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 Kevin - Greenville, SC on November 14, 2012 at 10:24am
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It's in Mortgagee Letter 2008-43.
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Comment by Joan Vaca on November 14, 2012 at 10:23am
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I am trying to find somewhere in writing the if the mortgagor successfully completes the PSP program and sells their property, the deficiency is waived....I have been working so long on this one from Bank of America, I am unclear if it is waived because of the program or not....of course, I can't get in touch with anyone right now so I am putting this out there. Thanks.
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Comment by Arlene Garcia Hanner on November 9, 2012 at 10:50am
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Greetings,
Just wanted to mention that the FHA fax # above is incorrect. It is someone's voice mail.
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Comment by Ro Reed on November 8, 2012 at 2:01pm
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Hi, Maureen, I'm not very impressed with the NSC in my dealings thus far. So, reading your suggestion about my State Senator definitely made me smile. I love thinking that my tax dollars will be at work while someone in his office deals with them! Niiice!
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Comment by Maureen Nichols on November 8, 2012 at 12:20pm
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Dani - you will want to contact National Servicing Center - the servicer for HUD/FHA. If you contact HUD, they will refer you to NSC. The other very helpful thing (I've done this twice) is to contact your State Senator - most have a website, and on page one of their website should be a link saying "click here if you're having trouble with a Federal Agency." They will respond ASAP by contacting Flagstar, HUD & NSC.
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Comment by Wendy Smith on November 8, 2012 at 11:22am
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thanks Kevin, you make me smile, that's exactly the answers I wanted to hear!
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Also, I would think if payment for the lien release isn't on the seller side, then the Incentive could still be paid? - Should be.
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Can the buyer pay for the release from the junior lien? - All day long with an FHA PFS.
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I could not find anything in the PFS Program Guidelines to answer this question:
Can the buyer pay for the release from the junior lien? Does it matter (like in the case of FreddieMac) to HUD?
The negotiator at Service Link doesn't know. The minimum net will still be met.
Also, I would think if payment for the lien release isn't on the seller side, then the Incentive could still be paid?
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Comment by Dani Lawrence on November 8, 2012 at 10:48am
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HELP!! I am frankly in the pit of hell working on a FHA Flagstar Short Sale since March. Does anyone have a contact directly with FHA/HUD that I can attempt to escalate with? It would be vastly appreciated!! Any attempt I have made with Flagstar to escalate has gone nowhere and I am now on my 9TH! negotiator/ point of contact in 6 months. Thank you so much!
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