FHA - HUD Short Sales

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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:

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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 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

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Comment by Laura K Baldwin on July 1, 2010 at 1:13pm
Lisa - I did a FHA short sale that closed June 10th and my seller was in that same situation. When my negotiator told me that the property had to be occupied and the homeowner chose to move out and live with her new husband, I informed her that the home owner's HUD counselor informed her she met the criteria for vacant property. It was never brought up again. FHA guidelines state (page 6, sec. B - 3rd bullet) that the subject property was not purchased as a rental or used as a rental for more than 18 months... Your issue may be with a PNC negotiator, not FHA. I suggest contacting FHA, informing PNC you've contacted FHA and there seems to be a misunderstanding because you were informed (better yet, the homeowner was informed), that according to FHA guidelines, page 6, Mortgagor Qualifications, that the home owner does indeed fall within the guidelines. Also, cc FHA and the negotiators manager.
Comment by John Edelman on July 1, 2010 at 10:55am
Dee - It sounds like the person that you are talking with does not understand the PFS program. I'm sure they wouldn't admit it - but it is apparant they don't. There are no guidelines about when you have to apply for the PFS program - I do many that are close to the foreclosure sale and they vacancy rule has some lieniency in it. I you actually talking with an assigned negotiator or just the phone support?
Comment by Bryant Tutas on July 1, 2010 at 10:40am
Dee on a FHA PFS sale it's my understanding that they have to be 30 days delinquent on day of closing.

Comment by Bryant Tutas on July 1, 2010 at 10:37am
I received those from Wells Fargo. I was just now able to reduce from $140,000 to $114,000. However they would not change the dates on the HUD 90045. So we wasted 60 of our 120 days.
Comment by Paola Martinsen on July 1, 2010 at 8:54am
Bryant, which bank sent you those appraisal dispute guidelines?
Comment by Dee Garcia on July 1, 2010 at 8:49am
I am working an FHA short sale with Chase. I have just been informed by the negotiator that he is declining the short sale because "the seller did not attempt to do a short sale or loan modification with 30 days of being delinquent" also that the house is not occupied. Mind you, reason why the house is not occupied (and this is all over the Hardship Letter) is because the homeowner suffered a heart attack and was put in a home - assisted living facility. I read the FHA pre-foreclosure guidelines and I did not find anything to the effect of this 30 day timeline. Does anyone have any feed back on this? Thanks in advance!
Comment by Kent Dills on June 25, 2010 at 2:05am
Cathy, I had to escalate my file to the negotiator's supervisor to get a new appraisal ordered. I just gave the supervisor verbal comps right over the phone and made my argument verbally. Didn't need to fax or email anything else as it was readily apparent to the supervisor that I knew my market!

OBTW: The new appraisal came back much closer to my valuation than the incorrect appraisal that I contested and I got the retail offer I had on the table accepted and closed soon thereafter.

Good luck Cathy!
Comment by Bryant Tutas on June 25, 2010 at 12:31am
Cathy. Here are the guidelines to dispute an FHA appraisal.

FHA Appraisal dispute guidelines_new.pdf
Comment by Bryant Tutas on June 25, 2010 at 12:26am
Cathy. You have to submit new comparable sales and your explanation of why you feel the appraisal is wrong. YO may have to fight hard to get them to order a new appraisal and issue a revised HUD 90045.

I'm gong through the process right now. I sent in my dispute and it was rejected. I kept hammering the issue and they just ordered and did a new appraisal. I am still waiting on the results. The property is worth $105,000 and they had FMV at $140,000.
Comment by Cathy Baumbusch on June 24, 2010 at 5:06pm
@Kent Dills, what is the process for contesting the appraisal on FHA Short Sale? We have one we're working right now where the FHA appraisal came in ridiculously high. Comps used weren't even in the same neighborhood.
 

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