Comment

Comment by Mary H. Morrill on September 7, 2010 at 9:13am

PNC has the 2nd on my seller's property....they are asking for 2009 Tax Return. My seller and her ex-husband have divorced, remarried and she has a new baby since we started the short sale process! Her 2009 tax return is with new hubby and his income.....she has no income of her own. Any way around this? She filed as a good citizen, now wonders if PNC will go after new hubby for deficiency?

Comment by Bryant Tutas on August 23, 2010 at 11:51am

Mike. I have had this exact situation and my sellers made the payment. Once the loan is "charged off" they may not negotiate at all or they may want a larger pay off. I would advise the sellers to seek legal advice.

Comment by Mike Frost on August 23, 2010 at 10:45am

I have a short sale with PNC as the junior lien holder (HELOC). The borrower has missed 6 payments, so PNC is saying that the loan will be "charged off" and be accelerated, due in full. However, if the borrower makes a payment, this would extend the window of time before the charge off by one month, with another payment due at that time, etc. Does anyone have any experience with loans being charged off? What does it mean to the short sale? Is this possible a strong-arm tactic by their collections dept to get the borrower to start making payments? Thanks, everyone.

Comment by Patti Lyles on August 7, 2010 at 4:16pm

How long did it take to get PNC to confirm they got the Short Sale Package? I call and they will not tell me when I can expect such a confirmation. Would it be sent to the Seller in writng? All I know is 2 weeks seems pretty long.....

Comment by Patti Lyles on July 21, 2010 at 12:07pm

I used 1-866-623-2657 extension 66520

Comment by Stephen Shafer on June 17, 2010 at 4:17am

I will be closing with PNC the end of the month, in general it has been a good experience.

Comment by Lisa Helweg on June 16, 2010 at 3:14pm

I have an FHA loan with PNC Mortgage that has been rejected for any type of hardship assistance and is scheduled for forclosure sale on July 21st. They state the reason that FHA will not allow workouts on investment properties. HOWEVER, this is not actually an investment property. The seller bought the condo when she was single. When she married, she moved in with her husband and tried to sell her condo. She found herself upside down on her mortgage and could not list her home for what she owed. She considered renting the condo to cover the cost of her mortgage until the market rebounds, but didn't get anything worked out. The condo has been vacant for over three years. She has continued to pay the monthly HOA fees. Can anyone think of anything that can be done to get FHA to reclassify the property as something other than Investment?

Comment by jim coddington on June 9, 2010 at 5:23am

I just finished working out a deal with PNC (National City) on a second mortgage to take 13k on 107k loan. I started at 5k and finally ended at 13k. Some of the funds came from the selling side of my commission- they continued to call my client almost every day to closing day wanting another payment- but in the end it close and things worked out. The first mortgage was with Dollar bank who took 403k on a 460k loan.

Comment by Adela Picar on June 4, 2010 at 11:17am

Hi Oskar,
I'm dealing with the same situation as you but with Bank of America. My seller too filed a bankruptcy 7 and they say that they still have a lien on the home. They want to finish the short sale but they want $20k. We are offering $8800.

As far as PNC I have an all cash offer for $505 and they still want $525. The home is in San Francisco and we have tenant rights here. My buyers would have to pay an additional $20k to $30k to kick out the tenants and do an OMI with a lawyer. I told them if they don't take the offer then they will have to deal with this problem again. Everyday they are losing money so they need to get with the program !! Yes they suck !!

Comment by Oskar M Jonsson on June 4, 2010 at 8:23am

What a nightmare dealing with PNC bank. Had an approval from the first lien holder (Ocwen) with $3,000 going to PNC bank as the second lien holder. After going back and forth PNC bank lowered their demands from $44,900 to $15,000. After talking to my client there was no way she could bring in $12,000 to get this done, so I went back to the bank and was told the follwoing "$3,000 is equivalent to NOTHING to PNC bank". Next we offer them the $3,000 plus a promissory note in the amount of $6,000 payable in 60 months, at this time I'm on the phone with on of their VPs Tim Seislove (Spelling) and he told me the following "We rather take NOTHING than $3,000.00". I couldn't even offer him the promissory note before he shot that idea down. To make this even more frustrated, their loan has been written off in a Chapter 7 BK. So they have no claim against my client. All they have is a lien against the home. In my book, $3,0000 is always more than nothing. Now we are 90 days from foreclosure. THESE GUYS SUCK!!!!

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