Is anyone having any luck with PNC's 2nd's.  I have 2 PNC's shorts and they will not work with anything less than 60% of the note. They are holding firm.

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Shannon--there are a number of other recent discussions on this topic in the PNC discussion group. I would recommend that you read through those, and you should find some useful info there related to your situation.

Hi,  if the 2nd is a 'purchase money' and you are in a state where they do not have opportunity to pursue deficiency, tell them your clients is deeding property back to bank for satisfaction of lien!   They go into convulsions at that thought!

Then, add up all the payments your client ever made on the note, plus the amount the first is allocating to the payoff.

Take that number, verses the original loan amount and tell the negotiator that they ARE getting 60% or what ever the amount is.

If that doesn't work, send this information to the CFO for PNC and tell them as a share holder 'What the hell are you guys doing?"

The stock holders of PNC are the ones who will be adversly affected by the inability of the bank to convince their note holders that this is a good deal!

Finally, let the property owner stay in the house and live rent free for years, as PNC will never instigate foreclosure proceedings on the 2nd!   (Because they will have to assume the FULL loan amount from the 1st!)

Good luck!

 

Jerry, can you please call me 858-356-5600

I have an approved 2nd in which they requested 20% to settle.  I believe that the determining factor is the investor behind the second.  This investor would not participate in HAFA either.  Fortunately we are doing a coop with BofA on the first & they are giving the sellers incentive so that is making up the difference between what BofA approved and what PNC required.

I just received an email today from PNC regarding an E*trade second of $19,800.  We offered then $2,000 and they have replied that they will settle for $6,000 which is 30%.  We need to close quickly or we have to start over with Wells Fargo on the first so we are in the midst of finding an additional $4000.  The good news is they came back with this within a 2 week period.  So at least they are fast.   Would love to reduce it down to 20% but don't want to waste another 2 weeks.

I have a client with a 2nd position also.  They were sent a standard short sale package, which on the last page has wording that the borrower agrees that if PNC releases the lien, will pay the remainder of any amount owing.  :

Unless prohibited by applicable law, I/we agree to remain responsible for the repayment of the remaining balance on my/our Account pursuant to the terms of my/our note or line of credit agreement. By signing below, I/we acknowledge and agree to the foregoing.
 

  This would seem like giving up before getting into any negotiations!  Has anyone had to deal with this?  How did your negotiations come out?

I had very good luck.  Send them a HUD1 for $2500 and tell them that's all the first will allow.  If that doesn't work .. send a HUD1 to the FIRST for 60% and send PNC the DENIED letter.

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