Settled PNC 2nd w/ NO DEFICIENCY AGREEMENT for 20%
I just settled a 2nd held by PNC mortgage while in a short sale. PNC took just 20% and also waived the deficiency agreement. SPS was the first lien servicer on the deal.
Now, I will say that we are a law firm just East of Seattle and all I do all day now is obtain modification or settle short sales, but this can be done. Sadly PNC may want to settle outside of the scope of the short sale, but if a seller hasn't been paying their 1st and 2nd mortgages for a decent period of time, they should be able to contribute to a settlement. If they haven't saved that money, or at least a decent portion of it, then they haven't been doing their duty.
Replies to This Discussion
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Permalink Reply by Mark Vandervest on
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Interesting post. How did you account for the second being paid more than authorized by the first on the HUD statement? Was PNC settled prior to the closing to accommodate that?
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I didn't have to settle outside. SPS paid the full amount to PNC, roughly $95,000.
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Just settled another PNC 2nd right now, $7,000 which again was 20% and again NO deficiency agreement. It is possible guys!!!
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Permalink Reply by ElizabethWeintraub00697006LyonRE on
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I have a file right now in which PNC approved the second with no deficiency and no contribution whatsoever. I have another file with PNC which, thanks to SB 458, makes it impossible to negotiate without a 60% of net contribution. There is no consistency with PNC as every deal is different.
Elizabeth Weintraub
Broker-Associate #00697006
Lyon Real Estate
Sacramento Short Sale Agent
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
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