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

 

 Click The Button Now To Hire A Short Sale       Superstar To Support You.

 

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 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 Fred Bauscus on October 2, 2013 at 9:46am

Wells Fargo rep just told me that my seller's file will be on hold for about a week because of the updated HUD guidelines. Anyone else being fed this line of BS?

Of course filing a complaint with the national servicing center does no good because of the government shut down.

Comment by Dean E Eshelman, CPA, CDPE, IRES on September 10, 2013 at 4:12pm

Person did a refi on property in May 2012. Is there any loan seasoning time period that applies before doing a short sale? Sevicer is PNC

Comment by Kevin - Greenville, SC on September 10, 2013 at 9:09am
Comment by Alexis Adams on September 10, 2013 at 8:56am

CitiMortgage refusing to move forward with FHA SS because homeowner did not file taxes in 2011. Submitted letter to CitiMortgage letting them know that she did not file because she made >$500 that year. Apparently that would not suffice. Anyone ever run into this? Citi is not willing to submit a variance request nor move the file forward. Escalated to HUD and left multiple voicemails so I guess we will see. Have run into this with Wells Fargo FHA but it was not an issue.

Comment by Katie Mitchell on August 22, 2013 at 7:23am

@joe--thank you for the advice.  I was about to escalate to HUD and hopefully it will be better results this time.  The lender has also submitted the $123k appraisal to see if underwriters will accept using it vs. their appraisal.  I have also reached out to WF again to see if they will submit a variance to HUD with the new appraisal.

@Fred--I had already been assigned a specialist.  He is the one that said they would go with the higher of the two values, which I felt was conflicting information from what I have been told in other experiences.

Thanks for the replies!!

Comment by Fred Shocklie on August 22, 2013 at 6:50am

Call  FHA National Service Center 877-622-8525 (Deval), option 1. You will need the FHA case number. Then you will need to send in your authorization. Ask when to callback, then explain the problem. They should assign your case to a HUD Specialist. It will take 24 to 48 hours to hear back once it is assigned.

Comment by joe beauchamp on August 22, 2013 at 5:56am

Katie, there are at least 2 levels of people at HUD - usually the first you talk to are guard dogs who will admit nothing, help nothing, often don't know FHA rules. Then you have analysts who can count to 10 and understand when there is a problem. I suspect you got your 1 response from the HUD nimrods and that is it. In your position, I would gather some useful facts (why are WF's appraisal comps wrong, your FHA appraisal is more current and HUD says that they only except the highest appraisal no matter how wrong or old it is, etc.) and call HUD back. A callback usually gets you to "escalations" which means thinking people -- usually.

Beyond that, it is time to write out your case so it is clear, obvious and compelling and go to a state senator to have a chat with WF.

Comment by Katie Mitchell on August 22, 2013 at 5:12am

We have an FHA Appraisal that has come in lower than the FHA Appraisal done by WF for our short sale.  Our contract was for $115,000 no closing costs and WF approved the seller's into the PFS Program at a $123k value.  The buyer amended the contract to increase to the $123k with 1% closing costs.  WF appraisal was done on 7/24 for $123k and the buyers was completed on 8/12 for $115k.  WF will not accept the amendment to lower the value or submit a variance.  We have lost our rebuttal of the lender's appraisal--they disagree with certain comparables used in the $123k appraisal.  I have contacted HUD, but their response was they will only use the higher of the FHA values.  Any suggestions on how to move this short sale forward with the dispute in values?

Comment by Thom Colby CA Brkr 888-391-5245 on August 16, 2013 at 7:18am

Wendy - YES, this is the new thing. Borrowers MUST maintain the property - it's probably in their "Note".  Servicers are cutting back on property maintenance.  I had one where the City levied over $50,000 in fines (CA Desert) but Chase didn't care since they can go after the borrower for the $$$.  Make sure the Seller is keeping the property maintained.  If no Prop Pres sticker on house - it's probably a neighbor cutting the lawn!

Comment by Kylee Roe on August 14, 2013 at 11:19am

Thanks Fred! In process....Champion mortgage refuses to help or contact lien holder.

 

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