Helps you keep your home and possibly have more manageable mortgage payments.
What you need to know
An FHA Partial Claim, FNMA Principal Forbearance, or USDA Mortgage Recovery Advance is a reimbursement of a mortgagee advancement of funds on behalf of the borrower in an amount necessary to assist in reinstating the delinquent mortgage.
How you could benefit
By having a portion of your unpaid principal balance and/or delinquent payments deferred, your monthly payment may be lowered to an amount that’s more manageable for you.
Important considerations in a FHA Partial Claim, FNMA Principal Forbearance, or USDA Mortgage Recovery Advance
How your credit may be affected
During the trial period your credit score may be negatively impacted, particularly if your payments are not current. However, “Paying under a Partial or Modified Agreement” may be less negative than an ongoing series of late payments or foreclosure.