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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:
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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.
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
Johnna, we have federal tax liens removed fairly often and it's usually 2 to 3 weeks unless they're busier than usual. The paperwork's not bad after the first time especially if you have an appraisal on hand from either the seller's lender or the buyer. You'll need to send the application after you get approval so try to have it ready to go.
Ross Gahagan - Short Sale Connection LLC
Thank you London. This is great news. From the time you submit required and executed documents to IRS how long did it take for you as an average?
TY
Johnna
Johanna -
Yes, I've run into this issue with the IRS on short sales on a number of occasions and have found them to be pretty cooperative in removing those liens. As would be expected with dealings with the IRS, there is certainly some paperwork involved, as well as some turnaround time, but so long as it's clear that the property is being sold at a loss and the taxpayer isn't collecting any monies at close, they will usually remove the lien from title.
Here's a link to the IRS page detailing the process and with links to the internal publication that details how to go about it:
https://www.irs.gov/uac/irs-speeds-lien-relief-for-homeowners-tryin...
Hope this helps and good luck getting your deal approved and closed.
London
Has anyone been able to move an IRS Tax Lien from the property to the individual? My seller that I am working with on a short sale has over a $20K tax lien that would make the sale of the property a little over market value. The HUD representative suggested this. Has anyone attempted or had success with the IRS removing the lien from the property and attaching to seller? Thank you. Johnna
Luther Fisher -- Gross is Gross Pay before deduction - Pre-tax income
Have another Midland short sale. Question I have is, how do we show income on the short sale application? it asks for 'gross' but is that just take home pay or do we show pre-tax income?
thanks!
@luther On FHA loans when modifications are approved, many times HUD places partial claims ( silent subordinate liens non interest bearing ) for a portion/total amount of the delinquent dues.
the 1st mortgage is owned by midland mortgage, then are two loans to HUD itself, presumably for the missed payments.
@brett...thanks! actually these are loans owed directly to HUD. the borrower did a few modifications and then hud put mortgages on the property for the missed payments...if I'm looking at this correctly. they have loan #'s on them too but it says the lender is HUD.
@luther Partial Claims will need to be paid in full. The servicer should submit a variance to HUD to pay these in full. These partial claims often push the minimum NET below the 88/86/84% tiers of the ATP. The borrowers likely won't get any relocation incentive if that is the case.
310-564-6389
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