FHA - HUD Short Sales

Information

FHA - HUD Short Sales

HUD rules for FHA short sales, tips, experiences, etc.

Fax LOA:  918-236-3274

PH 877 622-8525

Members: 557
Latest Activity: Jul 11

FHA Preforeclosure Sale Guidelines

 

 Click the button to hire a Short Sale Agent Superstar in your area

 

7-9-13 Updated Pre-Foreclosure Sale (PFS) and Deed in Lieu (DIL) of Foreclosure - Effective 10-1-13.

FHA National Servicing Center 

(877) 622-8525 Customer Service

(469) 674-4451 Fax

customerservice@deval.us

301 NW 6th Street, Suite 200
Oklahoma City, OK 73102
National Servicing Center:

FHA Contract Clause

"Sale is contingent upon the seller receiving prior written approval of Insert Name of Lender/Servicer."

FHA Listing Agreement Clause

“Seller may cancel this agreement prior to the ending date
of the listing period without advance notice to the broker, and
without payment of a commission or any other consideration if
the property is conveyed to the mortgage insurer or the mortgage
holder.” The sale completion is subject to approval (under HUD
guidelines) by the mortgagee.

 

Discussion Forum

BofA Short Sale after an FHA loan mod

Started by Jerry Robertson. Last reply by Brett Goldsmith Jul 11. 9 Replies

Jr. Liens to an FHA Mortgage

Started by Terry Reager. Last reply by Brett Goldsmith Jul 9. 4 Replies

Comment Wall

Comment

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Comment by Jim Schneider on April 23, 2012 at 9:33am

New situation, Wells Fargo FHA mortgage. Loan is current, but seller's are divorcing. Will Wells and/or HUD consider divorce "imminent default"? Neither spouse currently has means to make the mortgage payments on their own. Please write back if you've had this one.

Comment by Wendy Smith on April 16, 2012 at 12:42pm

good morning - I can't seem to find the contact info for Darrell Powell. 

would someone please share?  thanks

Comment by Kathleen Lordbock on April 13, 2012 at 5:15pm

Thanks all- I have done a few other FHA-HUD SS but this one started out too high and the negotiator seems to think that I can not move the price down even to generate offers. Price is moving next week and there after- what is the worst that could happen? An offer would be nice!

Comment by Michael Schneider on April 13, 2012 at 9:44am

@Kathleen.  IMHO this is the major flaw in the FHA program, and it's a big one.  Get your best offer, submit it.  If the net exceeds 84% of the ATP value, you can generally get it approved, with a variance, if necessary.  If the net is less that 84%, you can try to dispute the value.  But the FHA dispute process is illogical and out-of-date.

Success depends primarily on price and on your closing costs (adjustments, 2nd lien, conveyance taxes, partial claim, etc.)

When the initial appraisal is much too high, sometimes all you can do is stop wasting your time.

Comment by Kevin - Greenville, SC on April 12, 2012 at 11:12pm

There is no such requirement that they wait prior to ordering another Appraisal.

In an effort to ensure that the most current FMV is used for the PFS, a mortgagee may obtain a new FHA appraisal, even if the property was appraised by an FHA Roster Appraiser within the preceding 120 days.

Monitoring of Appraisals

Mortgagees are reminded that HUD performs monitoring reviews of appraisals and holds mortgagees accountable for the quality of appraisals on properties securing FHA-insured mortgages. As such, HUD may request electronically-formatted appraisals to review and ensure their accuracy. Mortgagees who submit appraisals that do not meet HUD’s requirements are subject to the imposition of sanctions by the HUD Mortgagee Review Board in accordance with 24 CFR Part § 25.9 (ee) and Part § 203.5 (e)(3).

Comment by Bill Black on April 12, 2012 at 11:05pm

Is there any repairs that need to be done? Roof, Furnace, Dry Rot, Gutters? 

Comment by Kathleen Lordbock on April 12, 2012 at 11:01pm

Kevin- I requested one and she said not until May.

Reducing the price and trying to generate an offer seems to be our only hope for now and then ask for a variance if it is below the net, I assume?

Comment by Kevin - Greenville, SC on April 12, 2012 at 10:47pm

Get an updated As-is Appraisal if only one has been completed.

Comment by Kevin - Greenville, SC on April 12, 2012 at 10:46pm

Price reductions.

Comment by Kathleen Lordbock on April 12, 2012 at 10:45pm

When the ATP is issued a  Fair Market value is given. This negotiator wants the property to remain listed at the Fair Market value even though we are in the 3rd month with no offers and no interest after a showing. According to my CMA we are about $15000 to $20000 over market. Usually I have regular price reductions and still try to stay within the net for that time (although in this case - net is above market for this property) on my FHA-HUD SS.

Do others do MLS price reductions or just leave it sit at the starting price? She emails me every week to check on status and list price.

 

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