Forum

PNC Second Mortgage Deficiency Agreement

Posted by Nate Gerard on March 7, 2013 at 4:50am in Short Sale Discussions

I have a Wells first mortgage, PNC second mortgage short sale. The first is a Fannie Loan. PNC just sent us a form they want my seller to sign saying they agree to pay the loan in full.

Question: Has anyone had success pushing back on this? Would they issue a satisfaction for anything less than payment in full?

Thanks so much for your comments!

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • brian Gormley March 10, 2013 at 8:29pm

    Nate - this one is easy.  Just send PNC the screen shot from the Fannie Mae loan lookup page on their website.  FNMA's current policy is to require the second lien to waive the deficiency, and PNC has long since caved.

  • Rick Tannenbaum March 10, 2013 at 1:30am
    I have done several short sales with PNC. I found PNC mortgage (1st lien) will waive deficiencies. PNC bank (2nd lien) will not waive the deficiency. They will, However, release the lien. The promissory note will be for the entire deficient balance at 0%. I have had my clients call and settle after closing outside the real estate transaction. They will settle after lien release but not before.
  • Wendy Rulnick March 9, 2013 at 2:36am

    Nate - I have had PNC agree to waive the deficiency. You can go back with a second hardship letter explaining why future  income to pay back the deficiency is not possible.

  • Wayne Brooks March 8, 2013 at 4:51am

    It's a Fannie first.  If PNC takes any money from Fannie, it must be for a full release, and no other payments to PNC on the HUD.

This reply was deleted.
********************************** like buttons ************************