FHA - HUD Short Sales

Information

FHA - HUD Short Sales

HUD rules for FHA short sales, tips, experiences, etc.

Fax LOA:  918-236-3274

PH 877 622-8525

Members: 557
Latest Activity: yesterday

FHA Preforeclosure Sale Guidelines

 

 Click the button to hire a Short Sale Agent Superstar in your area

 

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

(469) 674-4451 Fax

customerservice@deval.us

301 NW 6th Street, Suite 200
Oklahoma City, OK 73102
National Servicing Center:

******

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

FHA short sale being mishandled by USBank

Started by Robin Lemmons. Last reply by Kevin - Greenville, SC yesterday. 1 Reply

Streamlined Shortsale???

Started by cat. Last reply by Chad Gelsinger on Tuesday. 1 Reply

FHA Short Sales with Title Concerns

Started by Chad Gelsinger. Last reply by Chad Gelsinger Jul 30. 2 Replies

Comment Wall

Comment

You need to be a member of FHA - HUD Short Sales to add comments!

Comment by Chad Gelsinger on October 17, 2014 at 5:23pm

Come on Kevin...They don't make mistakes like that. :) 

As I said, we were very surprised it was accounted for in the net amount. I would have never guessed. Please let us know how it is supposed to be handled.

Have a great weekend everyone, Chad.

Comment by Kevin - Greenville, SC on October 17, 2014 at 5:15pm

the negotiator and/or closer who worked your file might have incorrectly approved that to your client's benefit. i will check with my contact at HUD and report back.

Comment by Chad Gelsinger on October 17, 2014 at 5:08pm

Bill and Kevin: We just closed one last week where the Seller had to contribute $567.00 and it went towards the minimum net. It was very surprising. Chad

Comment by Bill Garrett on October 17, 2014 at 4:59pm

Kevin:  I think you are probably right.  That's my instinct, as well. If I find out differently I will post it. Thanks for your help.

Comment by Kevin - Greenville, SC on October 17, 2014 at 4:52pm

i'm 99% certain you'll still have to meet the min net.

Comment by Bill Garrett on October 17, 2014 at 4:43pm

IMPACT OF SELLER CONTRIB ON MINIMUM NET TO LENDER

My seller is required under FHA guidelines to make a contribution of $1,000 at settlement.  Will that $1,000 be included as part of the calculation of funds to meet the minimum net to the bank?  Or, must we meet the minimum net PLUS pay the additional $1,000 contribution from the seller? 

Comment by Amy Golden on September 26, 2014 at 2:36pm

Just received the following via email. Thought we should all update our info:

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

 

Comment by Chad Gelsinger on September 24, 2014 at 3:22pm

Sorry for the confusion on my part about which state you are in. In PA, we are both recourse and non-recourse depending on the type of loan/position/purpose. Purchase money (1st lien only) is generally the only loan protected from recourse. If the loan is a recourse loan, the lender can file the deficiency up to 6 months after the sheriff sale.

I am not aware of a way for a Lender to pursue a deficiency in a non-recourse state.  Again, I would suggest the seller contacts an attorney in your state. Chad

Comment by Bill Garrett on September 24, 2014 at 1:28pm

Thanks for the quick response.  I am, however, not in a non-recourse state.  I know a bank may pursue a deficiency claim after a sheriff sale (involving a conventional mortgage). I just don't know if there is something in the FHA  rules that would bar the post-sheriff sale deficiency claim. 

Comment by Chad Gelsinger on September 24, 2014 at 1:25pm

Bill, If you are in a non-recourse state, they should not be allowed to pursue the deficiency. The laws do vary for each situation. You should have your sellers contact a local attorney.

In most cases, the Lender would issue a 1099-C. Chad

 

Members (556)

 
 
 

© 2014   Created by Bryant Tutas.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************