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

Comment Wall

Comment

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Comment by Vicky Rhodes on August 21, 2012 at 7:52pm

Thanks Kevin.  We waited almost 4 months for Flagstar to do anything...and we got not one word...until they said 'no'...hoping this one is more successfull :)

Comment by Kevin - Greenville, SC on August 21, 2012 at 7:47pm

Wells Fargo will usually order an Appraisal for an FHA PFS fairly quickly after the Seller's Financials are provided.

Comment by Vicky Rhodes on August 21, 2012 at 7:42pm

I have an offer on a Wells Fargo short sale.  Mutual agreement was July 31st.  As of yesterday, the BPO had not been ordered.  Is this normal or should we be pushing for more action?  thanks for any and all input!

Comment by Jimena Paridee on August 21, 2012 at 4:50am

@Bob you can always fax the package in and ask them to reopen the short sale.

Comment by Bob S on August 21, 2012 at 4:44am

Was told to continue to push for short sale by resubmitting offer to Wells Fargo, however Equator will not allow us to do so.  Any suggestions?

Comment by Cami Pinsak on August 15, 2012 at 6:47am

FHA short sale docs submitted to B of A 7/3/12.  Confirmed receipt on 7/6 and was given name of CRM that had been assigned as of 5/30/12.  No trust sale at this point. On 7/24, called CRM and was told she hadnt had time to review file.  Call 8/8 and was told by CRM that she needs offer right away as there is a sale date on 8/20.  She had not sent out welcome package or ordered appraisal.  Still trying to get sale postponed.  Help!

 

Comment by Jim Stewart on August 10, 2012 at 9:58am

I have a new potential FHA short sale listing.  The husband was hurt and cannot work.  Wife will likely be transfered out of state.  the problem is that they have about $10,000 in the bank from a student loan that is for school.  US Bank has the loan. Anybody have an idea of how they are going to look at a short sale request given the money in the bank?  Does the fact that it's student loan money factor in the decision?  I've not run across a seller with this much cash on and FHA deal.  Thanks!

Comment by Neil L. on August 6, 2012 at 3:43am

That's one of the reports that shows it's allowed, i'll go with that.  Thanks!

Comment by Kevin - Greenville, SC on August 6, 2012 at 3:25am

Neil,

Anything outside of what's here will require HUD approve a variance - http://storage.ning.com/topology/rest/1.0/file/get/3036187471?profi...

Comment by Neil L. on August 6, 2012 at 3:20am

Will FHA pay the cost for the Buyer's  OWNERS TItle Insurance Policy?  I've seen conflicting paperwork saying both Yes and No.

 

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