Replies to This Discussion

Permalink Reply by Keri Sweetland on July 10, 2012 at 2:09am

It is unlikely that you will get PNC down below 20% of the UPB (unpaid principal balance) and even that will be a chore in itself.   Ocwen also will not go beyond that $6K in most cases...however, IF, IF, IF you can get the file escalated at Ocwen AND show them with comps why this offer is FANTASTIC and how they will earn more by paying the 2nd more money then MAYBE dependong on who the investor is on the 1st lien you MAY get more...another angle...assuming the bueyr's financing allows it 1. the buyer can simply contribute to the 2nd lien if it's worth it to them...2. you may want to try to add a 3 or 6% seller concession to the deal and ask the buyer to come in with the difference to the 2nd lien...or 3. if the offer to value ratio is good enough you may try to back the offer down and have the buyer come in with the cash-this won't work for FHA or VA though.  You will have to show the seller concession from the seller to the buyer on the HUD1 AND a credit from the buyer to the 2nd lien on the HUD1.  Run this past the buyers lender first so you don't waste a whole bunch of time.  By the way, is this an owner occupied primary residence and have you tried to put this through HAFA?  Before you reinvent the wheel on it though check with PNC and ask them if it is in the HAFA program if they will take the 6%...Good luck!

Permalink Reply by Jerry A Cook on July 10, 2012 at 7:00am

Purchase money,  California?   Have seller send PNC a 'deed in lieu of foreclosure' with an estopple affidavit for PNC to complete which basically states that PNC is taking property as full satsifaction of the note and deed of trust which secured the subject property.

 

They won't, which means they are stating that the property has no value,  and then that means the note has no value!

THEN you send all that to the CEO/President and tell them you are a share holder and want to know what the hell is going on.  PNC is costing you some 'recoup of your principal' and as a share holder you demand that they address this issue.  It is unacceptable.....   Class action lawsuites are started this way.   Investors have rights, and Pnc IS SCREWING THEM OVER!  

 

At least that is my take.   jac.

Permalink Reply by Jerry A Cook on July 10, 2012 at 7:04am

One more tip.     Take all the payments your clients have made on the loan,  add that to the 6,000 being offered, then add the two together, divide by original amount and you get % of return of original principal.   Its stupid but it's a great tool!