FHA - HUD Short Sales

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FHA - HUD Short Sales

HUD rules for FHA short sales, tips, experiences, etc.

Fax LOA:  918-236-3274

PH 877 622-8525

Members: 581
Latest Activity: Sep 28, 2020

FHA Preforeclosure Sale Guidelines

 

 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:

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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.

 

Discussion Forum

NOVAD as 2nd lien

Started by Noelle Battle. Last reply by Brett Goldsmith Nov 22, 2019. 5 Replies

Hud/FHA declining to do short sale

Started by Savita Savita. Last reply by Brett Goldsmith Sep 26, 2018. 1 Reply

Comment Wall

Comment

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Comment by Lisa Helweg on June 16, 2010 at 3:12pm
I have an FHA loan with PNC Mortgage that has been rejected for any type of hardship assistance and is scheduled for forclosure sale on July 21st. They state the reason that FHA will not allow workouts on investment properties. HOWEVER, this is not actually an investment property. The seller bought the condo when she was single. When she married, she moved in with her husband and tried to sell her condo. She found herself upside down on her mortgage and could not list her home for what she owed. She considered renting the condo to cover the cost of her mortgage until the market rebounds, but didn't get anything worked out. The condo has been vacant for over three years. She has continued to pay the monthly HOA fees. Can anyone think of anything that can be done to get FHA to reclassify the property as something other than Investment?
Comment by Paola Martinsen on June 16, 2010 at 12:31pm
Lissa-- Call HUD and file a complaint about BAC not complying with FHA guideliness. Title National Servicing Center www.hud.gov/offices/hsg/sf /nsc/nschome.cfm 1888-297-8685 [email protected]
Comment by Ben Racela on June 15, 2010 at 3:08am
Stepanie--I have contacted the FHA branch in OK to file a complaint. Yes it is on the seller side title fees.
Comment by Paola Martinsen on June 15, 2010 at 3:04am
There's got to be a way to file a complaint with FHA because they are not following the guidelines. Does anyone know the number to file a complaint with FHA.

Ben--you are talking about seller side title fees, right? I guess FHA is now saying they will only pay up to 1% of loan amount in buyer closing costs if buyer is getting FHA financing.
Comment by Ben Racela on June 15, 2010 at 2:57am
The lender is Bank of Oklahoma. I have sent them the section of the FHA Guidelines and had discussions with the manager and they still hold thier ground. They are going to grant the $1,000 but feel that is all they have to pay. The buyer has a coventional loan and may have them ask for concessions to cover those fees. Just not sure.
Comment by Stephanie Lim on June 15, 2010 at 2:19am
Ben--that's bizarre. They can totally pay title fees. That is allowed. Who is the lender?
Comment by Paola Martinsen on June 15, 2010 at 2:03am
Ben, it sounds like the negotiator is just Sayre that to net more money. He or she is either trying to meet their min net or using that as a technique to get more money. My suggestion is to go to his manager. As those are costs associated with the sale and those are cost they will pay even as an REO.
Comment by John Edelman on June 15, 2010 at 1:48am
Who is the lender that you are working with?
Comment by Ben Racela on June 14, 2010 at 6:55pm
I have an issue with an FHA short sale. The lender will not pay from any of the title fees (Section 1100) and have a been working to solve the issue. But the lender is convinced that they do not have to pay for any of those fees.
Has anybody run into this situation and were you able to change their mind? Thanks.
Comment by Kent Dills on June 13, 2010 at 11:29am
Paola,

I've only been able to get HUD to pay 1% on FHA short sales and that was only when the new buyer was bringing in a new FHA loan. Otherwise they wouldn't pay anything. All of that is in accordance with their written policy (Google HUD Mortgagee Letter 2008-43)(also known as the Pre-Foreclosure Sale (PFS) Program).
And, I've "contested" an FHA Appraisal once by providing more accurate comps and they DID order a second FHA Appraisal as a result. Came in $5K lower and much closer to my valuation - too! Good luck!
 

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