Comment

Comment by Cotz on September 20, 2011 at 12:28pm

How is yours going Lisa?

Comment by Lisa Sipes on September 13, 2011 at 8:52am

I just talked to my contact person and it is amazing how long this bank takes to process! I watched an interesting You Tube video about how they continually harass the seller for money....even up until closing.  One of the other agents in my office had an approval letter and they called the seller on the closing day and asked for money.  Unbelievable!  I was told yesterday they are ordering a drive by BPO, credit report on seller, and title search and to call back in a week.  I have been working on this file since end of June.  We already have a negotiator assigned with the first lien holder HSBC and it seems like we always get an approval letter on the first and then wait for the second!!! :(  ugh!

Comment by Cotz on September 13, 2011 at 4:30am

Thanks Rich, hopefully ours will move faster.

Comment by Rich Madden on September 2, 2011 at 10:19am

75-90 days from receipt of all docs- call them weekly, get employee name and id #, confirm every call that they have all required docs, this helps as the file reaches 60+ days...escallate as needed - dont take "no"...have a great weekend all!

Comment by Cotz on September 2, 2011 at 10:09am

What is their typical turnaround time?  Thanks

Comment by Becky Martin on September 2, 2011 at 9:26am

Lisa, they are going to demand a BIG amt. at first, see the comment given by the "supervisor" to me today about min. 5k but apparently that might not be true per Rich - as we all know "LENDERS ARE LIARS'!  lol

Comment by Lisa Sipes on September 2, 2011 at 8:38am

I have a 2nd with PNC and it is a $67,000 HELOC.  My seller does not have any money as he is a barber.  What do you think the chances are of a release?  The first lienholder is HSBC and I am just starting the negotiating process.

Comment by Rich Madden on September 2, 2011 at 7:37am

Just got approval letter from PNC for 2nd heloc - $3,500 with language that they also will release the deficiency. I have done many with them and always around 2-3,500 max. good luck

Comment by Becky Martin on September 2, 2011 at 7:32am

Anyone doing a short sale with a HELOC with PNC beware that the least they will accept is $5,000 and they always demand a huge amt. at first....they will make an exception if the home is going to foreclosure and the amt. owed is under 15K - they are accepting 2K in this case....

Comment by Dave Gaudreau on August 30, 2011 at 5:17am

I am looking at getting involved with a first only with PNC. My question is that on the application for short sale for PNC, the seller signs it and certifies that they will still be responsible for any deficiency. Anybody ever run one of these through to the end to see if that is indeed the case. Attorney's advice, and I have to agree, is to not sign it. But then how could you get the file processed?

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