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
Bill and Kevin: We just closed one last week where the Seller had to contribute $567.00 and it went towards the minimum net. It was very surprising. Chad
Kevin: I think you are probably right. That's my instinct, as well. If I find out differently I will post it. Thanks for your help.
i'm 99% certain you'll still have to meet the min net.
IMPACT OF SELLER CONTRIB ON MINIMUM NET TO LENDER
My seller is required under FHA guidelines to make a contribution of $1,000 at settlement. Will that $1,000 be included as part of the calculation of funds to meet the minimum net to the bank? Or, must we meet the minimum net PLUS pay the additional $1,000 contribution from the seller?
Just received the following via email. Thought we should all update our info:
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]
Sorry for the confusion on my part about which state you are in. In PA, we are both recourse and non-recourse depending on the type of loan/position/purpose. Purchase money (1st lien only) is generally the only loan protected from recourse. If the loan is a recourse loan, the lender can file the deficiency up to 6 months after the sheriff sale.
I am not aware of a way for a Lender to pursue a deficiency in a non-recourse state. Again, I would suggest the seller contacts an attorney in your state. Chad
Thanks for the quick response. I am, however, not in a non-recourse state. I know a bank may pursue a deficiency claim after a sheriff sale (involving a conventional mortgage). I just don't know if there is something in the FHA rules that would bar the post-sheriff sale deficiency claim.
Bill, If you are in a non-recourse state, they should not be allowed to pursue the deficiency. The laws do vary for each situation. You should have your sellers contact a local attorney.
In most cases, the Lender would issue a 1099-C. Chad
POST-SHERIFF SALE RECOVERY BY LENDER (FHA LOAN)
I am not in a non-recourse state. After a sheriff sale may the lender pursue a claim against the borrower for the deficiency? Thanks.
Allowable FHA fees: http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14627.pdf
© 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!