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Notice of ATGF’s guidelines for HUD Subordinated Lien also called HUD/FHA Partial Claim MortgageThe purpose of this bulletin is to advise you of some general guidelines when asked to issue a Title Insurance Policy with a transaction involving the payoff of subordinated mortgages made by the United States Department of Housing and Urban Development ("HUD"). Be Careful When closing a purchase or refinance transaction with a HUD Partial Claim! These HUD mortgages are oftentimes made through Federal Housing Administration (“FHA”) loan programs. Homeowners, with FHA-insured loans, who are falling behind on their mortgage payments and are facing foreclosure, might qualify for certain payment option loans from FHA to bring their mortgage current. Some of these options might include a mortgage modification program or partial claim payment option. The payment option loans will then modify the homeowners’ original mortgage and advance the money needed to bring the homeowners mortgage current. The money advanced becomes a lien that is subordinated to the original modified mortgage. The subordinated lien is a minimal or interest-free loan sometimes called a HUD Subordinated Lien or Partial Claim Mortgage. Usually, homeowners after exercising the payment option will continue to make one payment to the original lender and not realize that the subordinated lien will also have to be paid at closing of a new transaction. We have recently seen an increase in claims related with the payoff of these subordinated mortgages missed at closing. When closing a new transaction where a HUD Subordinated Lien or Partial Claim Mortgage appears on record or exist with a modified original mortgage, two separate payoff statements for both the original mortgage and the HUD lien must be requested and paid at closing.For payoff statement requests for all HUD mortgages contact:Novad Management ConsultingShepard's Mall2401 NW 23rd Street Suite, 1A1Oklahoma City, OK 73107Toll-Free: (877) 622-8525Fax: (800) 489-1733payoffs@We appreciate your loyalty and great work. Let us know if you have any questions.801- 328-8229 - Ext: 1303sbetteridge@ ................
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