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

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Comment by Kathleen Sheridan on March 4, 2014 at 7:17am

Comment by Jeff Payne on March 4, 2014 at 6:53am

Kathleen what would raise the closing costs needed so much?  

Comment by Kathleen Sheridan on March 4, 2014 at 2:48am

@Jeff Payne, where you sell real estate 4% might be more than enough. 6% is typical in Philadelphia where it isn't quite enough. 

Comment by Jeff Payne on March 3, 2014 at 4:14am

@Beth, why would a buyer need 6% for closing costs?  They may want to speak to a different lender.  4% is more than enough for normal financing

Comment by Frederick Paul Tazartes on March 1, 2014 at 11:40am

I need some help, I have a FHA loan, the borrower's mother is in need of medical care and lives out of state, the borrower is going to relocate to take care of her mother. OCWEN/GMAC is the lender and they say they need to follow FHA protocol and exhaust all retention options before they can proceed with the short sale. I explained to them this is not a financial issue and a loan mod is not going to help the situation, they said talk to HUD, I call HUD and they said the variance needs to come from the lender.

Where should I go next?

Comment by Guerry Clegg on March 1, 2014 at 6:41am

Thanks for clarifying.

Comment by Kevin - Greenville, SC on March 1, 2014 at 6:38am

any buyers loan 's eligible as long as FHA approves a variance.

Comment by Guerry Clegg on March 1, 2014 at 6:31am

I agree that 6 percent is doubtful. I did not know they could get 3 pct. All I've known is the specific allowable costs plus 1 pct for FHA buyers, which is not the case here. Some negotiators interpret that to mean you have to be an FHA buyer to get the allowable costs, but I confirmed with HUD rep last week that anyone is eligible for the allowable costs.

Comment by Kevin - Greenville, SC on March 1, 2014 at 4:17am

you'll get 3% (regardless of the type of loan buyer is obtaining) of the purchase price in selling paid closing costs with an approved variance almost always from FHA when the net is being met.  6% is doubtful..

Comment by Guerry Clegg on February 25, 2014 at 2:14am

Reference my post on Dec. 12: I attended the MHA short sale workshop in Atlanta last week and both the HUD rep and BoA rep said the "Allowable Costs" should be for any buyer regardless of loan type. The 1 percent of loan amount for FHA buyers is separate. So they should have allowed that $1,500. We didn't escalate because our buyer just wanted to close, but it's good to know for future reference. I have a similar file with Chase and the Chase rep also agreed.

 

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