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Comment by Adela Picar on May 21, 2010 at 7:33am

Does anyone have a number PNC executive offices? Working on a short sale in San Francisco and the investor is being ridiculous and would rather move forward with the NOT. There are laws and tenants rights here in SF and in order for the new buyers to take over the home they will have to pay about $14k just to move out the tenants and then get an lawyer to do the OMI eviction. This investor does not get it and if it does goes to auction he will still have to deal with the same problem. Help !!

Comment by John Prin on April 14, 2010 at 11:43am

I just closed on a short sale March 30 I started this short sale on Dec. 9. 2009 so not a bad time for a short sale. PNC was fairly quick after initial approval of GMAC who was primary lender.The owners had to bring $ 23000 to the table but did not have to sign a deficiency which would have been an amount over $100,000 So all you people waiting have hope :-)

Comment by JENNIFER CARSTENSEN on March 30, 2010 at 8:22am

Thanks for the post regarding who to send the short sale package to at PNC. Have been trying with the fax # the customer service rep gave and it's been busy for a week. But Jim's fax # went through the first time.

Comment by Dominique Van Ryckeghem on March 27, 2010 at 2:47pm

Can somebody please send me an privacy edited copy of this deficiency letter. I will have to deal with PNC soon on a 2nd position 220k HELOC.

Comment by NL in Cali on March 23, 2010 at 5:10am

So here's my PNC story. It has been a year long nightmare but there is a light at the end of the tunnel. I have a $350K non-purchase money second with PNC and Etrade as the investor. They are very private about who the investor is and it took a year of constant asking before someone let it slip that it is Etrade.

Our offers cover our first in full so not an issue there. We had some offers a year ago that would net PNC $110K (31%) and they came back with $140K to release the lien or their magic number of 60% for a settlement. We actually did get an offer that got them the 60% and were really happy. Those buyers backed out due to finances. We tried to get them to "pre-approve" a slightly lower number or at least keep the approval open since only bargain hunters are willing to buy an unapproved short sale. Nope, they wouldn't do it. The next offers came months later and were so much lower they made our first short and PNC got nothing. We countered one buyer to get PNC $50K.

Until this point we had been dealing with National City but now it is PNC. I also got the "you agree to a deficiency letter" or we won't look at the package. I signed but sent in an accompanying letter saying I was signing under duress and was looking for a settlement. They didn't have an issue with this and opened the file. After several months, they came back and said nope, they wanted the 60% to settle in full even though our situation was way worse now, we had less cash, husband unemployed for a year, BPO down $150K... That would have required us to come up with $165K in cash. Yeah, right. So we asked for a lien release. After about a week they came back with a lien release approval and sent out the approval letter. It was ridiculous. It said all this stuff about how they would come after us for the balance, that we understood we owed this money, that the terms of our loan would still apply, etc... We didn't have to sign the letter but the approval was based on us understanding these terms. It also said they would charge off the amount and send to collections. I thought are they nuts? They think I am going to pay back something that they sent to collections and destroyed my credit.

At this point several people told me it would be much easier to settle something with the collections department as there was no longer an underlying lien. However, I just didn't trust them and since our balance is really large, they would be much more likely to come after us judicially.

So we begged and borrowed and figured we could come up with another $50K i.e. $100K to settle (28.5%). We even included a letter from a bankruptcy attorney saying we were a good candidate. They said nope but they would settle for 50% (now we're $75K short). We didn't have this money and our buyer said no way. We thought our buyer might be willing to come up with a little something so went back to them with 35%. Lo an behold, they came back with a settled in full approval.

Some interesting facts:

- We had never been late on anything and this seemed to hurt our case. By the time we got an approval, we were 60 days late and threatening bankruptcy.

-They kept throwing around the "this is not purchase money" card and saying they would wait for the first to foreclose and then come after us for a deficiency judgment. I said we could rent the house out and keep paying the first in which case they said they would send it to collections after 90 days and maybe I could work out something better with collections.

-I tried for a loan mod during this process and they said we didn't make enough. When we were almost 60 days late for the third month in a row, they sent out an unsolicited loan mod that took our terms down to 1% for two years and halved our payments. We thought about keeping our house but by this time we had already moved out and were committed to the sale.

Comment by Zia Montesi on March 21, 2010 at 10:03am

Yes, the second is with PNC, CLC Loan Services / E-Trade, yet the first w/ PNC also was very cooperative to increase the am'nt they would contribute after going back to buyer for more. I gues fro one PNC pocket to theother.zz

Comment by debbie rumsey on March 10, 2010 at 6:05am

Received approval from the 2nd, PNC collection, settling for $15,000 on a $60,000 loan and holding the property owners liable for the difference.

Comment by John Prin on March 10, 2010 at 5:40am

Im waiting for PNC decision on a settlement of a 160000 second mortgage The first lender GMAC has already approved my purchase price of this property. i know this is a very large amount for a second loan. Has anyone received approval from PNC on this amount . How much do they look for as a settlement, I know they are asking for cash plus a signed note from sellers What can I expect for a wait time the price I offered for the property was $10,000 above comps .

Comment by Chris Prickett on March 9, 2010 at 3:02pm

Just got an acceptance today for $26K on a $134K lien. The seller isn't paying a dime, it's coming from the first, out the agent's commissions and some from the buyer.

Comment by jim coddington on March 9, 2010 at 2:42pm

I have a seller who has a $105,000 second mortgage with PNC (formerly Nat City)- they said they would release the mortgage for 5k but the sellers would be responsible for deficiency judgement. Obviously this isn't what the client was hoping for- what is your experience with getting PNC to accept a lower amount? How would you proceed from here?

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