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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 [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.
Started by Noelle Battle. Last reply by Short Sale Superstars LLC Nov 22, 2019. 5 Replies 0 Likes
Started by Neil L.. Last reply by Short Sale Superstars LLC Oct 3, 2019. 2 Replies 0 Likes
Started by Savita Savita. Last reply by Short Sale Superstars LLC Sep 26, 2018. 1 Reply 0 Likes
Comment
There are a lot of different interpretations when it comes to partial claims. I have closed 2 with Citi recently where there were large partial claims and HUD granted variance requests on both of them. The servicer just has to ask HUD to review it. In fact, we had the request approved within minutes via email from HUD. The details on the most recent deal were as follows:
Appraisal:$230,000
Partial Claim: $23,000
Final sales price: $210,000, net to lender: $172,655.22
Original approval required a net of $202,400
Don't take "no" for an answer. Bank of America is TERRIBLE. I had another FHA short where we were $1,200 off on the required net and they would not request a variance.
One of those things my sellers didn't mention (they had forgotten about it because they weren't paying on it). Thank God the agent & the buyer on the other end were okay with the changes we had to make to get this thing approved! But now I know when I have an FHA seller to make sure I ask the question and probe a little harder than I did!
An FHA-HUD sale has very specific directives on what will or will not be paid (on the HUD1). There is a specific % of the appraised amount that you need to net on the offer. That includes closing fees, commissions etc.I have listed them both before and after the Approval to Participate letter- but will now only list after that process is done and the appraised fee is a known factor. It really saves time and you do not have to raise the price up on the MLS because now you know you have to hit a certain net.
The process does work and I have done several of these- contact HUD if you have a hang up ( not an annoyance but a true issue).
Hi Connie,
Sorry you are experiencing the same situation. :( The good news is that the closing costs will be covered, including Realtor commissions. In a short sale situation, the lender pays closing fees, just be sure that your Realtor states in your purchase agreement from the buyer that any costs not covered by the lender will be paid by them, so you don't end up paying their home warranty, lender closing costs or HOA fees out of pocket.
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