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: 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 Kevin - Greenville, SC on September 19, 2014 at 2:26am

Amy,

was Altisource and Ocwen the new Investor/Servicer?

Comment by Amy Merrill on September 19, 2014 at 2:23am

I had this happen, we were waiting for final approval of the short sale transaction. The loan was sold by HUD and the new investor informed both myself & the homeowner that they would not approve a short sale of any amount, they wanted to flip the house. The homeowner ended up doing a deed in lieu, the investor went in, did few repairs/updates and sold it for less than any of the offers that we had on the house.

Comment by Kevin - Greenville, SC on September 19, 2014 at 2:18am

In my experience these HUD notes sales generally cause more harm for the Homeowner (and Agent) then they do good.

Comment by Jim Stewart on September 19, 2014 at 1:39am

Well, Jason, I suppose I just got a new wrinkle in my brain. I've never heard of this before. Thanks for the info!

Comment by Jason Sanseverino on September 19, 2014 at 1:33am

Ive seen this several times and it does happen!

its called a 601 note transfer/ and 601 note sale - google it :-)

In simple terms - HUD sells their rights to the loan to a private entity - stripping the "FHA" part of the loan.

Comment by Jim Stewart on September 19, 2014 at 1:13am

Ok, this is a first... Bank of America is telling my seller that her FHA mortgage is no longer an FHA mortgage because "the government sold the loan" and that it must be processed as a conventional loan.  This of course is after having an ATP on it earlier this year that expired due to problems with getting 2nd lien approval. I'm sorry but the deed of trust and note haven't been changed. The seller hasn't refinanced.  How does an FHA loan suddenly transform itself into a conventional??  Has anyone ever heard of this?  The people at Bank of America swear "we've done our research and that's what it is."  Please tell me I'm not going nuts!

Comment by Elizabeth Ross James on September 4, 2014 at 8:44am
Hello - I have 2 Partial HELOC FHA claims - both from previous modifications. When I called the Servicing Center, they only could tell me "the Negotiator must submit a variance to FHA and we do not process these in these on our department. Mind you this was the FHA Heloc Partial Claim department. The Negotiators don't know how to submit them either. I could not find a new bullentin addressing this. Any assistance is helpful.
Thanks,
Elizabeth
Comment by Kevin - Greenville, SC on August 30, 2014 at 8:21am

Robin,

i've done dozens and dozens of FHA PFS. i've never had the Servicer or FHA for that matter request the 90036. this form actually expired 07/31/2009.

just submit the short sale package the servicer requests.

Comment by Robin M. Willis on August 30, 2014 at 5:28am

Now that the 90036 Application is no longer in use is there an application I need to submit for a PFS?  It feels strange to submit nothing at all.

Comment by Pat M on August 13, 2014 at 4:53am

Does anyone know what the current fha seasoning requirements are on a double close?  I know back in 2010 they did away with the requirement for one year but I cant find any info for 2014 to know if it was extended.

 

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