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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:
******
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.
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Comment
I had the same problem. I took pictures of the structural damage and had an engineer go out and give a quote. I got the price from 225k to 127k due to the foundation.
My FHA short sale listing which i have under contract just came back needing major structural work due to foundation and brick cracking. Buyer is walking. Anybody have any luck in getting HUD to make a major concession on something like this? Wells Fargo is lender.
The neighborhood in which my latest listing is located has gone from a nice family area to an area with government assisted rentals and not-so-nice tenants -
the seller is young, single, female and her hardship is that she is scared of her neighborhood now - she no longer feels safe.
Has anybody seen or heard of security concerns being a viable hardship in the eyes of FHA?
thanks.
I've seen a 30 day late drop a score by 100 points and not go down from there. No rhyme or reason.
And, I should add, Hank, if your clients want to protect their credit, then can go "Rolling 30", meaning stay 30-59 days down until closing. Never go 60 DPD. They will get reported to the bureaus at around 35 DPD, I think, but a couple of 30 DPDs on their bureau should not lower their score all that much, I think.
Yes, 30+ Days-Past-Due, which means "missed two payments", which many people state as 60 days late, because of the "two payments".
No exception on the 30+ DPD rule. It is stupid, no question, but it's the FHA.
Help? Tell you clients to save their money for the relo, compliments of the US Taxpayers.
Hank,
The Servicer who is telling you that is wrong. It's 31 days late.
Help...we have received an Authorization to Participate, we have an offer and our HUD1 meets the net requirement. My clients are current on their mortgage...their hardship is relocation due to job loss.
This morning I am told: "Hank please advise your clients that in order to close a short sale on their property, FHA requires them to be 60 days late at the time of closing. If they continue to make their payments on time they will not be able to proceed with a short sale, as they are demonstrating an ability to afford the property."
HELP...PLEASE?
Hi Mike. Never. I would ask for clarity. Here's the chart for allowed FHA PFS fees. It does not have a dollar amount on it.
I have question..This is a FHA/HUD file. Has anyone EVER been told or heard of, (mind you this is coming from BofA) Closing fee are limited to $750 or less. This includes all of the title charges and attorney fees?
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