FHA - HUD Short Sales

Information

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 Kathleen Lordbock on March 18, 2011 at 8:34am
Finally- Wells Fargo FHA-HUD short sale approval! 2 negotiators, a complaint to the supervisor and one apology  to me later and we are moving to close. That took way too long.  Have another one submitted- hope it goes faster.
Comment by Jim Stewart on March 17, 2011 at 7:08am
Unfortunately, Wells Fargo table funded the loan AND did all of the docs.  The broker who did the loan supposedly was given a power of attorney to execute all necessary docs on WFC's behalf.  She says she did everything (to the best of her memory) and the title company who did the closing is out of business.  Fun, fun.
Comment by Michael Schneider on March 17, 2011 at 6:09am

Jim,

Yes, I have been in this position. The originator, who was the mortgagee of record, assigned the mortgage, allowing us to proceed. 

I believe that only the mortgagee of record can assign their mortgage.  So, first, I think you need to verify who this is, via the land record or MERS or phone. Then, they need to execute the assignment.

You should be working with an attorney on this, I think.

Comment by Jim Stewart on March 17, 2011 at 5:17am
I have a weird situation.  I am trying to do an FHA short sale with Wells Fargo (WFC). WFC has been servicing the loan for the last year but the assignment of the loan was never done from the mortgage broker who originated the loan.  Because of that WFC will not start a FHA short sale but they aren't doing anything to resolve the title issue either.  The broker who originated the loan won't do anything and says WFC has to do it (which makes no sense to me).  Any thoughts??
Comment by Kathleen Lordbock on March 14, 2011 at 3:14pm
Eagerly awaiting an approval from WF FHA- we are on our second negotiator now and in final audit.
Comment by Wendy Smith on March 14, 2011 at 1:27pm

Thanks.  The seller has been out for 22 months. 

I was hoping the rule had a revision, something updated - I think that rule is from 2008. 

Doesn't it seem counter-productive to have foreclosure as the ONLY other option.  Do you know if FHA will do a DIL in these situations?

Comment by Bryant Tutas on March 14, 2011 at 1:16pm

Wendy, Here's the rule:

Comment by Bryant Tutas on March 14, 2011 at 1:12pm
Wendy. That's possible. FHA is very strict. Although there are exceptions to every rule. How long have the sellers been out of the property?
Comment by Wendy Smith on March 14, 2011 at 12:32pm

If a property fails the vacancy/rental requirement, then the house just goes to foreclosure?  I have a seller who job transferred from FL to CO and let her brother rent the house.  Wells Fargo is telling me that the house must be foreclosed as FHA will not participate in a short sale.  Can that be right?

Comment by Dawn Green on March 4, 2011 at 7:18am

Hi Kevin and Alan

Thanks!  GMAC negotiator was the one who told me " That is what "I" will accept.  As there are no rules, this is why I am asking.  I like the idea of attaching a statement noting time on market and see where that goes. 

Again, thanks, you guys are wonderful and I will let you know how it turns out!

Dawn

 

 

Members (581)

 
 
 

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************