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 Kathleen Lordbock on April 12, 2012 at 4:01pm
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Kevin- I requested one and she said not until May.
Reducing the price and trying to generate an offer seems to be our only hope for now and then ask for a variance if it is below the net, I assume?
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Comment by Kevin - Greenville, SC on April 12, 2012 at 3:47pm
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Get an updated As-is Appraisal if only one has been completed.
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Price reductions.
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When the ATP is issued a Fair Market value is given. This negotiator wants the property to remain listed at the Fair Market value even though we are in the 3rd month with no offers and no interest after a showing. According to my CMA we are about $15000 to $20000 over market. Usually I have regular price reductions and still try to stay within the net for that time (although in this case - net is above market for this property) on my FHA-HUD SS.
Do others do MLS price reductions or just leave it sit at the starting price? She emails me every week to check on status and list price.
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Sorry John- I did not see your comment until now and we got this one closed after many months and many issues.
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Who ever called me about an FHA PFS issue with Fifth Third yesterday, please call me back (864) 485-9283.
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It's very clear. I don't see how Servicers could misinterpret this guidance...but......
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A. Loan Default
At the time the PFS closes, the loan must be in default (i.e., delinquent more than 30 days). Mortgagees may exercise their discretion to accept applications from mortgagors who are current but facing imminent default. However, by the date the PFS settlement occurs, the loan must be in default. Mortgagees should document this decision in the claim review file. Source - Mortgagee Letter 2008-43
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Steven,
U.S. DHUD
National Servicing Center
301 NW 6th Street, Suite 200
Oklahoma City, OK 73102National Servicing Center: (877) 622-8525
http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sf...
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Comment by Ro Reed on April 9, 2012 at 9:53am
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Thanks, Michael and Bill. I had a long discussion with a lender and, coupling that info with this, I think he needs to resign himself to a rental situation for a short while.
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