Replies to This Discussion

Permalink Reply by Christian on January 24, 2014 at 7:17am

Don't know if this will help, but I couldn't settle with PNC before closing.

However, like several other blogs mention they did settle AFTER closing. They send the balance to their own internal collections and offer to settle at 20% (exactly 30 days after closing that offer is sent). If you can prove hardship and send in a lot of paperwork supporting that, they will go down as low as 10% or 5% (but that is hard to prove.)

My advice is just to get it closed and then start negotiations, I had to start the process with the first bank over (several times) while trying to get PNC to cooperate before I realized what they were willing to do.

Permalink Reply by Peter Klein on January 26, 2014 at 3:36am

Thank you for your advice. The problem is that the deal does not work unless I can settle with PNC for 10% or less. I've been told they are hard to negotiate with, and if they don't do a substantial reduction in amount owed I can't afford to buy the property.