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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.
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Comment
Does Lender have a time line to reply once an offer is submitted? I have been trying to research and cannot find the answer.
Thank you!
Rather, PFSP -- Preforeclosure Sale Program.... PSFS was a bank in Philadelphia/Wilmington. No relationship....
Don't hold your breath waiting for FHA/HUD Asset Management. Not sure, frankly, that they care about unnecessary losses.
I wrote to FHA/HUD on the related issue of valuation and FC/DIL. IMHO HUD handling of valuation causes HUD to acquire property, with unnecessary and large losses to the FHA insurance fund.
Got a callback from the Director of Single Family Asset Management, I believe. She said to me: "We have never heard of these problems. No Servicer has ever said there is a problem. I don't think there can be a problem, because we are following our guidelines."
When PSFS works, it is great, no question. And variances can be approved. When PSFS fails, all bets are off.
HUD REO Purchases are one of the most difficult right now.
I had a cash buyer wait 3 months trying to buy a HUD REO only to have HUD cancel the contract. HUD stated the property was going back to the lender as they could not get the title cleared, 3 days later its back on the market active.
The buyer was furious, unfortunately no one cares at HUD, BLB, Title Co etc.
I am dealing with the same thing. They have this funky rule that says you have to schedule to close 5 days before you want to close. They filed extension because of an issues they had but they didn't officially grant it to themselves until 3 days before it was expired so we couldn't techinically get the extension in the 5 days before everything expired nor could we close in that time because we have to schedule 5 days before closing. We ended up having to get 2 more extensions because of this strange conundrum. Total BS.
In this deal there was a title issue. I was following up with the asset manager and the title company to make sure it was taken care of. The asset manager called me up and told me that if I wanted this to close I had better be calling the attorney handling the extra lien that had managed to not foreclose and negotiate the release myself as both her and the title company were way to overwhelmed with the number files they were handling to make this all work. The listing agent also is to busy to have any input which is to bad considering hud now pays listing agents in our area a full 3 percent.
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