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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.
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Comment
@jason this is happening quite often now. I've seen it happen 3 times within the last 2 months. HUD is closing out short sales on extremely delinquent accounts. I believe it is 3years+
310-564-6389
I have a Wells Fargo FHA short sale where the loan is about 6 years past due.
Our short sale package was processed with Wells Fargo - an Appraisal was completed - an ATP was issued (which was a surprise to me due to the delinquency) and we have an offer that's $20k above the ATP value.
Wells Fargo told me that HUD denied a variance to extend the appraisal (not sure why they needed an extension) and they shut down the short sale file - even though the ATP wasn't expired.
I escalated this file with Novad and HUD. HUD notified me that they refuse to proceed with a short sale on this home due to the extreme delinquency on the loan.
In 10 years of processing short sale - I have never seen this occur.
Has anyone encountered this? Any suggestions?
Thanks!
HOA fees are allowable fees to be paid from seller's proceeds per HUD Preforeclosure Sale rules. The sellers would also be required to use their $3000 incentive to pay a part of the HOA fees. The remaining amount HUD will pay is completely dependent upon the minimum net required in the Approval to Participate letter, as Brett said. The key to making this deal work is to negotiate with the HOA to get them to reduce the amount owed.
@bill it depends likely on what the NET to the mortgage servicer is if the note is HUD backed. If it's below 88% they may not contribute to the delinquent HOA Dues unless if it's a lien. Has the HOA placed a lien on the property? If it's not a lien and it exceeds 88% they may contribute towards the delinquent HOA dues. It's not so cut and dry for these type of scenarios unless if it's a lien it would likely be $1,500...
I hope this helps and call me anytime at 888 559 5956.
310-564-6389
CONDO DUES & FEES. I have an FHA seller who owes $20,000 to the condo association, accumulated over several years in unpaid dues and fees. How much of that can we expect the SS lender/FHA/HUD to cover? Thanks.
Hi All. I have a short with Flagstar on the 1st and Regions (in Recovery) on the 2nd. Regions will release the lien for $4500 (amount that's being requested from the 1st) and then setup a payment plan for the remainder of the balance (20%).
Does anyone anticipate challenges with FHA/Flagstar accepting a settlement that includes a payment plan after settlement?
Also do you think the 2nd stands to gain anything if the home goes into foreclosure? I'm asking because it is in the recovery department and has been discharged, but they only want to settle for 20% of the balance which is at about $11k. I didn't want to overlook any reason why they may prefer that my client go into foreclosure or declare bankruptcy.
Your feedback is greatly appreciated.
Thanks guys. I will let you know what happens.
this may prove helpful - http://www.mfy.org/wp-content/uploads/FHA-Waterfall-Worksheet-Users...
Thanks for that insight. She is no longer making payments. She received the loan based on additional monthly income from child support payment which is no longer valid. So her income has dropped by $1300/month and her expenses have gone up as well.
I agree. If your client is offered a mod they generally must take it. It's up to the homeowner to decide what to do after that.
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