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 Kent Dills on August 25, 2010 at 12:14pm
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Deanna, no worries. Go get'em girl! ;-)
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Comment by Deanna Funderburk on August 25, 2010 at 12:09pm
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Thanks Kent. The seller was trying to get in contacat with them but the buyers agent was questioning if they, "Well's" is confused about the counseling. He felt this is something they might do if it were a loan mod. not a short sale. I have not delt with this before.
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Deanna, the HUD counseling is a 15 minute phone call to a certified HUD counselor. Ask Wells for the phone number and they'll give it to you. You give it to your seller, they make the call, and 15 minutes later everyone can check that off of the checklist. NO PROBLEMA, SENORITA! ;-)
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Comment by Wendy Rulnick on August 25, 2010 at 11:58am
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Jim Stewart below - You may be able to postpone depending on your state. OR just get it under contract quickly!
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I have an FHA file being serviced by Wells Fargo. My sellers filed bankruptcy, that has been discharged and Well's is saying the seller must complete HUD counseling before they will move foreward on short sale. Has anyone had this happen?
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Comment by Brigitte Powell on August 25, 2010 at 9:57am
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Kathleen, you can still list it and say it will be a short sale (depending on your net sheet). Present a contract when you get it and see what they do.
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Call the servicer (mortgage co) tell them you have it listed for sale and ask for an extension
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Comment by Jim Stewart on August 25, 2010 at 9:50am
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Does anyone know how to stop an FHA foreclosure so we can try to do a short sale? A seller just called me about listing her home but her home is scheduled to be foreclosed on 9/21. Is there any way to stop this or is she just out of luck?
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Comment by Aida Gonzalez on August 20, 2010 at 11:34am
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Does Fha will aprove a Deed in Lieu foreclosure ? can somebody has the answer? thanks
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Peter, the guidelines, sample docs, etc. are all posted at the top/beginning of this group page. Download, read, and act on all of them. You'll be an FHA/HUD short selling guru! ;-)
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