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 John Edelman on March 24, 2010 at 3:36am
Who is the bank you are dealing with?
Comment by Nina Sloan on March 24, 2010 at 2:59am
How long does it take to receive approval for a variance when a FHA Short Sale is being purchased with a FHA Loan and the buyer NEEDS 3% to make the deal happen? We've been waiting almost a year. This is the last piece needed before being issued an acceptance letter from the bank.
Comment by Kent Dills on February 23, 2010 at 11:45am
Damon, on all the FHA/HUD shorts I've done, the bank always completes the application to participate and sends it to HUD. They'll send you a copy when submitted and once approved!
Comment by Damon Gettier on February 23, 2010 at 8:20am
I have read all of the information above and viewed the .pdf documents but I cannot find where to send the HUD Application to Participate. Do I send it to Bank of America?
Comment by Kent Dills on February 22, 2010 at 4:17pm
Deb, Why not tell US Bank you're going to use $700 of the $750-$1,000 Seller Incentive towards the Ch 13 expenses. They should have ABSOLUTELY NOTHING NEGATIVE to say about that.
Comment by Deb Orth on February 22, 2010 at 3:24pm
FHA loan - non-allowed costs according to US Bank. Hi y'all. I have gotten close to the finish line on a contract only to find out that because the Seller had a Ch 13 bankruptcy (the house is NOT in the Ch 13), we have to get the Ch 13 trustee to issue the order to allow the sale.

This can take 3 weeks or more and the cost is $700. I included it on the HUD-1 and am told this is not allowed according to FHA guidelines. I reviewed the non-allowable costs and I don't see it.

There is NO way my Seller can pay and this means foreclosure even though HUD nets more than they had expected.

Any ideas or solutions?

Deb Orth
Comment by Kent Dills on January 26, 2010 at 3:22pm
Vincent, I just got an Approval Letter on an FHA/HUD short sale and the lender KNOWS that the sellers have moved back to GUAM. So, I'm either just getting lucky, or the owner occupancy issue isn't that big a deal.
Comment by Vincent Mignogna on January 26, 2010 at 2:20pm
I am working on my first FHA/HUD short sale and I understand they have a requirement, the owner occupy the property, my seller moved out after a divorce and to take a new job, what is the specific exclusions. Keep in mind he did move out after submitting the offer to BofA they just have not agreed to it since July! I think he is within the exclusions but I just don't trust these people!
Comment by Dawn Barrier eXp Realty Vegas on January 9, 2010 at 6:40am
Kay, In the Equator system seems it is 2-5 days, then you will be assisgned more task,,,,ck the system daily.
Comment by Kay VanKampen on January 8, 2010 at 3:06pm
I just sent in an FHA short sale to Bank of America through Equator. Tried to call the bank later and they could see that they had the authorization, but nothing else. Does anyone know how long it takes before they verify they have received the information?
 

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