If you’re looking to buy a home in the near future, you’ll want to be aware of partial claim mortgages. They offer a lower interest rate and shorter closing time than traditional mortgages, making them an attractive option for those looking to purchase a home quickly.
What to do if You Can’t Make a Partial Claim
If you are unable to make a full or partial claim on your mortgage because of a bankruptcy, there are some options you may be able to consider. One option is to try and get the bank to lower your interest rate. If your loan is current and has been approved by the bank, you can ask for a rate reduction as part of an effort to keep your mortgage in good standing. If the bank won’t lower your interest rate, you can ask for a short sale. A short sale is when the bank agrees to sell your home for less than its value, with the goal of getting you out of the house as soon as possible. You may also be able to negotiate a partial claim on your mortgage. This would involve the bank giving you some of the money you’re owed and allowing you to continue making monthly payments on your mortgage while working on getting the rest of your money back. Keep in mind that this will likely take longer and require more effort on your part than simply asking for a rate reduction.
How to Partial Claim Your Mortgage
If you have a mortgage with partial claim, you can use this process to get your mortgage serviced and collect on your debt. Partial claim means that you only own part of the property. This can be because you are a loan holder on a property that is owned by another party, or you have purchased the property but do not yet have title. To partial claim mortgage, first speak to your lender. They will need to approve the process and provide you with specific instructions. Once you have completed the steps below, your lender will send out a notice to the mortgage holder that owns the property informing them of your intent to partial claim the mortgage. The mortgage holder then has two weeks to respond and agree to the terms of your partial claim. If they do not agree, the lender will take steps to protect their interests in the property. To partial claim a mortgage: Gather all relevant information about the property including legal description, tax ID number, loan amount, and creditor names (if known). Contact your lender and ask for help completing the Partial Claim Process Form. This form will need to be signed by both you and the mortgage holder.