nightmare SS-conventional loan-PNC 1st & BOA 2nd - Sale date Nov 14, 2014.

Property $300k underwater

Submitted all docs to PNC- PNC responded after having offer 2 months that price needs to be $430K. Our offer was $403K. Sent PNC inspection report showing that property has major condition flaws including foundation cracks & plumbing issues that affect value & property will not pass FHA property standards.

PNC never responded & subsequently sent borrowers SS denial letter stating offer does not meet min price. Cld PNC & why they did not consider property condition? Also asked whether appraisal noted foundation cracks & plumbing issues. Was advised that property condition is not being considered & PNC will not look at appraisal to determine if conditions were it discovered by appraiser. PNC also said they will not review an offer that is for $430K because there's a fed law that offers rcvd less than 34 days before sale date can not be considered.

Homeowners are poised to file BK. 

Are there any actions we can do to salvage this short sale? PNC refuses to postpone sale or consider property condition or review offer that meets sale price that they are requesting. 

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Replies to This Discussion

call me. 864-485-9283

they are playing a game with you. escalate accordingly.

Just had something similar with PNC.  Screwed around with the paperwork and then would not postpone the sale.   Only possible thing you could try is to contact the investor directly and go around PNC.  If this is Fannie Mae who owns the PNC note you have recourse on the homepath site.  

Is this with PNC Bank or PNC Mortgage? Either way you need to escalate and speak to management contacts. If the investor is an entity you can reach out to directly then contact them directly.

[email protected]

310-564-6389

www.ishortsalenow.com

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