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NOVAD Management Consulting Short Sale
NOVAD Management Consulting is the Housing and Urban Developments (HUD’s) servicer. One aspect of NOVAD Management Consulting is servicing Home Equity Conversion Mortgage (HECM) or FHA-insured reverse mortgages. A HECM is only for eligible borrowers who meet stringent requirements.
At times borrowers with a HECM will be placed into foreclosure for a few different reasons. Here are a few potential scenerio’s that could cause a home with this type of note to be placed into foreclosure; A borrower defaulting on property taxes, insurance, moves out, or passes away, these could be reasons for foreclosure to be filed on the home. Some owners or heirs to the property will want to sell but there will not be enough proceeds to cover the debt on the home. In this instance this would be a NOVAD Management Consulting Short Sale. Many licensed agents do not have much experience with these types of transactions are they are a specialty within an area of real estate that is already niche.
A Novad Management Consulting Short Sale will require a short sale package and NOVAD will order an appraisal on the home. NOVAD follows HUD guidelines for these types of translations. Generally HUD will want an offer at around 95% of the appraised value. If the borrower still resides in the property or if they had to pay taxes in advance it may cause complications for the transaction. Relocation money generally is not provided to borrowers or tenants on this type of transaction either.
If you need NOVAD Management Consulting Short Sale 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.