FHA - HUD Short Sales

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FHA - HUD Short Sales

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

Fax LOA:  918-236-3274

PH 877 622-8525

Members: 581
Latest Activity: Sep 28, 2020

FHA Preforeclosure Sale Guidelines

 

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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

1-800-489-1733 Fax

1-866-808-5050 Fax for LOA

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National Servicing Center:

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Please note that effective October 1, 2014, Deval LLC will no longer be HUD's National Servicing  loan servicing contractor. The new contractor, Novad Management Consulting will be your new point of contact.

 

For all Customer Service questions please contact [email protected]

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

NOVAD as 2nd lien

Started by Noelle Battle. Last reply by Brett Goldsmith Nov 22, 2019. 5 Replies

Hud/FHA declining to do short sale

Started by Savita Savita. Last reply by Brett Goldsmith Sep 26, 2018. 1 Reply

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Comment by Myra McCaskill on May 20, 2010 at 1:25pm
Bryant - can you please tell me who do I need to speak with at BofA as I am not getting anywhere with the reps I have been speaking to with regard to NOT having an offer to do the FHA-PFS. Thank you for you insight.
Comment by Bryant Tutas on May 20, 2010 at 11:24am
Myra. You do not need an offer to start a FHA Pre foreclosure sale (PFS). Pull the FHA guidelines up in this group and it will walk you through the process. Personally I only list FHA short sales after I have received the HUD 900-45. I want to know the price they will accept.
Comment by Myra McCaskill on May 20, 2010 at 7:59am
Has anyone started a FHA HUD short sale with BofA without an offer and just have the homeowner complete the Application to Participate - Form HUD-90036? I have been told two different things from BofA. One representive said you don't need an offer but I called the next day and a different rep said you do need an offer. Does anyone have any insight? I
Comment by John Edelman on May 19, 2010 at 2:46pm
This can be a problem. The HUD guidelines state that the property is not eligible for a short sale if it was leased for 18 months or longer (I think I have my time correct) - and Midland can be fairly difficult to get to bend the rules.

I have had some FHA short sales that were leased for longer than this amount of time - but the lien holder never asked about it and everything got approved.

I am not sure what to tell you to do in this case - maybe someone else has an idea. If Midland has already made their decision and noted the account- may not be any options.

I guess you could try contacting HUD and pleading your case - maybe they will allow a variance - it is their rules.

Good Luck!
Comment by P Nicolas Velecico on May 19, 2010 at 2:15pm
it was leased
Comment by John Edelman on May 18, 2010 at 1:48pm
Was the home leased out during that period or just vacant?
Comment by P Nicolas Velecico on May 18, 2010 at 12:54pm
I recieved a shortsale offer on a property that has an FHA loan that is presently NOO , the bank ( Midland ) refused the offer because the home has been NOO for over 18 months , said the seller has no options to shortsale , mod , or deed in lieu because of the occupancy issue .

Ironically the offer is from an inner city housing authority that is using HUD funds to purchase homes , rehab them and offer them at below market price to propsective homebuyers under the section 32 buyer program
Comment by Laura K Baldwin on May 18, 2010 at 10:57am
When I asked him to send the HUD -90052, that is when he told me docs would be sent 3-5 days before closing -the phrase I cut and pasted below.
What do you guys think?
Comment by Brian Garff on May 18, 2010 at 9:41am
Laura - I've never seen a "final demand letter" from BofA. Closing instructions are part of the approval letter. If you have an approval letter all you need to do is send a final HUD to the closing department and get an e-mail "OK" back from them. That isn't too difficult, especially if you tell them the close is just a day away (I' had a final HUD approved in 30 minutes last month) But if you don't have a written approval letter yet you might have trouble closing by 6/30.
Comment by Bryant Tutas on May 18, 2010 at 9:14am
Laura. Do you have written short sale approval already? Not the HUD 900-45 but the regular approval from BofA?
 

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