| Activity | Date | Service Events |
| Authorization Letter Submitted to Primary Lender (EMC) | 2/11/2009 | Authorization Letter submitted to primary EMC. |
| Missing Docs | 2/11/2009 | Paystubs are missing |
| 2nd Mortgage (LCS) submitted | 2/12/2009 | Spoke with Pam at LCS, Short Sale Package submitted to LCS and she will review it tomorrow. |
| Short Sale Packet Submitted | 2/12/2009 | Submitted the Short Sale Packet (Payroll stubs to follow) to EMC. Spoke with a EMC rep, it usually takes 24-48 hours for it to be uploaded to the system. Once they receive the HUD1, we can submit a request to postpone the sale date with a rep. Authorization Letter was received. |
| LCS Received Package | 2/13/2009 | Spoke to account manager Pam, LCS has received the package. |
| Lien Servicing for 2nd Mortgage | 2/13/2009 | Pam at LCS countered at $85k. Confirmed with her that LCS is servicing the 2nd for EMC, and reminded her that EMC 2nd's normally accept $1-3k payoff from EMC 1st's. Pam did some research and called back to confirm that we are correct. EMC will take back this 2nd mortgage for in-house servicing, and a $1-3k payoff will in fact be sufficient. |
| EMC BPO Agent Called | 2/13/2009 | BPO Agent called for access to property. Gave him Steve's contact |
| EMC BPO Ordered | 2/13/2009 | Spoke with EMC rep, they have received the package. The rep confirmed it was complete. They will order BPO today. A processor will be assigned soon and then a Negotiator will be assigned after BPO is completed. The rep submitted the request to postpone the sale date. We were asked to call back next Tuesday. |
| Spoke to Negotiator | 2/18/2009 | Spoke to Rebecca. The 1st is owed $816k, the 2nd is owed $176k. BPO came back at $685k, and they will need an offer closer to this value before continuing review. Rebecca requested an MLS listing history & comps. The investor will allow between 4-5% commission (she was unable to provide exact amount at this time). Foreclosure postponed until March 27th. Forwarded this information to Steve. |
| Sale Date Postponed to April 1 | 2/19/2009 | Spoke with EMC rep, Sale Date has been confirmed to postpone to April 1. |
| EMC Comps Submitted | 2/25/2009 | Submitted Comps to EMC via fax |
| EMC update | 2/26/2009 | Spoke with EMC rep, they don't see the Comps additional docs we submitted yet. It could take up to 48 hours for it to be uploaded into the system. |
| EMC Received Comps | 2/27/2009 | Spoke with EMC rep, they can see the images of Comps docs scanned but not loaded into the system yet. We were asked to call back on Monday to confirm the docs being loaded into the system. The rep notated the account to tell the Negotiator that these docs are coming in. |
| EMC Forwarded Comps to the Negotiator | 3/2/2009 | Spoke with EMC rep, they can see the Comps in the system. The rep notated the account for the Negotiator to see the new docs. No other updates from the Negotiator |
| EMC Submitted most recent Comps | 3/4/2009 | Submitted most recent comps to EMC via fax |
| EMC Update | 3/4/2009 | Left VM for EMC Negotiator Rebecca asking for updates |
| EMC Received Most Recent Comps | 3/5/2009 | Spoke with EMC rep, the Negotiator Rebecca notated the account on March 4 saying that she has received the most comp info. The offer remains low and she submitted it to the investors to see if it's going to work. We were asked to call back on Monday to check for updates |
| EMC Update | 3/9/2009 | Spoke with EMC Negotiator Rebecca, she has got comments back from the investors saying that they can accept the current offer $650 but with less credits to the buyers. She will call back in 1 hour to give me a range of how much they can give to the buyers |
| EMC requested revised HUD-1 | 3/9/2009 | Spoke with EMC Negotiator Rebecca, she's trying to persuade the investors to accept $650k sale price, but needs a few changes on the HUD-1: 1. 5% of net price ($640k) as commission 2. $1,000 to 2nd Mortgage EMC 3. $10,000 credits to buyers. If the buyers can raise the sale price to $670k, they can accept $19,500 credits to buyers. Emailed her most current comps info |
| Submitted HUD-1 to the lender | 3/10/2009 | Submitted Revised HUD-1 to EMC Rebecca via fax and email. Forwarded it to Steve |
| EMC Negotiator Submitted to the Investors | 3/10/2009 | Submitted finalized HUD-1, increased credits to buyers to $15,000. Negotiator Submitted to the investors |
| EMC waiting for investors decision | 3/12/2009 | Spoke with EMC Rebecca, she has submitted the file to the investors. The 2nd lien investors are outside of area so it will take a bit longer time for them to get back to us. Allow them 10 business days for reviewing. |
| EMC Status | 3/16/2009 | EMC is waiting for the investor to respond. They need 10 business days from 3/12. |
| EMC still waiting for Investors decision | 3/19/2009 | Spoke with EMC Rebecca, she said they are still waiting for Investors' decision. She asked us to shoot her an email on Monday/Tuesday to remind her to postpone the sale date and if there's any update from the investors |
| EMC Spoke to Negotiator | 3/23/2009 | Spoke with EMC Rebecca, she explained that it's their requirement now that they will need specific info of both agents, because they experienced the situation before that agents were buying the house and asked for commission fee. To specify agents detailed info is to their requirement now for final approval |
| Sale Date Postponed to May 1 | 3/23/2009 | Sale Date Postponed to May 1 |
| EMC Needs Agents Info | 3/23/2009 | Received phone call from EMC Negotiator Rebecca, asking for DRE#/Name/Address of both listing and buyer agents. Sent Steve an email about it. |
| Received Approval Letter | 3/24/2009 | Received the Approval Letter same as final HUD-1 terms. Will be good till April 22, 2009 |
