Partial Claim

Njmom3

LoanSafe Member
#1
I am selling my home, but the proceeds from the sale will not be enough to cover the mortgage balance and the partial claim. What happens in this instance? Can I sell and repay the partial claim later?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
My understanding is that since it is essentially like a second mortgage lien, that it needs to be paid off before the sale has concluded.
 

Julzy

LoanSafe Member
#3
So, if you have a Partial Claim (2nd lien) with HUD, and your home is being sold, you can't sell your home until the 2nd lien is paid? My 2nd lien with HUD is $75,000. I don't have that kind of money lying around. Can't the 2nd lien be paid from the proceeds of the sale of the home, meaning, once the home is sold?