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NOVAD Loan Modification
NOVAD is HUD’s servicer and supports the Housing and Urban Development (HUD) in handling Federal Housing Administration (FHA) Cases and Home Equity Conversation Mortgages which insured by HUD. When applying for a loan modification on a FHA loan, one must apply through the servicer handling the account.
HUD does not service FHA mortgage accounts, but they do service particular reverse mortgages. Loan Modifications are not offered on reverse mortgages due to the type of product that HECM’s are. If the property has equity and if the borrower is eligible they may be able to refinance out of the reverse mortgage. If the property is facing foreclosure and has no equity than a short sale is likely the only option to avoid foreclosure. An heir the home may be able to purchase the property via short sale which is a special opportunity that some accounts may be legible for.
If you need NOVAD Managing Consulting help or have questions, please fill out the form below or call 1-800-692-9960 and a specialist will be in touch with you shortly.