Have a short sale, home value is in the low 700's. PNC is in the second position and there is decent amount of equity beyond the 1st. Having the home on the market for going on a year we submitted a very solid offer that would net the bank over $145K however PNC is demanding $245K which would price this $700K home at over $800K. The negotiator for PNC might as well be a brick wall.
Anyone have a contact to escalate the issue with? I cant fathom how PNC would rather take $0 (no deficiency allowed as borrower obtained bk discharge) and be foreclosed on by 1st than $145K!!!
Thanks in advance for all of your help.
I have dealt with this person in the past -- it's worth a shot --- Good Luck!
Michael J. Walsh
Senior Mortgage Operations Closer
PNC Mortgage, A Division of PNC Bank, NA
PNC Financial Services Group
3232 Newmark Dr. (B5-YM09-02-2)
Miamisburg, Oh 45342
Thank you much!
The problem is you can't fathom how PNC would rather take $0 and be foreclosed upon. Your thinking is too linear. Too rational. Imagine a process in which the servicer gets paid to foreclose, and you are moving closer to the truth.
On the other hand, sometimes PNC will make outrageous demands and back down once the buyer rejects it. I've done short sales in which we had to reject the offer from the second lender 3 or 4 times before they agreed. If you can't get anywhere with management, you might want to take another stab or two at it.
PNC is in the 2nd position and therefore highly unlikely they will foreclose only to inherit a first in foreclosure...but I agree, we dont know what is going on in the background....
I have done many short sales with PNC as well as loan mods and they are just a pain in the ass across the board....
Thanks for the info!
@ Steve @Elizabeth @Timothy -- good to know. I too am starting a FreddieMac / Stonegate Mortgage first and PNC second. PNC only 34,000. Plenty of equity to cover the first. But with foreclosure date 2/23, might have to do a fire sale to get a contract and end up with both short. Anyone used the Freddie Mac "Make Whole" program?
Stonegate still have not sent short sale package nor informed seller of alternatives to foreclosure. Homeowner requested short sale package 12/27, approx 1/12 or 1/13 and again on 1/19. Stonegate said it was sent 1/18 -- still not received.
Asked for payoff on first -- Stonegate stalling - have been well over a week - would not accept Seller signed authorization from Title company.
Got a Freddie Mac case number assigned Friday. Geeeez --
Hitting a brick wall with PNC -- like you. Over an hour on the phone and then told to call back during business hours tomorrow. BK involved, but discharged.