Replies to This Discussion

Permalink Reply by Celeste ODea on May 19, 2011 at 4:34am

Eric, I submitted my first contract to PNC bank yesterday, but they are the 2nd lien holder.  Let me know how it goes because I have never dealt with them before.

Permalink Reply by Eric Mieles on May 19, 2011 at 7:27am

Celeste, I definitely will. I'll keep you updated. For what i'm reading here it seems they are difficult and unrealistic in their negotiations. Please keep me updated as well. Have a great day!

Permalink Reply by Celeste ODea on May 19, 2011 at 9:22am

Oh geesh!  Will do.  Many thanks.

Permalink Reply by Maya Thomas on May 21, 2011 at 3:18pm

Retirement funds are offf limites if it's a homestead property in Florida.  The seller is not required to take money from a 401k to pay a lender.

Permalink Reply by ElizabethWeintraub00697006LyonRE on May 22, 2011 at 2:27pm

I've had it go both ways with PNC. Just had one approved where they are in second position, and they are letting the seller go -- no contribution but WF as the first is demanding a contribution. On others, they have been merciless and demand outrageous sums that sellers refuse to pay -- and I can only figure it's because they expect rejection and prefer foreclosure on certain short sales. I've also had them ask for 401K funds -- but I'm in California. They can ask. And they do. Are you being asked to provide the 401K info before or after approval?

Permalink Reply by Celeste ODea on May 22, 2011 at 2:41pm

PNC hasn't asked me for anything but the normal documents.  I was wondering if they were merciless or kind... guess it also depends on the negotiator and how experienced they are.  I'll treat them as if they are merciless and get my defenses up and ready to battle.  PNC is a small HELOC of $45,000 and the 1st is $307,000 but BOA agreed to $194,500 with a $3,000 cash contribution.  The most BOA will pay PNC is $3,000.  I'll keep you posted.

Permalink Reply by Eric Mieles on May 23, 2011 at 5:10am

Thanks everyone. I'll keep you posted on the progress. Have a great week!

Permalink Reply by Eric Mieles on May 24, 2011 at 4:48am

FYI everyone. Just got the approval letter yesterday. No prom, no deficency, no problems. Was easy and the negotiator was very responsive and on top of things. Message me for her name.

 

Thanks

Permalink Reply by Corinn on June 10, 2011 at 3:38am

We were asked for the 401k information on one file, but just kept holding off on sending it, and that worked.  If it is HAFA qualified, it says in the paperwork that 401k information does not need to be provided.  I had to kindly inform the negotiator of this on another file, and they weren't happy about it, but I had HAFA on my side with that one.

Permalink Reply by Skip ODea on June 10, 2011 at 7:46am

Congratulations, Eric!  I would like to know who your negotiator is.  I just got an email that PNC wants $27,650 to release the lien and the negotiator I have is Erin who was assigned to me today.  Additionally, do you have any contact info for the Pres/CEO?

Eric Mieles said:

FYI everyone. Just got the approval letter yesterday. No prom, no deficency, no problems. Was easy and the negotiator was very responsive and on top of things. Message me for her name.

 

Thanks