I did a search of this question but it returned no results, so I am posting here... Has anyone know PNCs policy on short sale approval where the homeowners are current in mortgage payments at the moment but default is imminent? Thanks!!
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Brenda, This is a new curve in this market, I too have a PNC current on payments, most banks are now allowing it ,we will see
John, please post your outcome. It would be very helpful to know!
I have one that got through the negotiator, but she has been unable to get the investor to respond for the last month.
Hi Brenda, It will depend on what type of loan the owner has. Is it a Fannie Mae, Freddie Mac, or FHA?
Thanks for the response! It is a Freddie Mac. Just met with them and learned it now is a mute point - they have maxed out their credit cards which is how they were paying their mortgage :(
http://www.freddiemac.com/singlefamily/makinghomeaffordable.html
Here is a great source straight from Freddie Mac for you.
They will assist, but require borrower to contribute, depending on hardship. Don't expect much relief. As far as a 2nd loan, No experience if they hold the first.
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