Need Help with PNC - Servicing 2nd for Etrade
I have a PNC first and E-trade second that is also being serviced by PNC. We are close on the 1st and I'm expecting approval shortly. Buyer made up the shortfall on the 1st to almost meet the required net. However, the negotiator for the 2nd is hell-bent on closing the file. 1st allowed $3,000 to the $46,000 2nd (seller has paid interest-only for approximately 9 years).
Negotiator on the second wants $41k (cough, cough) and has dug her heels in the ground. My seller offered $1k because that's really all that she has. I received another e-mail from the 2nd today requesting an update with a deadline of 12/23. Honestly, I don't know what my next move should be.
Anyone have any words of wisdom to share? TIA
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Is this the borrowers primary residence or can it be reviewed for the HAFA program with the 1st? If the 1st participates in HAFA then potentially the 2nd may participate as well. I'd also be reaching out to escalation contacts and the negotiators supervisor. What is the reasoning behind them requesting 90% of their unpaid balance, that's practically unheard of.
310-564-6389
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Permalink Reply by Karen Warren on
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I am replying to both of you and thanks for the help. 1st balance is $120k and second is interest-only with a balance of $46,800. It's a condo that was listed for $72,500 and the purchase agreement is for $74k (which is fair-market value so I'm not worried about valuation). Buyer is contributing $2500 to the1st to cover the shortfall of the lienholder net. Not HAFA eligible.
I have no idea what the reasoning is for requesting 90% of the second especially since the seller has paid approximately $20k in interest over the course of the 2nd other than the negotiator wanting it to kick it to the curb. She has been impossible and demanding. Do you have a contact for PNC escalations?
Any feedback is appreciated.
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Permalink Reply by Wendy Rulnick on
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Karen - I've dealt with E-Trade and they are tough. They do, however, negotiate. Your seller needs to check all her resources, including relatives, cash advance on credit card, etc. They may agree to a promissory note if that is not possible.
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Thanks everyone. It's not eligible for HAFA or HAMP so that's a no go.
Seller doesn't have any cash so I imagine that my best strategy is to escalate as the seller doesn't have 30% of the loan balance and E-Trade/PNC does not do promissory notes. An old boyfriend got her into the E-trade loan and walked leaving her holding the bag (she's a good friend, hence, my concern to figure out the best way to respond to E-trade). I will have her call as Brian suggested (thanks!).
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Thought that I would share the negotiator response from E-Trade/PNC after I asked her why the investor wanted 90% of the loan balance. Her response: "Our investor reserves the right to request any amount they see fit in order to settle their account." Okay then.
Meanwhile, the 1st wants update documents and the 2nd will close out their file. I will resubmit and pray that I get someone else the second time around.
Have a Merry Christmas everyone and thanks again for your input.
Karen
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