Anyone been denied of a short sale because they needed all doc's in 10 days before the NOS?
I have been working on a short sale with PNC since January 2010. I send in all documentation that had a deadline of March 5th.March 23rd is the NOS.I had faxed all info in on Feb 25th.I call a few days later to see if I had an negotiator on the file. I spoke to a gentleman and he told me that the financial statement I sent in was suppose to be on a PNC worksheet that I can get from the website. I had not idea so I made a copy and had the seller sign it.I faxed it on on March 8th. Technically it was faxed on on Feb.25th.I call again on March 10th to check status and I was told the account was closed because the document came on to late to review for a short sale. I have 2 ratified offers since January and now they won't open the account. I spoke to a supervisor who reviewed the account and she says they set-up team should be able to open it. She escalated for me and they still said no. Another rep told me to send in everything to start a new process. I did that on Wednesday and I will call tomorrow to see if they will accept this.This is just ridiculous !! They told me they were trying to get hold of the seller but he is so out of sorts that he does not even open his mail. Had he opened his mail he would have known to get the document online but he never told me. Does anyone have a good number to a manager in the short sale department? I have been working on this property since December and for what? One of the offers is ALL CASH !! What is frustrating is that when you call the department you talk to sooo many different people with different answers. Normally when you have offers in they move the NOS date. Please help !!
Replies to This Discussion
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Permalink Reply by Amy Cole on
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If you're interested in some PNC experiences in throwing a wrench in things I will share a tidbit of my deal= pending short sale going on since 7/2009. To put it nicely, they are very inconsistent, and have messed up my deal more than once. They are junior lender on a purchase money loan in a California primary residence with Wells Fargo as the primary lender. House was purchased 4/2007 for 345K. with 50K.as 2nd Now fair market value is 189K. and it took Wells Fargo losing 2 buyers before they got their act together enough to get an approval letter on the 3rd buyer. During this process, PNC/NC complicated matters tremendously by flopping around on their required amount from one negotiator to the next, then insisting on 25K. to settle and release the lien. WF refused to give more than 4K. And we came to a stalemate after PNC closing and re-opening the file 3 times, each time insisting on a complete new financial/hardship pkg. On the 3rd try after was officially 'PNC' (new pkg again- on their form and docs - previous National City docs no good-geez ) the negotiator really got things messed up. She negotiated & verbally indicated that they would take an offer of 30% (15K) then after the deal was about to happen and it was time for action and something in writing, she all of a sudden said no they would be requiring the 25K. after all. WTF! We asked to take it to a higher desk for review, with no avail. So the deal fell through on all sides and was one day shy of foreclosing ( 6 weeks later) and a PNC rep. called practically begging to get that 15K. offer in writing and we could have a deal. Hurry hurry was the theme ! He sounded very disgruntled at the actions of the previous final negotiator and wanted a written explanation of what was said in each discussion throughout the whole process submitted with the pkg ....ok... called WF back and got the foreclosure postponed (luckily) and resubmitted ANOTHER complete pkg to PNC and we are awaiting the final acceptance of the offer in writing within the week. (balance of the settlement amount to be provided by the buyer and seller on the HUD) Then now we are in the process of getting the files back open with WF, and that's not the quickest or easiest process. We were lucky the buyers hadn't yet put an offer in on another house and they were still interested. This whole Short Sale has seemed like some crazy nightmare. And it's mainly PNC's fault...And it still is pending- not finished by any stretch. does that make your head spin or what? (p.s. They will play hard ball and if the short sellers have any ability to pay from a line of credit they will want it, no question). I would love to hear how it goes for you !!!! Thanks.
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Permalink Reply by Adela Picar on
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Hi Amy, So finally I hear back from PNC after my dozens of calls to finally reach a supervisor who was willing to help me. I explained the situation adn she told me that should be an easty fix. She forwarded my short sale doc's to the set-up department and the same person who denied me the first time denied me again. I was so mad that I finally found other numbers by calling the foreclosure department. The NOT was in 1 day and I get a call from the nicest lady int he loss mit department that pushed my NOT and scheduled the appraisal for me that same day. She apologized to me and and for the inconvenience. I am now waiting on the approval. It took me many calls and being persistant but finally got it done.
And I thought mine was bad. Yours is a nightmare !! I think it's really about talking to the right people can that really screw things up. Short sales are a pain but we have to do what we have to do to get ahead in the business !!!
