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
Thanks Kevin, but unfortunately they are telling us we need net proceeds to be at 95%. Any other suggestions. We are resubmitting full package that supposedly was rejected by HUD in early October again to NOVAD for resubmission, but we are really up against several time constraints.
Home Equity Conversion Mortgage (HECM) Borrowers:
U.S. Department of Housing and Urban Development
National Servicing Center
2 West 2nd Street, Suite 400
Tulsa, OK 74103
Phone: (800) 594-9057 or (918) 292-8900
Fax: (918) 292-8984
Email: [email protected]
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-...
Hi Kevin,
I thought that as well, however NOVAD is thinking that they need 95% and they are not submitting to HUD or someone in HUD is not approving and telling NOVAD they need 95% of net. Can you tell me how and where to escalate this?
Thanks, Carolyn
95% is the gross not net.
Yes Kevin, you are correct. It is an HECM, and HUD is the approving agency. Interestingly, they had our short sale approved when we had 92.65% of appraised value, but when the switch to NOVAD happened we had to go back for approval. Unfortunately our buyer's FHA appraisal came in low and we resubmitted at 91.8% of appraised value. How can we get close to 95% of appraised value when commissions are 6% plus fees and now, since we missed our closing date. The HOA just filed a lien on the house.
Carolyn,
NOVAD doesn't issue approvals. that would come from the Servicer. you may have a HECM and those require an offer of 95% of the appraised value.
HELP! We are struggling with the change over to NOVAD. We had a HUD approval and were ready two weeks away from closing. Buyer's FHA appraisal came in low $5,000 low. We are now one week past our original closing date. NOVAD continues to tell us they cannot give us a new approval as our Net is not at least 95% of Appraised value. I was under the impression that our minimum net was 88% of appraised FMV. Does anyone know what they are talking about regarding 95% net proceed? We are going round and round. Thank you!
Come on Kevin...They don't make mistakes like that. :)
As I said, we were very surprised it was accounted for in the net amount. I would have never guessed. Please let us know how it is supposed to be handled.
Have a great weekend everyone, Chad.
the negotiator and/or closer who worked your file might have incorrectly approved that to your client's benefit. i will check with my contact at HUD and report back.
© 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!