2011 HUD ESCROWS - Extension Delay Notification & Cancellation Notification Procedures

Tiempo Escrow II will press the parties to properly extend their escrow periods as required in Section 5.6 of our contract.   As soon as an escrow has come within 5 days of its closing date we’ll send reminders to the buyer and the buyer’s agent to submit their extension form and fee if they anticipate going beyond their scheduled date.

The notification procedures will occur as follows:

Courtesy Level – Extension submission deadline reminder sent to Buyer and Selling Agent Starting 5, 4 & 3 days prior to the scheduled close of escrow date.

Level one – Incomplete Extenstion Notification On Date Due and Days 1 &2 (three days of notifications)
 
1) URGENT ALERT-Incmplt. Extension Pkg-NEED $375 EXT FEE!
-Publish to: Buyer, Selling Agent, Asset Manager
 
2) URGENT ALERT-Incmplt. Extension Pkg-NEED LENDER LETTER/DOC's
-Publish to: Buyer, Selling Agent, Asset Manager
 
3) URGENT ALERT-Incmplt. Extension Pkg-NEED CORRECT EXTNSN FORM
-Publish to: Buyer, Selling Agent, Asset Manager
http://www.hudpemco.com/Request%20for%20extension.pdf    
https://www.blbresources.com/newdocs/2S%20Forms%20Portfolio.pdf

Level Two – Cancellation Commencement  Notification Days 3 & 4- From Date Due

1) URGENT Need $375-Commence Cancellation-Unresponsive Agent/Buyer
-Publish to: Asset Manager, GTR, Buyer, Selling Agent

2) URGENT Need Ltr- Commence Cancellation-Unresponsive Agent/Buyer
-Publish to: Asset Manager, GTR, Buyer, Selling Agent

3) URGENT Need Extn- Commence Cancellation-Unresponsive Agent/Buyer
-Publish to: Asset Manager, GTR, Buyer, Selling Agent

Level Three – Notify GTR and AM of Unresponsive Escrow Day  5, From Due Date if no Form and Fee from the Buyer

URGENT – UNRESPONSIVE ESCROW-NEED CANCELLATION