Assumptions - Assumption of an FHA-insured mortgage is a servicing function where the responsibility or paying for a mortgage is taken over by another person through simple assumption or creditworthiness assumption.
Claims - The vehicle utilized for payment of insurance proceeds from HUD to a Mortgagee is the Insurance Benefit Claim form HUD- 27011. This form is utilized for all submissions of claims for Conveyance of Property and Loss Mitigation Option incentives.
Deed-in-Lieu - A Deed in Lieu of foreclosure (DIL) is a disposition option in which a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. A DIL of foreclosure may not be accepted from mortgagors who can financially make their mortgage payments.
Extension of Time - To comply with required time frames, an Extension of Time may be granted for a mortgagee to initiate or complete a Loss Mitigation (except Pre-Foreclosure Sales) and/or foreclosure action.
Foreclosure - Foreclosure should only be considered as a last resort and should not be initiated until all relief options have been exhausted. When foreclosure cannot be avoided, it must be started quickly and prosecuted vigorously to minimize losses to both the mortgagee and HUD.
General Loss Mitigation - This category includes all Loss Mitigation questions that are not specific to one of the five Loss Mitigation Options.
Loan Modification - A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
Partial Claim - Under the Partial Claim option, a mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI). Currently, these promissory or "Partial Claim" notes assess no interest and are not due and payable until the mortgagor either pays off the first mortgage or no longer owns the property.
Pre-Foreclosure Sale - The Preforeclosure Sale (PFS) Program allows the mortgagor in default to sell his/her home and use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed.
Single Family Default Monitoring System - Data reported to the Single Family Default Monitoring System (SFDMS) is used to measure the effectiveness of origination and servicing activities, and the potential risk to the insurance fund.
Special Forbearance - A Special Forbearance (SFB) is a written repayment agreement between a mortgagee and a mortgagor, which contains a plan to reinstate an asset that is minimum three mortgage payments due and unpaid.
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Article Source: http://EzineArticles.com/?expert=John_D_Baker
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