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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:
******
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.
Started by Noelle Battle. Last reply by Short Sale Superstars LLC Nov 22, 2019. 5 Replies 0 Likes
Started by Neil L.. Last reply by Short Sale Superstars LLC Oct 3, 2019. 2 Replies 0 Likes
Started by Savita Savita. Last reply by Short Sale Superstars LLC Sep 26, 2018. 1 Reply 0 Likes
Comment
Brenda,
more thank likely not. make your offer accordingly.
Will HUD allow an agent who is a principle in the transaction (buyer) to receive a commission in a short sale? Thanks.
Frank--I've had similar situations on short sales in the past. I've been told that if the reason the borrower vacated the home is due to the actual financial hardship, then they will grant a variance for that situation.
After just speaking with NSC, they told me that it's "within the servicer's discretion whether to request a variance". After working many short sales, there is no consistency anywhere. It's impossible to predict which files variances will be granted and which ones will not.
I have an FHA short sale and M & T is the servicer. M & T declined my short sale without informing me of the matter because my client's credit score exceeded 620. I know what the guideline is, but in the past I've received variances for issues like this.
I escalated the issue to M & T management and they were of no help. I escalated the issue to NSC and the escalation specialist was as unprofessional and misinformed as the M & T employees. I could tell that the specialist didn't understand their own FHA guidelines. DOES ANYONE KNOW ANOTHER AVENUE TO HOLD THESE PEOPLE ACCOUNTABLE????
Ask the negotiator to request a variance for the closing costs. I had one that just closed yesterday where I had to be very insistent and finally got the negotiator to request the variance for 4% and we got it. As long as the NET to HUD is they normally approve
Thanks Kevin.
there is a catch though Guerry. Call me. 864-485-9283.
go figure. incorrect info from BOA?? say it ain't so.. FHA has no so new policy.
BoA told my seller that HUD has a new policy of not starting an FHA short sale file until there is an offer. HUD National Service hotline has told me that's not true. But has anybody run into this problem with BoA? They are usually very good.
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