If you are in a short sale reverse mortgage position it means 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 loan servicing contractor for home equity conversion mortgages (HECM also known as a reverse mortgage ) , and other FHA loans. Most reverse mortgages are with Novad management Consulting but not all, there are other servicers. This post will help you with a Short Sale on a Reverse Mortgage with Novad management Consulting but its information that can be applied on all reverse mortgage short sales.
About Novad Management ConsultingSince September 29, Novad Management consulting has been 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 also specializes in
- Project Management
- Financial and Compliance Audits
- Program Financial Advisory Services
- Organizational Development and Business Process Re-engineering
- Property/Portfolio Management
- Network and Computer Systems Administrators
- Training / Leadership Development / Coaching
Short Sale Reverse Mortgage – Novad Management Consulting tips
- list the property for sale with a trusted Realtor
- get an offer on the home as quickly as possible.
- submit your documents to get the ball rolling
- get Novad to order a property value as quickly as possible.