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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
The cash flow sheet showed a negative flow which baffles me that they denied it. I threw everything but the kitchen sink in that worksheet. They were looking at "overtime" and bonus payments made and because of this said we are technically able to afford the home! I am going to resubmit the financial worksheet along with the hardship letter. Should I just ask for the processor to recalculate? or appeal outright? Thanks Guerry
Gladys, you should definitely appeal. You don't need to be behind to get approval to participate. You just have to be behind to close. A Realtor cannot tell a seller to not make a payment, but a seller can connect the dots. I had one where we had to postpone closing 2 weeks so he could miss a payment. As far as you having negative cash flow, sometimes the processor simply miscalculates it. I've had that happen as well. Maybe they are looking at liquid assets.
We were denied participation in a short sale by wells fargo because of income and we are current on the mortgage demonstrating that we ARE able to make the payments. Processor said I can appeal and resubmit the financial worksheet with whatever expenses we might've "forgotten. But the financial worksheet I submitted already showed us $400 in the RED. How much more are we supposed to show we are in the red and is the real issue that we are CURRENT? If we stop paying, but still show same income, won't this still be an issue? We don't know how to proceed from this point. Any advice?
I have (2) FHA/HUD short sales denied this week for because variance was denied due to repairs needed??? Anyone have any suggestions...
Jim, simply contact Novad (see contact info in guidelines above) to order a payoff. You will need a generic 3rd Party Authorization. Whatever the amount is, it will need to be paid in full. WF will apply for a variance with HUD to allow this to happen. Work the short sale as a normal FHA file. Chad
Sounds like this may be a Partial Claim Loan - these are paid in full with short sales. Request a payoff from [email protected] / add to HUD-1 as you normally would -
working an FHA short sale with Wells. Apparently the seller did a forebearance in 2014 and signed a 2nd deed of trust for around $16k. Wells tells me I have to deal with HUD directly on this. I've not come across this situation before. Any advice?? Just work it as a regular 2nd lien??
I've got another fha short sale going and we received an offer but the seller is refusing to sign, saying the house is 'worth more'. The offer is like $5k off of the suggested list price so the lender would likely accept it. They are aware that is a short sale so acceptance is really up to the lender, but they don't seem to care.
Also, now my client is saying they'll need 2 weeks to move AFTER signing the closing papers, which is unheard of and of course potential buyers are walking. Has anyone had anything like this happen?
the attorney is out of town today so that's why they can't do it, they were supposed to have it in by Friday last week. He did say he would have it in first thing in the morning so we're just crossing our fingers that it can still get done this week. I've emailed and called my contact at the lender to let them know but haven't heard back from them yet.
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