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 Peter Bond on August 11, 2010 at 7:43am
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I just found out that FHA is not eligible for the HAFA program. Does anyone have a good reference for the guidelines for FHA? What criteria do they use to approve and what benefits or restrictions do they have. I tried to find the info here, but it looks like the fact sheets are all pre HAFA. Thanks for any help.
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Comment by Kent Dills on August 11, 2010 at 3:52am
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Kathleen, the HUD guidelines do say that the loan needs to be in default (behind on payments) at time the short sale closes.
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Comment by Kathleen Lordbock on August 11, 2010 at 3:47am
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does the seller need to be behind on payments for this? I have a Wells first no second FHA that is in the preapproval stage. Owners just got a form HUD letter that says a requirement is to be behind on payments- mine are not but will if they keep going. Lost job, moved to another city to work, renting.
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Comment by Janet Nelson on August 4, 2010 at 4:34pm
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Tina...I have had to reduce commission to get a HUD PFS approved...However, it was reduced before we got approval...I had to help to net HUD 84% of appraised value......Nothing was changed after the estimated HUD-1 was approved though.....Hope that helps.
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Comment by Tina Farinas on July 30, 2010 at 8:46am
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That's what's I'm trying to figure out with EverHome.
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Tina, if you already have the PFS approval, why are you still in negotiation over commissions and giving some back?
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Kent, EverHome is the first, The loan is an FHA and I hold a PFS approval from them which means that commission is acceptable up to 6%
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Tina, If Everhome is the 1st, you're going to have to decide whether it's worth it to you and the other agent to give up some of the commissions. Sometimes there's no way around it. Fannie and Freddie and Treasury-type HAFA short sales are the only ones where commissions are off limits to the best of my knowledge. Good luck!
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Tina, is Everhome the 1st or the 2nd?
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Ken...commission is at 6% and not any higher. Everhome is insisting it is not mandated in the guideline and if neither the listing or selling agent contribute a portion of their commission equalling to $1k, then the deal is dead.
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