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Can a Partial Claim be used if the mortgagor is 14 months delinquent?

April 26, 2017claim delinquent months mortgagor partial Used

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Can a Partial Claim be used if the mortgagor is 14 months delinquent?

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Per Mortgagee Letter 2003-19, under Definition and Existing Guidance, 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 worth of principal, interest, taxes, and insurance (PITI)). Therefore, the mortgagor would have to have sufficient funds to pay towards the arrearage, so that it is no more than 12 months delinquent.