Hey everyone. Just in case you didn't already know PNC had investor directives issued on May 15th stating that "Either 6% or $6,000 will be paid to jr lien holders with NO other contributions from ANY other party" NO AGENTS, NO BUYERS!!
If you have pending files please call and get an update and check to see or if you have a jr lien and haven't begun working it please keep this in mind.
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That is interesting, being that I have PNC as a jr lien holder and they have been offered $6,000 by the first mortgage holder, and PNC will not proceed! They are holding us hostage for $59K! I'm afraid that this will force 1st to foreclose. Any thoughts or ideas?
Mark Vandervest, Principal Broker - RE/MAX Equity Group, Inc.; Beaverton, OR www.TheOregonBroker.com
My experience with PNC (This Short Closed 5/30) was NOT like this at all. They did in fact hold the deal up..demanding $15,000 payoff on a total due of $33,000 HELOC!!! And they would NOT budge. The Seller decided to keep her PNC HELOC current as the monthly amount is low, AND we still had to come up with $7.000 on the 1st (B of A AFTER the approval letter had arrived), as well as $5,000 to PNC to get them to even let us do the Short Sale! Everyone scrambled and I got it recorded in 7 days from B of A's negotiator phone call about changing their mind re: approval letter.
I questioned the legality of over-riding the Approval Letter which does not state anywhere in it that the Investors still retain the right to overthrow this acceptance all the way to COE. My B of A negotiator told me "Investors can do whatever they want..period!" As for PNC..good luck. They stink!
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