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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
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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.
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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 Short Sale Superstars LLC Nov 22, 2019. 5 Replies 0 Likes
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Started by Savita Savita. Last reply by Short Sale Superstars LLC Sep 26, 2018. 1 Reply 0 Likes
Comment
Client has been issued 3 loan mods, when the short sale was in process.
If the guidelines are based on gross income and do not account for food and other expenses, then we have a major flaw in the FHA Guidelines. Gross income is 3301. Gross expenses are 4416.
Need a little help on a US Bank FHA short sale. I have had the file converted from a short sale to a loan mod 3 times even with opt out letters.
I opened a ticket, the 2nd time with HUD and they called me this morning to say the FHA HAMP guidelines require a loan mod even if the borrower is still underwater $1300/month. (She lives in the property). They said it does not factor into the equation. How she has to pay for groceries, utilities, etc is not their concern but only a 40% of gross income. They said the only way around it is a credit score of 579 or lower. If these are truly the guidelines we have major problems. I also opened a complaint with US Bank last week and waiting for response. Anyone have any ideas?
Jeff
Thanks Brett!
Tyra,
If they won't accept the payoff per HUD guidelines they will be forcing contributions into play. Regions can be tough. They likely can get budged down from 50% of the UPB though.
310-564-6389
Anyone every dealt with a short sale that has a 1st (FHA) and a second that is in the recovery department with another lender? Trying to get to the bottom of this. The lender (Regions) does not want to take any less than 50% of the balance.
thank you Kevin for that NOVAD info. :-) I think I should have signed back in in a few months ago! have a second HUD loan dangling behind a first HUD loan and it was like pulling teeth to get the info from BoA (my Sellers are 74 and 82 and had no clue...never even knew there was a second until I added up what didn't make sense lol!! In my case I'm waiting for a variance now. I have never had a second before so this is particularly stressful. (Guess I've been lucky). Five times I got an email that said "We have to net 129,000" and I had no clue. then as I lost it and sent an email to everyone on the list, I found out that they wanted me to put in the exact amount for the second and what was left over for the first (but that had to be a certain number 80% of the appraised value) Ugh! I'm still a novice because I haven't done one in a long while. I have an atty helping with the other one I have with Wells Fargo, last time that will happen.
VALUATION CHALLENGE (FHA) -- I have had mixed success getting FHA to bring a screwy value in line with reality, but I have one that is way out of whack. Any suggestions or info about current valuation challenge process? Tips for success, Kevin? _______ Thanks.
that is....FHA loan on a flipped property.
My buyer (in Cali) bought an FHA flip property. There is a 90 day required wait period--the owner must own the home 90 days before the buyer's lender can turn in the loan/open the file. We had a great seller who was willing to wait. We put the home in contract in February. We re-wrote the contract for the 90 day period (Actually 92 days) with the new date and the seller put the home back on the market for two days, and then back to "pending"--so the MLS and the "new" contract date synced up.
An investor client will be closing on one of my FHA short sales at the end of the month. He plans to renovate and resell the property. I don't believe there is a required 90 day holding period like Fannie Mae short sales, but are there restrictions on buyers using an FHA mortgage to purchase the rehabbed property? Thanks.
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