FHA - HUD Short Sales
Information
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
customerservice@novadconsulting.com
301 NW 6th Street, Suite 200
Oklahoma City, OK 73102
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 Short Sale Superstars LLC Nov 22, 2019. 5 Replies 0 Likes
Loan is TOO FAR DELINQUENT to qualify for a Preforeclosure Short Sale?
Started by Neil L.. Last reply by Short Sale Superstars LLC Oct 3, 2019. 2 Replies 0 Likes
Hud/FHA declining to do short sale
Started by Savita Savita. Last reply by Short Sale Superstars LLC Sep 26, 2018. 1 Reply 0 Likes
Comment Wall
Comment
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Comment by Stephanie Lim on October 21, 2009 at 2:16am
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Moved out because we got a contract on the house. The last one I worked was for a buyer and I think that one may have been an investment property but not sure. It closed.
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Comment by Neil L. on October 13, 2009 at 3:00am
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I'll add those two to my list :) Thanks.
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Comment by Mori Langshaw Sr on October 12, 2009 at 3:07pm
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KS, although I have done a few FHA deals, 2 have been vacant. One reason, was murder. Yes, can you believe I had a short sale that was in the news as a double homicide? Yes. Daughter walks in (pregnant) and sees her dad and fiance being murdered. She gets beaten to the point the killers think she is dead but she lives. (she just gave birth to a health baby girl, by the way)
2. Ironically enough, domestic violence case where the seller filed for a protective order against her ex husband.
Hope that helps but both are pretty unique.
Good Luck.
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I am starting two FHA short sales.
Can someone share a list of vacant reasons that HAVE been approved by FHA in the past?
I don't want them shot down at the last minute if I can avoid it.
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In my experience, they will definitely accept explanations, just realize that this may have to be addressed. My last two completed FHA short sales had been vacant for months. :-)
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Comment by Wendy Rulnick on September 25, 2009 at 1:53am
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If sellers have moved out of their HUD-financed home and it is vacant, HUD will need a letter explaining why. HUD normally does not allow a short sale unless the home is occupied.
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Great going,Stephanie!
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I just added some actual approval forms from the lender above.
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Very interesting!!! That is awesome... I know some lenders who WON'T do that, BOFA for example. I had a similar situation. BOFA approved sale at 85K, but buyer's appraisal was only 75K. Buyer's lender was ALSO BOFA.... Guess what ? They did not care and closed the file!! We had to go through the ENTIRE process again... Congrats on your sale!
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