738 from Anderson, Indiana. Apr 1st 2022 Reply

Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,824 contributions

Good question. That would really be more of a loan servicing question, and most of us here are on the loan origination side of the business. But it would make logical sense that you could do that. I lend in MN WI IA SD ND. Find me at - Cambria Mortgage, NMLS 274132

Apr 1st 2022
John Burke (jburke)
#29 ranked lender in Texas - 318 contributions

If there is a partial claim paid, you will likely be reported in CAIVRS for 36 months. That would effect your ability to qualify for another government backed loan (like SBA) or mortgage like FHA, VA or USDA.| John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | | (877)228-9069 | NMLS# 787231 |

Apr 5th 2022
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