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 anyone had success pushing back on this? Would they issue a satisfaction for anything less than payment in full?

Thanks so much for your comments!

Views: 1467

Reply to This

Replies to This Discussion

It's a Fannie first.  If PNC takes any money from Fannie, it must be for a full release, and no other payments to PNC on the HUD.

Nate - I have had PNC agree to waive the deficiency. You can go back with a second hardship letter explaining why future  income to pay back the deficiency is not possible.

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 at 0%. I have had my clients call and settle after closing outside the real estate transaction. They will settle after lien release but not before.

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.

Hi Brian,

Do you have the link to the appropriate screen so I can take a screen shot?

Thanks  so much!

https://www.knowyouroptions.com/loanlookup

you can also go to the fannie mae website and look under the loan lookup tool.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************