Amy Cole said:If you're interested in some PNC experiences in throwing a wrench in things I will share a tidbit of my deal= pending short sale going on since 7/2009. To put it nicely, they are very inconsistent, and have messed up my deal more than once. They are junior lender on a purchase money loan in a California primary residence with Wells Fargo as the primary lender. House was purchased 4/2007 for 345K. with 50K.as 2nd Now fair market value is 189K. and it took Wells Fargo losing 2 buyers before they got their act together enough to get an approval letter on the 3rd buyer. During this process, PNC/NC complicated matters tremendously by flopping around on their required amount from one negotiator to the next, then insisting on 25K. to settle and release the lien. WF refused to give more than 4K. And we came to a stalemate after PNC closing and re-opening the file 3 times, each time insisting on a complete new financial/hardship pkg. On the 3rd try after was officially 'PNC' (new pkg again- on their form and docs - previous National City docs no good-geez ) the negotiator really got things messed up. She negotiated & verbally indicated that they would take an offer of 30% (15K) then after the deal was about to happen and it was time for action and something in writing, she all of a sudden said no they would be requiring the 25K. after all. WTF! We asked to take it to a higher desk for review, with no avail. So the deal fell through on all sides and was one day shy of foreclosing ( 6 weeks later) and a PNC rep. called practically begging to get that 15K. offer in writing and we could have a deal. Hurry hurry was the theme ! He sounded very disgruntled at the actions of the previous final negotiator and wanted a written explanation of what was said in each discussion throughout the whole process submitted with the pkg ....ok... called WF back and got the foreclosure postponed (luckily) and resubmitted ANOTHER complete pkg to PNC and we are awaiting the final acceptance of the offer in writing within the week. (balance of the settlement amount to be provided by the buyer and seller on the HUD) Then now we are in the process of getting the files back open with WF, and that's not the quickest or easiest process. We were lucky the buyers hadn't yet put an offer in on another house and they were still interested. This whole Short Sale has seemed like some crazy nightmare. And it's mainly PNC's fault...And it still is pending- not finished by any stretch. does that make your head spin or what? (p.s. They will play hard ball and if the short sellers have any ability to pay from a line of credit they will want it, no question). I would love to hear how it goes for you !!!! Thanks. -
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Hello again Adela, Thanks for your friendly response. I'm glad things are working out for you, and I hope they continue to. My debacle has come to a close. This was my primary residence and I'm a real estate licensee with a listing agent working my deal.PNC successfully messed up the deal to the point that the primary lender Wells Fargo foreclosed it yesterday. Now PNC gets nothing as we are a non-recourse state and is purchase money. Sad they couldn't get it together and get themselves $ 15,000. I went down to the courthouse steps to watch my house go up for auction. Wells Fargo got it and will likely now sell it to the buyer's I lined up and put into place and PNC doesn't get a piece of it. And I have a foreclosure on my credit report... and it's just not a good scenario...It's a shame, really.
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OMG Amy I am so sorry to hear this. I have been short sales for a few years now and the banks are either stubborn or they don't know what they are doing. Looks like yours went through so many hands there that no one knew what they were doing. I wish you the best and hope that things look up for you.
Amy Cole said:Hello again Adela, Thanks for your friendly response. I'm glad things are working out for you, and I hope they continue to. My debacle has come to a close. This was my primary residence and I'm a real estate licensee with a listing agent working my deal.PNC successfully messed up the deal to the point that the primary lender Wells Fargo foreclosed it yesterday. Now PNC gets nothing as we are a non-recourse state and is purchase money. Sad they couldn't get it together and get themselves $ 15,000. I went down to the courthouse steps to watch my house go up for auction. Wells Fargo got it and will likely now sell it to the buyer's I lined up and put into place and PNC doesn't get a piece of it. And I have a foreclosure on my credit report... and it's just not a good scenario...It's a shame, really. -
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Permalink Reply by Pamela Walsh on
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Hi Adela,
It's so nice to hear success stories in this crazy short sale business. I am trying desperately to get a sale postponed that is tomorrow. I have an all Cash bonafide buyer with a good offer. No second to contend with...thank goodness. Will you share your contact or give me your strategy on getting to that right person in the foreclosure dept. Foreclosure told me last week that it was up to the loss mitigation dept. ANY HELP you can lend would be so appreciated. direct email is [email protected] -
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Hi Pam, Sorry I got your e-mail late. Were you able to postpone the NOT?
Pamela Walsh said:Hi Adela,
It's so nice to hear success stories in this crazy short sale business. I am trying desperately to get a sale postponed that is tomorrow. I have an all Cash bonafide buyer with a good offer. No second to contend with...thank goodness. Will you share your contact or give me your strategy on getting to that right person in the foreclosure dept. Foreclosure told me last week that it was up to the loss mitigation dept. ANY HELP you can lend would be so appreciated. direct email is [email protected] -
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