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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: 569
Latest Activity: yesterday

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 Customer.Service@novadconsulting.com

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

Allowable and Disallowable costs

Started by Guerry Clegg May 19. 0 Replies

Borrower's Incentive Compensation & NET Question

Started by Flor Melgar. Last reply by Ismael Medina Jul 9, 2015. 5 Replies

Comment Wall

Comment

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Comment by Jeffrey W Wolff on June 2, 2016 at 4:52pm

Does anyone from Illinois heard the HUD has reduced attorney fees across the board to $250?  It used to be a max of $1500.  I have my authorization getting verified and will talk to them directly, but M&T Bank just reduced attorney fees to $250 and that will not fly in Illinois.  Glad I am not an attorney.

I will post once I get verification if nobody responds.  Thanks  Jeff

Comment by Brett Goldsmith on May 17, 2016 at 8:12pm

@jim They are still requested to be paid in full by HUD through a variance.

Brett@ishortsalenow.com

310-564-6389

www.ishortsalenow.com

Comment by Chad Gelsinger on May 17, 2016 at 8:11pm

Jim, the HUD Partial Claim Loans are typically not an issue. Just send a 3rd Party Authorization, with FHA Case number and order a payoff. The Partial Claim will be paid in full from the sale proceeds. For the most part, it is a fairly simple/straight forward transaction. Chad.

Comment by Jim Schneider on May 17, 2016 at 8:05pm

Have partial claims remained as the same problem they were before? I looked through past comments but the most recent ones were from 2012.

Comment by Bill Garrett on April 15, 2016 at 6:01pm

FHA VALUATION CHALLENGE QUESTION:

After a long battle with Wells Fargo (and FHA/HUD) to get them to revisit their flawed appraisal's valuation, they did finally order a new appraisal.  They did, however, order it with the same guy who did the earlier appraisal.  ("Mr. Appraiser, was your appraisal wrong then or now.")_______ I've seen this happen before with these FHA files.  Is it standard policy or mandated by the applicable regs?  Do I have any shot at getting the lender or HUD to reverse course and use a different appraiser?  ______ Thanks. 

Comment by Stephanie Summers on April 13, 2016 at 11:54pm

I would definitely call your state reps and media. I contacted our senators after a similar situation and Hatch got the ball rolling with the lender. Ended up getting our approval and closed it within two weeks. Pull out the stops and let them know you're coming at them from all angles. 

Comment by Arlene Garcia Hanner on April 13, 2016 at 6:22pm

I also agree with Kevin.  Keep trying until the property no longer belongs to the homeowner. 

I had a short sale deal that the seller was about 4 years behind in payments on their FHA loan.  Initially, the file was denied.  But I kept trying and got an ATP.  Then the loan was sold in the middle of the transaction!!!  I had to start all over again but eventually did sell the house.  Twitter does keep things moving.

Comment by Scott on April 13, 2016 at 4:51pm

I agree with you Kevin.  I've done so many short sales I now expect idiocy from the lenders.  When something like this happens, it doesn't surprise me on bit.  I never even used Twitter prior to me having a short sale go haywire.  It actually worked in that case and then every time since then.  Now, it's part of my arsenal.

Comment by Kevin - Greenville, SC on April 13, 2016 at 4:44pm

i agree Scott. It's sad that one has to resort to that when they should do the right thing in the first place.

Comment by Scott on April 13, 2016 at 4:38pm

I recommend incessantly berating them on Twitter until they do something about it.  It sounds ridiculous, but I've found it to be extremely effective!

 

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