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Illinois Mortgage Modification Glossary
- 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.
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