Replies to This Discussion

Permalink Reply by Kimberley Kelly on August 9, 2010 at 8:22am

PNC is very stubborn. I am going through the same thing. My Sellers' don't even care about the deficiency, but are nto willing to bring all that $ PNC wants. They will sign a note, but that's not good enough..I have not heard of them signing a release. They would rather sell the note to a collection agency and go that route after the sale..

Permalink Reply by Smitty on September 26, 2010 at 1:56am

Well if they want to drop the short sale, the other option is foreclosure. Would they rather have a foreclosure on their record? Of course it is their decision to go forward but I think the alternative to not going forward is far worse.

Permalink Reply by Dawn Barrier eXp Realty Vegas on November 3, 2010 at 9:21am

PNC Bank on 2nd is refusing to give deficiency release unless they get a huge amount of what is owed.
They may settle for approx 10% to let the short sale go thru, but then send it over to their collections dept afterward.

Permalink Reply by VT 98 on November 5, 2010 at 6:26am

My experience is that PNC on our 2nd mortgage would not bend at all on releasing the deficiency. We did not have to bring any dollars to close, but are in limbo right now with this being "charged off" on our credit report. We closed four months ago. We have tried to get negotiations going with PNC to settle the deficiency, but they seem to still be reviewing the file. Do folks have any guess on how long it will take PNC to either negotiate with us or sell it off to a collection agency?

Permalink Reply by Zach Shepard on December 17, 2010 at 11:12am

I'm in the same situation w/ my short sale. PNC Mortgage holds the 1st, and PNC Bank holds the 2nd. PNC Bank wants 10% at or prior to closing, PLUS they want the seller to sign a promissory note for the remaining balance: $70k!!! Unbelievable.

 

Are there any good answers out there???

Permalink Reply by Missy Caulk on January 13, 2011 at 7:04am

If I have an PNC approval and there is no deficiency mentioned in the approval letter and a 0, and they state how it will be reported, should we still attempt to get a letter stating they will NOT pursue a deficiency.