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:

******

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

Comment Wall

Comment

You need to be a member of FHA - HUD Short Sales to add comments!

Comment by Mary Lou Burton on January 31, 2013 at 2:47pm

Does an FHA backed investor lose any money if the house goes to foreclosure?  Chase deal, buyer countered less than $1000 of Chase counter, FHA appraisal came in high, four months left on redemption period, trying to work out a settlement with outstanding HOA. Hoping to have buyer come in $2000 less than counter and pick up $1000 in HOA, seller to settle late fees, etc., Chase to pay only outstanding dues.   Going on since Monday, today all Chase notes have been removed from Equator.  What do you think?  Thanks for your advice and taking the time to read this.

Comment by Kevin - Greenville, SC on January 31, 2013 at 8:59am
Comment by Todd J Sullivan J.D. on January 31, 2013 at 8:10am

Thanks Kevin,

That's what I thought. Always good to pull a full title report first..... Even if Title doesn't want to.

Trust what your client says? hmmmmmm.

Comment by Kevin - Greenville, SC on January 31, 2013 at 7:44am

Probably not, but what is the process to negotiate down a Partial Claim with HUD or are you out of luck? - PC must be paid in full.

Comment by Todd J Sullivan J.D. on January 31, 2013 at 7:41am

Help with a Short Sale and Partial Claim that popped up (thank you client!) in second lien position. 

Question: the short seller completed the loan modification 2 years ago. Title stated that a Partial Claim may be removed if the loan modification was 2 years or more. I can't find anything in regards to that information (nor can Title substantiate it).

Any truth to it? 

Probably not, but what is the process to negotiate down a Partial Claim with HUD or are you out of luck?

Thanks for you help!

tjs

Comment by P Nicolas Velecico on January 20, 2013 at 9:19am

 Client contacted me about 3 years ago , DID NOT WANT to pay mortgage because he was upside down . Told him I could not help . Fast Foward 3 years he is still in the home but now seperated from his wife , GMAC offered him DIL , he sent all paperwork in but was denied because he never tried SS . Now he wants me to try SS . is this a waste of time ? its a manufactured home . GMAC is lucky if they recover 30% of the original note on a SS . I want to help him but dont want to list a property if the SS will not be approved 

Comment by Kevin - Greenville, SC on January 15, 2013 at 6:13pm

Thom,

Yes.  Call me.

864-485-9283

Comment by Thom Colby CA Brkr 888-391-5245 on January 15, 2013 at 6:11pm

Hundreds of Short Sales completed and I'm just starting my very first FHA PFS - any Tips? 

It's with Chase and there was already a Loan Mod granted 2 payments completed on a 3 payment Mod, seller cannot continue with payments.

Comment by James ferebee jr on January 12, 2013 at 7:27am

Partial claims must be paid in full and the rep at the bank does not know what they are talking about. I have done 5 this past year and the PC comes from the banks net so they Will take less than the min net because the PC will come from it unless however your offer is much higher to still allow the PC to be paid and give the lender the min net or above it.

They use to have a way to attach documents to this comment avenue or I could send you the HUD information but you can review the link I posted for you with the FAQ's or call FHA and tell them you would like to discuss the PC senario and you will have all you need for the bank and if you still get crap from the rep,

talk to a supervisor who should know the rules.  

Comment by Kevin - Greenville, SC on January 12, 2013 at 7:20am

The PC MUST be paid in full.  No if, and's, or but's about it.  For the amount the net falls under the required net proceeds for the Pre-Foreclosure Sale Bank of America will need to request a Variance.

 

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