Need some help with a Bankruptycy and PNC on second. I have the first approved, seller in BK, but all payments complete.  Second was stripped, so PNC gets nothing, and I have a court order saying value on 2nd is $0. HOWEVER.....trustee dragging feet to get final discharge paperwork. Was supposed to be complete in late July--and this part is out of my hands.  If I get permission from PNC, I can get a court order to sell, but am afraid to contact PNC, who will then want a share of the sales price and I'll be starting at 0 days again, on another short sale negotiation, on a loan that is stripped!  How do I get PNC to send me a reconveyance or a $0 payoff? I have the court ordered $0 value paperwork. Send that to BK dept. at PNC? Thanks for your ideas?

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Hey Kylee, howzit going? Apart from this PNC mess, I mean. The second, even though the value is zero, is still secured to the property and PNC will undoubtedly demand a payoff to release it, I hate to say. You also need the final discharge to close escrow. PNC is unlikely to grant any favors. You need the recon and PNC will want a few bucks. 

Hi Elizabeth,

THanks for reply. Even tho' the PNC 2nd was stripped and will be discharged, if I am able to get the complete BK discharge in a timely manner, then, aren't they SOL?

HI Kylee,

This may be too late of a reply, yet I am in the exact same situation with BOA on 1st and PNC on 2nd, with discharged Chapter 7 yet case not closed.  Still waiting for approval from PNC.  From what I learned from several attorneys is that the 2nd should not require a court order to sell as they are in 2nd position.  However, I did need to get that for the 1st/BOA, and there was a quicker, alternative way to get what a lender should require, yet it required me going directly to the trustee (your seller should have the trustee's contact info.... and please note that the seller's BK attorney wasn't much help and thus we sought counsel elsewhere and then I went to the trustee directly) and charmed the pants off of her to get her to do what was needed.  BOA agreed to pay $6K to PNC on a $290K sale, even given the circumstances.  So yes, I agree with Elizabeth (unfortunately) that PNC will expect something.  Hopefully you've got it all sorted out.  Can supply for detail if your file is still active. Curious to hear what happened with PNC.  We're still waiting on them.....

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