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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:
******
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
Amy,
was Altisource and Ocwen the new Investor/Servicer?
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.
In my experience these HUD notes sales generally cause more harm for the Homeowner (and Agent) then they do good.
Well, Jason, I suppose I just got a new wrinkle in my brain. I've never heard of this before. Thanks for the info!
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.
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!
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.
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.
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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