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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
This is why I love Short Sale Superstars! Now we have an answer.
Under both the PSA and a Participating Servicer Desk Guide, a loan is eligible for the Program if, among other things: ...
(10) the servicer complied with all FHA loss mitigation requirements and exhausted the loss mitigation options.
http://m.klgates.com/files/Publication/1b9f4b5a-fb48-4b29-96a7-1baf...
The worst part is, these people were only 6 months delinquent, they had done a modification which required them to pay 3 months mortgage payments up front, then raised their mortgage payment by $200/mo. They did not want to do a deed in lieu, but in the end decided that was better than going thru the foreclosure process. I attended court with them. There was a man there who was rewarded for not completing his paperwork that was a requirement of that court date. He was granted a 4 month extension and a stop on all foreclosure proceedings. My clients went to court, were honest that they were trying to sell their home as a short sale and the judge penalized them by saying the foreclosure process could proceed & yelling at them for not making their payments despite them showing a true hardship & showing how the modification actually made it harder to pay. It's so disheartening.
all of them? nope.
"Without the note sale program, all of these loans would be foreclosed upon"
Housing Blight Endures as Hedge Funds Reap Gains on FHA Loans: Mortgages
Sept. 8 (BNA) -- The Federal Housing Administration (FHA) started selling distressed loans in 2012 to help foreclosure-blighted communities, while also reducing losses to its taxpayer-backed insurance fund.
Two years later, the first reports on the loan sales show the program has benefited the insurance fund more than the hard-hit neighborhoods, as hedge funds and private equity-backed investors drive up prices for the loans they buy with few strings attached.
The statement below is a inaccurate in my opinion and is just PR. Let you Congressman, NAR, HUD and the Media know if you have a Homeowner that has been Foreclosed upon if you think they would not have been had the Loan not have been sold at a Note sale.
In addition to improving FHA recoveries and reducing REO expenses, note sale purchasers may offer borrowers a chance at remaining in their homes. Loans included in note sales have been through loss mitigation and are on average 31 months delinquent, meaning these borrowers are destined for foreclosure. Selling the note at a reduced price (below the outstanding UPB of the loan) and removing the requirements associated with FHA insurance provides the new servicers a wider range of loss mitigation tools including principal reduction. Thus borrowers may be offered the opportunity to remain in their home or exit the property without going through the previously inevitable foreclosure process.
http://portal.hud.gov/hudportal/documents/huddoc?id=report082814.pdf
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