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.

Per HUD 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.

Novad management consulting has replaced the previous servicing contractor Deval LLC. Home equity conversion mortgages (HECM also known as a Reverse Mortgage ) are serviced directly by Novad. 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. Processing a reverse mortgage short sale can be difficult as some of representatives there are not privy to short sales ,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 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. In a novad reverse mortageg short sale novad will order the value once the proper documents are received. Once a value returns they will only accept an offer at the value amount, in a novad reverse mortagage short sale novad will order an Appraisal from a HUD approved vendor. Since novad will not go any lower than their value for this type of loan(Home Equity Conversion Mortgages [HECM also known as a Reverse Mortgage ]) if there is any significant property damage then you can try and complete a value dispute with Novad. In some cases its possible to successfully complete a value dispute that results in a lowered value even with out significant property damage.  The Process of disputing a Value with novad can also be difficult ,it’s important to be able to navigate the mortgage servicers system  efficiently or the runaround can make your review last ages.

If you have questions about an underwater mortgage, loan modification, foreclosures ,short sales , Reverse Mortgage Short Sale please call us at 888-572-8020.

 

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