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: 559
Latest Activity: on Monday

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@novadconsulting.com

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 Joy Baker on Monday. 2 Replies

Hud Help please

Started by johnna lodge. Last reply by Kevin - Greenville, SC Nov 6, 2014. 1 Reply

Streamlined Shortsale???

Started by cat. Last reply by Chad Gelsinger Oct 20, 2014. 1 Reply

Comment Wall

Comment

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

Comment by Kevin - Greenville, SC on January 8, 2015 at 12:26pm

Corinn, The fees allowed for a reverse mortgage ss are not the same as a standard FHA PFS.

Comment by Corinn on January 8, 2015 at 10:57am

Has anyone come across a Reverse Mortgage short sale where the lender states they will not pay a settlement/closing fee?  WF states this is not allowed, per HUD guidelines.  Looking at the Allowable vs. Disallowable costs - paid from Seller's Funds at PFS Settlement worksheet, it is most certainly allowed.  Who do they expect to close the transaction?  They will not supply their own title company either.  Opening a ticket w/HUD, but thought I'd get some feedback from here, since ya'll are so knowledgeable!

Comment by Kevin - Greenville, SC on October 28, 2014 at 2:29pm

And/or HUD.

Comment by Kevin - Greenville, SC on October 28, 2014 at 2:26pm

Jessica,

Time to get an Attorney involved. 

Comment by Jessica Eisenhauer on October 28, 2014 at 2:20pm

HELP!  I closed a HUD Preforeclosure Short Sale in July of this year for one of my clients and now my client is getting letters stating they still owe money to Ocwen?  They even received the a cash incentive at closing.  We had a signed ATP and everything worked as normal for this program..  I have never seen this before?  Have any of you seen this?

Comment by Carolyn Triebold, MS on October 22, 2014 at 4:51pm

Thanks Kevin, I am trying and did send them the HUD links. They are still so new at this that it has been very difficult to get calls back and receive any escalation within the company.  Thanks again 

Comment by Kevin - Greenville, SC on October 22, 2014 at 3:21pm

they are incorrect. show them the guideline and escalate accordingly.

Comment by Carolyn Triebold, MS on October 22, 2014 at 3:19pm

Thanks Kevin, but unfortunately they are telling us we need net proceeds to be at 95%.  Any other suggestions. We are resubmitting full package that supposedly was rejected by HUD in early October again to NOVAD for resubmission, but we are really up against several time constraints.

Comment by Kevin - Greenville, SC on October 22, 2014 at 3:07pm

Home Equity Conversion Mortgage (HECM) Borrowers:

U.S. Department of Housing and Urban Development
National Servicing Center
2 West 2nd Street, Suite 400
Tulsa, OK 74103
Phone: (800) 594-9057 or (918) 292-8900
Fax: (918) 292-8984
Email: hecmservicing@novadconsulting.com

Comment by Kevin - Greenville, SC on October 22, 2014 at 3:07pm

  1. If the mortgage is due and payable and the borrower (or estate) will not be retaining ownership of the property, the property may be sold for at least the lesser of the unpaid mortgage balance or 95% of appraised value. 

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-...

 

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