Can't get PNC to Budge on 2nd Lien Payoff!
I have a short sale with BofA as the 1st and PNC as the 2nd. PNC wants $15,000. BofA will only give them 8%. I got the buyer to kick in some more and both myself and the other agent are kicking in some commission. We are offering them about 50% of what they want but they are telling me they will cancel the file, that is their bottom line. There is no more money to throw at this and the buyer's already overbid on the property. Any advice?
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Permalink Reply by Wayne Brooks on
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Juan, to clear up your misunderstanding...a HAFA short sale does Not impose any guidelines on a 2nd mortgage holder dictating what amount they must accept. Only that IF they accept the guideline amount from the first, they must waive deficiency. The second can demand any amount they like, or just pick up their marbles and go home.
Ron, as to that QWR submital....is that the standard QWR or that new fangled "Quality" Written Request I saw mentioned by some "expert" short sale agent?
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