2 year PNC nightmare. 

In a nutshell:

PNC 1st, conventional, 200k underwater.(BOA 2nd was totally forgiven by DOJ settlement)

Gave PNC $403k offer 4 months ago. PNC wanted $430K (PNC's UNfair Market Value) & would not consider property condition. Found $430k buyer. Submitted 6 weeks ago. Buyer asked for 3% closing help. 

PNC FedEx'd approval 12/26 directly to seller (not us) seller out of town so did not receive until 1/5/15.

Terms of approval: $430k, no closing help to buyer, close by 1/15/15,Seller required to bring $87K to closing.Seller does not have $87K, Can contribute $5,000. PNC response: No counter offers per investor.

Sale date 1/16/15. Any ideas?

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Replies to This Discussion

Who is the investor on this one? Is this loan being serviced by PNC Bank or PNC mortgage? Will they allow the seller to take a promissory note?

Feel free to contact me anytime.

[email protected]

www.ishortsalenow.com

310-564-6389

It's PNC Mortgage. They will not disclose the investor. Had seller inquire. PNC told her they can not tell her who investor is.

Pull the deed of trust and assignments. I'd also send in a written request to PNC from the seller requesting the information. Also, call customer service as a rep may let the investor info slip. This info may not be of assistance at this point, but there has to be an underlying reason why they are holding such a position. Is there mi on the loan by chance?

Very sorry you are having this problem. I have a PNC Bank 2nd lien,and in my experience and opinon, this lender is in the dark ages when it come to short sale workouts!  Like they are operating from day 1, not 6 years later!!  I've had a good deal of luck going thru their social media team. PNC on Facebook, Private message them with your phone number and best time to call,and don't leave your phone! They are very efficient and helped quite a bit--but not 100%.

Brett, I thought it was the borrowers right to know who the investor is? Maybe I am wrong.

Best of luck to you. Regardless, you have done your job well.

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