PNC/National City second lien process

Five days before closing the title company found a second lien in the form of a PNC/National City HELOC. Is anyone on here familiar with the process at PNC to approve second lien releases? We are the buyers. We already waited since March for approval on the first, which we received in July. After receiving approval, we scheduled inspections, appraisals, etc. and our mortgage is through underwriting, just waiting for clear title. Of course this is not PNC's fault, but curious if anyone has any insight into how the process works in a situation like this. Any contacts at PNC would be appreciated please. The posts on here suggests this will be difficult. Thanks in advance for any assistance.

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Replies to This Discussion

Permalink Reply by Eric Mieles on August 22, 2011 at 8:03am

Afternoon Cotz. First, I would be highly upset the professionals that you're working with didn't find all liens associated with the file upon the prelim search but you're beyond that. My experience with PNC is that they are pretty streamlined with their process and the negotiator I have had are very responsive however they are very strict with their directives and don't tend to bend to much from what they can and can't do. I had a very difficult file with them and it took a lot of creativity to get it done.

Please find out if there is an MI company involved. From what I have seen they ask for cash and/or prom notes pretty often. Good luck and keep us posted.

Permalink Reply by Cotz on August 25, 2011 at 2:16am

Thanks Eric for the info! We are definitely amazed at what happened but as you say, we are beyond that. As long as everything gets resolved, it will be okay. Anyone can make a mistake, it is how they respond to it. This agency does a lot of promoting of how good they are at short sales, so it is a surprise. We'll see. Hopefully it works out so we can avoid a legal mess. The joke is we did everything right, or so we thought, to minimize losses if something went wrong. For example, we even waited for our lender's appraisal to come in before we did our wind mitigation inspection for the homeowner's insurance. On the MI, I dont know if there is an MI company involved or not. I didnt see anything on the information I looked up in the county records, but not sure it would be there. Thanks again for your response.

Permalink Reply by Becky Martin on August 31, 2011 at 1:53am

They always ask for a lot of $$ - good luck:(

Permalink Reply by Bill McKinley on September 12, 2011 at 1:36pm

I had PNC/National City on a 1st and 2nd. The seller owed approx. $62000 on the 2nd. The initial offer from PNC was for $27,000 +/-. The 1st contributed $5000, but the seller ended up paying approx $12000 and the buyer/agents made up the difference up to about $21000 +/- which PNC accepted. In other words approx. 30% of the unpaid balance. Good luck, but be prepared.

Permalink Reply by Cotz on September 13, 2011 at 4:28am

Thanks Bill and Becky. At this point we are still waiting to hear back from PNC. The first lien has extended their approval, but not sure how long they will wait.

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