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: 576
Latest Activity: Apr 28

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:

******

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 Customer.Service@novadconsulting.com

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

FHA short sale with Partial Claim

Started by Mike Rosania. Last reply by Jim Stewart Feb 21. 10 Replies

Reverse Mortgage with HELOC

Started by Lisa Jalufka. Last reply by Brett Goldsmith Jan 31. 1 Reply

61 Days in Marketing, HUD refuses to accept less than 88% net - FSD in 2 days

Started by Robin M. Willis. Last reply by Dean E Eshelman, CPA, CDPE, IRES Dec 12, 2016. 3 Replies

Comment Wall

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Comment by Wendy Rulnick on July 30, 2009 at 12:20pm
Comment by Wendy Rulnick on July 29, 2009 at 12:50pm
Very interesting!!! That is awesome... I know some lenders who WON'T do that, BOFA for example. I had a similar situation. BOFA approved sale at 85K, but buyer's appraisal was only 75K. Buyer's lender was ALSO BOFA.... Guess what ? They did not care and closed the file!! We had to go through the ENTIRE process again... Congrats on your sale!
Comment by Stephanie Lim on July 29, 2009 at 12:42pm
I just got word of an approval for my buyer on an FHA short sale. Great story on this one! Contract price $98,000 (condo originally purchased for the $160k range-the 98k was a great price!). Buyer's appraisal came in WAY low at $80k. GMAC was the lender. We challenged the value by sending in the buyer's FHA appraisal showing a value of $80k. GMAC agreed to do another appraisal. It was a five week wait (supposed to be 1-3 weeks), but we just heard today that the lender has agreed to sell the condo for $80k.
Comment by Wendy Rulnick on July 28, 2009 at 9:25am
Wow you must have a lot of FHA's! We hardly have any around here. That's cool research.
Comment by Stephanie Lim on July 28, 2009 at 9:23am
I've been looking in the public records and grabbing the original mortgage and seeing what form it is on before I even go on a listing appointment. I also ask the seller and lender to confirm.
Comment by Wendy Rulnick on July 28, 2009 at 9:20am
I think this is great Stephanie. How do you confirm it is an FHA? By asking the lender?
Comment by Wendy Rulnick on July 28, 2009 at 6:39am
Thanks for forming a great new group, Stephanie!
 

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