When you are in a Reverse Mortgage Short Sale position the reverse mortgage on the property has no equity and the property is put up for sale and the proceeds of the sale will not fully satisfy/payoff the loan on the property.
Novad Management Consulting is the newest loan servicing contractor for Home Equity Conversion Mortgages (HECM also known as a Reverse Mortgage ), as well as other single-family Federal Housing Administration (FHA) loans. As of September 29, Novad is responsible for servicing FHA single-family Secretary-Held Assets, including assigned HECMs(also known as a Reverse Mortgage ), HECM Subordinate Mortgages, Secretary-held Title II Mortgages and Partial Claim Subordinate Mortgages.
California reverse mortgage short sales with Novad can be difficult to process as Novad has only one representative assigned to work all Novad Reverse Mortgage Short Sales in the state of California with only one team lead overseeing the entire 1 person department.
When you are in a Reverse Mortgage Short Sale position it is imperative that you contact Novad to initiate a Novad Reverse Mortgage Short Sale. California reverse mortgage short sales with Novad can be difficult to process. Processing a Reverse Mortgage Short Sale in California can be difficult as the office assigned to this state is severely understaffed with one person for the entire state. With an increase in reverse mortgage short sales in California the review can take more time than any one would be okay with if you are not able to effectively negotiate with Novad. ,it’s important to be able to navigate the mortgage servicers system efficiently or the runaround can make your review last ages.
Here are some basics directly from Novad for processing a Novad Reverse Mortgage Short Sale.
You must first list the property for sale with a trusted Realtor who will get an offer on the home as quickly as possible.
Once an offer is obtained and accepted by the seller of the property its very important that you submit your documents to get the ball rolling.
Once the Offer is received by Novad you must get Novad to order a property value as quickly as possible.
If you have questions about an underwater mortgage, loan modification, foreclosures ,short sales , Reverse Mortgage Short Sale please call us at 888-572-8020.