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:
******
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 Brett Goldsmith Nov 22, 2019. 5 Replies 0 Likes
Started by Neil L.. Last reply by Brett Goldsmith Oct 3, 2019. 2 Replies 0 Likes
Started by Savita Savita. Last reply by Brett Goldsmith Sep 26, 2018. 1 Reply 0 Likes
Comment
My clients want to short sale their home. when they spoke to HUD they were told they were eligible for loan mod. They don't want the loan mod. I it possible just to deny the mod and move towards the short sale? Thanks gang.
Lisa,
Just out of curiosity, who is your assigned negotiator?
Thanks John! I went back to the negotiator & supervisor requesting a copy of the appraisal again and this time I included the remarks from PFS Procedures about providing a copy to the sales agent. Thanks again for your help! I will reach out to you if I run into problems.
Lisa,
First of all- they have to provide you a copy of the appraisal if you ask (Part of the FHA guidelines). I work with Wells quite a bit on FHA - so maybe I can help.
Also, if they will not order another appraisal for you - you may need to contact HUD for help.
Need Help with Wells Fargo FHA SS!! Listed property on 4/11 and appraisal was completed on 4/23, finally received ATP on 7/02 with a value of $75,000. This value represents other homes in area that are complete remodels, in good condition. The property I’m working on is uninhabitable and will require a cash buyer...due to foundation settlement, rotten wood, peeling paint, leaking roof, plus an animal urine odor that’s so bad, it literally makes you sick upon entering. First offer for $37,000 was denied, recently received a second offer for $58,000 but it was denied also. I understand that the 120 marketing period doesn’t begin until the ATP is issued, which I’ve been disputing the value since then because the appraisal was almost 120 days old. Requested a new apprasial by submitting an appraisal dispute, with detailed information, comps & pictures but negotiator rejected my request because I used the same properties that were on the initial appraisal. How am I supposed to know what properties were used on the appraisal, he won’t give me any details. This has always worked in the past so I don’t know where to go from here….do I escalate with WF or do I go directly to HUD? Any information would be greatly appreciated!!
To comment on David's comment:
"Isn't it the rule of thumb on an FHA Short Sale that the purchase price be 88% of the appraised value?? So if the appraisal came in at $100,000 the purchase price needs to be $88,000 with the bank's net obviously lower. I have a negotiator telling me that the bank's net needs to be 88% of the appraised value, which means the purchase price is darn close to the appraised value. Am I correct or is the negotiator?'
When the bank says they need to net 88%, that is exactly what they mean. If the fair market value is said to be $100,000, whether that is based on comparables that are all distressed properties or if the majority are traditional sales, it does not matter. I am assuming a BPO or appraisal was done by the bank. So after closing cost, commission, and any other fees are deducted from the seller side, the bank needs to net $88,000.
I'll keep you updated as we progress.
An ATP will have to be issued prior and/or simultaneously to the Short Sale Approval.
Yea, a little strange -- and to think we are just "days" away from approval of the Short Sale!!!! Hmmmmmm
You are not in as what FHA defines as a 'marketing' period if you dont' have the Approval to Participate yet.
© 2024 Created by Brett Goldsmith. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.
You need to be a member of FHA - HUD Short Sales to add comments!