Nate Gerard
  • Male
  • Stillwater, MN
  • United States
  • MN Minnesota
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Nate Gerard's Discussions

PNC Second Mortgage Deficiency Agreement

Started this discussion. Last reply by brian Gormley Mar 11, 2013. 6 Replies

I have a Wells first mortgage, PNC second mortgage short sale. The first is a Fannie Loan. PNC just sent us a form they want my seller to sign saying they agree to pay the loan in full.Question: Has…Continue

Switching to Judicial after the Sheriff's Sale

Started this discussion. Last reply by Nate Gerard Aug 5, 2012. 3 Replies

I have a client (with  US Bank 1st mortgage only and no MI), who is worried that if he discloses his financials to try to complete a short sale AFTER the sheriff's sale, that the bank will stop the…Continue

Tags: Public, Foreclosure, Sale, Sheriff's, Bank

 

Nate Gerard's Page

Latest Activity

Nate Gerard replied to Trong Dang's discussion Franklin Credit Management Help
"Who is the first? For example, if it is Fannie, they don't allow a short sale to be completed without lien release AND full satisfaction and most seconds will change their tune when they hear this. If you don't have that option you may…"
May 12, 2013
Nate Gerard replied to Sheyenne Schultz's discussion Thoughts on Fannie Mae's Homepath ShortSale Escalation portal! Are your overpriced counters getting resolved? yes or no
"I have one with a Wells first and a Chase second. Fannie holds the paper. Chase already agreed to a lien release & full settlement at the maximum allowable Fannie contribution. I thought this meant we were doing great until we got the counter…"
Apr 14, 2013
brian Gormley replied to Nate Gerard's discussion PNC Second Mortgage Deficiency Agreement
"https://www.knowyouroptions.com/loanlookup you can also go to the fannie mae website and look under the loan lookup tool."
Mar 11, 2013
Nate Gerard replied to Nate Gerard's discussion PNC Second Mortgage Deficiency Agreement
"Hi Brian, Do you have the link to the appropriate screen so I can take a screen shot? Thanks  so much!"
Mar 11, 2013
brian Gormley replied to Nate Gerard's discussion PNC Second Mortgage Deficiency Agreement
"Nate - this one is easy.  Just send PNC the screen shot from the Fannie Mae loan lookup page on their website.  FNMA's current policy is to require the second lien to waive the deficiency, and PNC has long since caved."
Mar 11, 2013
Rick Tannenbaum replied to Nate Gerard's discussion PNC Second Mortgage Deficiency Agreement
"I have done several short sales with PNC. I found PNC mortgage (1st lien) will waive deficiencies. PNC bank (2nd lien) will not waive the deficiency. They will, However, release the lien. The promissory note will be for the entire deficient balance…"
Mar 10, 2013
Nate Gerard replied to Janis Schade's discussion When to do Inspections?
"If the defect in the home was major, the up front inspection would have caught it - roof, mechanicals, non-working appliance. If it  is minor or something major happens between inspection and approval I ask the same thing I would if the bank…"
Dec 5, 2012
Nate Gerard replied to Janis Schade's discussion When to do Inspections?
"Excellent point! One of the companies charges $75 more for their refundable inspection and due to that,they also come back and do a quick check of the home after approval from the seller's lender. These inspectors use this as a competitive…"
Dec 5, 2012
Nate Gerard replied to Janis Schade's discussion When to do Inspections?
"These companies offer the deal to anyone so it is not just with me. I give the buyers (whether mine or another agent's buyers) the two companies and let them decide for themselves if they want to use either of them or go with another company."
Dec 5, 2012
Nate Gerard replied to Janis Schade's discussion When to do Inspections?
"I require buyers to do inspection up front on my listings and always require my buyers to do the same thing when making an offer on a short sale. Here's how its done and why. I have an agreement with a couple different inspectors that they…"
Dec 2, 2012
Nate Gerard replied to Jay Nealy's discussion Need Advice on Short Sale Situation QUICKLY - Last Minute Notification of Denied Seller Assist - Municipal Employees Credit Union NY
"Firstly, the fact that the listing agent even discussed a 6% seller paid concession shows they know little about short sales. Listing agents should never accept anything higher than 3% (1% on an FHA short sale) and even then I set the expectation…"
Sep 30, 2012
Nate Gerard replied to Tom Braunagel's discussion Should we suggest to our clients to be late in their mortgage payment for a successful short sale?
"IF, and only if the servicer has stated the borrower must be late, you can merely communicate that statement to the borrower and let them decide what they want to do. You should also add, "At no time will I or any agent recommend you not pay…"
Aug 19, 2012
Nate Gerard replied to Nate Gerard's discussion Switching to Judicial after the Sheriff's Sale
"We closed it on Tuesday and the seller actually walked away with a small amount of proceeds. I wonder why banks haven't caught on to bidding 10% below traditional market value at sheriff's sale. That would make so many people's lives…"
Aug 5, 2012
Nate Gerard replied to Nate Gerard's discussion Switching to Judicial after the Sheriff's Sale
"We solved this problem with luck! Seller's lender bid low enough at sheriff's sale that we're now on the market in the hopes of selling traditionally. Let's hope it sells!"
Jun 24, 2012
Nate Gerard commented on Arthur Wainio's blog post Time is Running Out: The Mortgage Debt Relief Act is ending and why you should care!
"Personally, I can't imagine Congress not renewing this for another 12 to 24 months. With the fragile recovery in the real estate market and the rest of the economy stalling, this would be quite a hurdle to overcome at a time when we need good…"
Jun 24, 2012
Nate Gerard commented on Bryant Tutas's blog post FHFA Announces Short Sale Assistance for Military Homeowners with Fannie Mae or Freddie Mac Loans
"It IS good news. It would be better news if they had included VA loans as well. Does anyone know of a similar program for VA loans?"
Jun 24, 2012

Profile Information

First Name
Nate
Last Name
Gerard
State
MN Minnesota
City
Stillwater, St Paul, Minneapolis, Cottage Grove, Woodbury, Lake Elmo, Oak Park Heights, Forest Lake, Oakdale, Maplewood
My Profile
Success for our clients can be summarized in one word: CARE.

We CARE enough to listen and understand our clients' needs and wants. An appropriate plan is set up to achieve those wants and needs and the client is educated as to what to expect throughout the process. We also CARE enough to respond quickly to all client inquiries and to maintain communication even if there has been little progress since we last spoke. Finally, we CARE about accomplishing our clients' goals so we're honest in discussing changes that may need to take place to overcome challenges during the process.

Many former clients are good friends years later. The accountability you have to a friend is different and at the highest level. It all comes from one word: CARE.

Comment Wall (3 comments)

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At 6:08am on April 18, 2011, Thomas Martin said…

Hi nate we just spoke, please call me when you can.

 

Thanks,

Thomas Martin

Charles Rutenberg Realty LLC

2201 W Prospect Rd #200

Fort Lauderdale, FL 33309

Office: 954-391-8387

Cell: 954-667-9110

Fax: 888-377-4010

E-mail: [email protected]

 

At 10:23am on December 15, 2010, Sarah Sue Walden said…

Have contract on listing

 

At 11:46am on September 7, 2010, Kim Carlson said…
Great web site!
 
 
 

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