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Permalink Reply by Colin Delaney on June 1, 2012 at 6:27am

I thought I would update my own post with the result of what happened on my PNC negotiation.  As I mentioned, there was about $350k which was owed on the 2nd.   PNC came back with an offer of $100,000 after first sending an outright denial letter.  The initial offer to PNC was $8500 from the first lien, PNC denied and asked us to submit a higher offer.

The first lien holder would only allow a max contribution of $8500, so I had the buyer's agent ask the buyer to contribute towards the second, which they did.  Ultimately PNC received $48,500 on their lien from our buyer/first lien holder.

I imagine that since it was more than 10% of the balance owed by the seller, it was better than not approving the sale and having a collection agent try to pick it up.

PNC was pretty quick to deal with once you get all their required paperwork in to them.  They were tough on not letting a low settlement go through though.  They won't take pennies on the dollar from my experience.  This transaction was over a million $$$, so I am not sure how it would go on a lower amount owed, but from what I have read here on this site, it seems like they are using the same playbook at PNC and not varying from it too much.

Permalink Reply by susan ellen on June 5, 2012 at 3:53pm

Thanks for the re-post. I am dealing with PNC as a 2nd lien HELOC right now and they are not budging to accept the $6000 from the 1st lien BOA. PNC wants $15000. Buyers are willing to pay the $9000 difference. How were you able to get the 1st lien to allow a higher amount to the 2nd lien on the HUD?