Comment

Comment by Kendra Miller on July 9, 2012 at 5:50am

Thanks John for the support.

Hi Carmine - the home was initially purchased as a primary residence but was a rental for the last year and a half so it is now an investment property.

 

Comment by Keri Sweetland on July 9, 2012 at 5:50am

PNC is one of those lenders that if this doesn't go through the HAFA program they are unlikely to waive deficiency and likely to ask for a large amount. Knowing this ahead of time before I ever submit an offer I review everything and educate the parties to ensure that it's even remotely workable. I have found that if the property can go through HAFA it's easier and if the 2nd lien was purchase money that is also a good point of negotiation. For non-purchase money/non-HAFA deals with PNC I find I make 3-6 offers to the 2nd before coming to approval. I usually work the 2nd 1st unless they are both PNC attached purchase money loans and that way I know what is needed for the 2nd. THEN you can revisit your offer, your comps etc. and see if you have any back up room to have the buyer pay in towards the 2nd lien. I am a firm believer in disclosure so I always disclose the structure of the 2nd lien short sale payoff on the HUD1 when negotiating out the 1st lien. Sometimes it's easier and cleaner to work backwards when you know the players. And yes they do pursue-they don't JUST keep their rights to pursue they will begin calling the seller a few weeks after closing to get the seller into a payment plan. I have yet to see them go after an actual deficiency judgment but they do try to collect via telephone & mail (outside HAFA of course).

Comment by John Treadwell on July 9, 2012 at 5:42am

Over the years PNC in 2nd  lien is a nightmare.  the best I have ever got after a hard fight  was 20% of the debit, and we all had to pitch in to make it happen, buyer, both agents ,and sellers.  Good Luck  but them or Green tree in 2nd I have started not taking them unless the client signs disclosure to the fact that will happen ,and they might have to pay into the deal to close it.  No reason to work  on something that won't close without it.  If you get any better deal Please share with all of us  John 

Comment by Carmine R Biello Jr on July 9, 2012 at 5:40am

Hi kendra,

Was this a primary residence owner occupied property or investment property?

Comment by Kendra Miller on July 9, 2012 at 5:31am

Hi Jerry, I work in California and the 2nd is purchase money. PNC refused our offers of $6,000 and $24,000 and are demanding $95,000. They will get nothing if the first forecloses and yet they still do not budge.

Comment by Jerry A Cook on July 9, 2012 at 5:18am

Kendra, I do not know what state your are in, and if this is a 'purchase money' 2nd lien or a heloc that the clients access time and time again.   Depending on the details of your client, depends on what course of action you need to take with PNC.

Comment by Kendra Miller on July 8, 2012 at 5:05pm

I am working with Nicole Gerg at PNC on a 2nd lien and am finding her impossible as a negotiator. Does anyone know her supervisor? PNC is asking for 40% to release the lien which is totally unreasonable.

Comment by Wendy Rulnick on July 5, 2012 at 11:35am

Just received approval on PNC short sale in Santa Rosa Beach Florida in 2 weeks!  No deficiency, past HOA dues, paid!

Comment by Smitty on June 5, 2012 at 8:36am

Does Jonathan have an extension?  @doc

Comment by Wendy Rulnick on June 1, 2012 at 7:21am

Just listed a PNC short sale in Santa Rosa Beach... I've had success dealing with them. @Chris - that depends if the investor on the loan allows sellers to be current...

• ‹ Previous
• 1
• …
• 4
• 5
• 6
• 7
• 8
• …
• 19
• Next ›
• Page