First time with PNC as 2nd lien. I have tried googling to find any good discussions on this but most are at least a year or two old and not ending well. They are requesting a high amount to allow us to short sale. $64000. CASH. Just need a few tips on how to start the negotiating process and where I might end. First lien (PHH) still in review.
I'd like to start off by telling you that I feel your pain with PNC.
PNC is definitely referred to as a villain of short sales in our office, but working with them is definitely doable depending on the structure and factors of the transaction. Don't feel like PNC's request means your transaction will automatically fall apart because it may not be the case. For instance, PHH will many times allow a contribution from an outside party of the transaction if it is not going through HAFA. There is no doubt PNC will give you a run for the money 99% of the time especially if they are not willing to abide by the HAFA guidelines. The key is to find out deciding factors about the loan to help try bring their request down (Delinquency, Balance Owed, Investor, Is there Mortgage Insurance Involve.. etc) I am currently involved in a Short Pay off where PNC dropped their request from 15,000 to 5,300 due to escalations and other outside factors when we audited the loan and presented the case. Is your seller going through HAFA? If so, do your best to get PNC to participate in HAFA. Putting it through HAFA might be a life line for you on this transaction if no one is available to make a contribution and PNC is a willing participant.
Good Luck on your transaction! Private message/call me any time for any tips or advice! (two heads are always better than one)
Thank you, very much. I guess I have to prepare my strategy first before going into this.
Sounds like a good idea.
Reach out to me if you want any assistance with Brain storming.
I will. Right now they have given me 30 days to respond. I am redoing the HUD for PHH (1st Lien holder) throwing in the large request from PNC to see what kind of response I can get from them. Right now PHH short sale is in review. I am hoping to throw a curve ball at them and see what happens.