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 Carol Pease on August 2, 2012 at 4:25pm

I am working one rigtht now 45 days and the short sale is not open.  BOA has put up more and more road blocks to prevent the homeowner from seeking any alternative besides foreclosure.  They have a duty to offer options to foreclosure and they are not doing it. 

Comment by Wendy Rulnick on July 10, 2012 at 11:25am

If you do Bank of America FHA HUD short sales, register for their webinar on Tuesday July 24 https://agentresources.bankofamerica.com/ss_news_12JUL09

Comment by Michael Schneider on July 10, 2012 at 6:24am

In my experience, FHAs have become increasingly difficult to manage, not only at BofA.  My last two were a nightmare to push through, and that's what you need to to do, push constantly.  Plus the FHA has imposed increasingly stupid requirements onto the Servicers, which they pass on to us.  The FHA short-sale program has always been bad, but now it has become aggressively stupid.

Gotta push, Gilda, every step of the way, with each of the three FHA approval steps.  Constantly.  Escalate quickly, follow-up immediately.  Gotta make sure you have a negotiator engaged, you cannot rely on guidelines or written statements from the Servicers.  The 5 days for Contract Review and Final approval are routinely violated.

Blame the FHA in my opinion, more than the Servicer.

Comment by Kathleen Lordbock on July 9, 2012 at 4:07pm

Update on my Wells FHA short- finally the DIL person agreed to order another appraisal. Hoping it comes in much lower than the first one did when we started this months ago. Many thanks to Superstars John Edelman and Kevin for advice and help. Will post as this goes along. Buyers are still patiently waiting.

Comment by Gilda Ignacio PA, CDPE, REO on July 9, 2012 at 3:46pm
Bank of America.
Comment by John Edelman on July 9, 2012 at 3:31pm

Who is the lender?

Comment by Gilda Ignacio PA, CDPE, REO on July 9, 2012 at 2:41pm

Short Sale approval letter expired 06/30, we were ready to close 06/25, we send HUD1  5 days prior to closing as per instructions, did not hear back from the negotiator until the 25th stating he needed until 07/12 to approve final HUD... Never heard this before... we were ready to close, nothing changed in the HUD so no additional approval required ONLY HUD 1 as per their written requiest.  today is the 9th, we are trying to schedule closing again and negotiator is missing in action...   HELP PLEASE.  18+ days to approve final HUD??????? Already left messages, sent emails to his manager and no answer. 

 

Comment by Kathleen Lordbock on June 6, 2012 at 4:34pm

My WF FHA SS  offer has been declined, request for variance declined, previous request for new appraisal and dispute of value declined- doing well so far.  WF is indicating that they will now be going for a DIL- wow what a way to finish!!

Tough to sell a property when you get stuck with an unreasonably high appraisal.

Comment by Debra Enos on May 31, 2012 at 12:53pm

Hi, I have the buyer on this one. FHA/Bank of America. The LA's negotiator doesn't like to give updates...It's been 7 weeks.  No BPO/Appraisal. Said that Equator was having IT issues....(FHA doesn't go on Equator). Then I was told that a Bof A executive has the file. Still no movement what so ever. Divorce situation and the property is vacant. I Twittered BofA to check up on any possible IT issues...She obviously couldn't talk to me, and I obviously didn't ask any quesitons... but she did esculate the file because it wasn't suppose to be in Equator....still no movement.

Comment by Jennifer Klein on May 29, 2012 at 11:58am

Jessica, it's pretty typical, fortunately it's just a phone call. The BofA FHA system is awful. By far one of the worst, once you get it started it will move, but if you can sit with your seller as they call so you can ask the necessary questions at one time. With your seller on the phone. The attempt at loan mod is a box, they have to check off. I have some higher up contacts in the FHA department email me at [email protected]

 

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