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Elaine, PNC has no recourse, so if you want something then they want something. If the Buyer/Agents cannot come up with the $30k the deal is dead. the law says they cannot shake down the Seller, that is against the law. In California we are non-judicial state so we have the Seller sign the Prom Notes if they allow and get a sharp attorney to fight the collection and they will win and the bank will have to pay legal fees and court costs. What state are you in?
The lesson: DO NOT TAKE PNC/NATIONAL CITY DEALs
I am having the exact same issue. Only in our case, PNC (actually there is an investor) wants $60k. All of the sellers debts have been discharged in BKand the 1st is owed so much that the will be $0 left for the 2nd if it goes to foreclosure (which is literally days away). The negotiator has said that more often than not, the investors end up getting what they want, so they basically won't give in. Since they end up winning most battles, they're willing to let a few go rather than negotiate.
I have a simular situation....PNC second for $18,000 and the negotiator kept hounding for $5000. (3 from first, balance from agents) and now the negotiator has changed his mind and wants $6500. So I had the homeowner call, and find out why they changed the value. The negotiator told me $6500 and the homeowner was told $6000. What's up with that?
So we escalate the file, only to find out the negotiator has closed the file. Simular to your's, there is a BK involved so PNC will get nothing. So what's wrong with accepting $5000? That's almost 30% of the full debt, and yet they are willing to get nothing.
I don't understand what PNC is thinking. Any ideas?
Elaine, PNC has no recourse, so if you want something then they want something. If the Buyer/Agents cannot come up with the $30k the deal is dead. the law says they cannot shake down the Seller, that is against the law. In California we are non-judicial state so we have the Seller sign the Prom Notes if they allow and get a sharp attorney to fight the collection and they will win and the bank will have to pay legal fees and court costs. What state are you in?
The lesson: DO NOT TAKE PNC/NATIONAL CITY DEALs
I have a simular situation....PNC second for $18,000 and the negotiator kept hounding for $5000. (3 from first, balance from agents) and now the negotiator has changed his mind and wants $6500. So I had the homeowner call, and find out why they changed the value. The negotiator told me $6500 and the homeowner was told $6000. What's up with that?
So we escalate the file, only to find out the negotiator has closed the file. Simular to your's, there is a BK involved so PNC will get nothing. So what's wrong with accepting $5000? That's almost 30% of the full debt, and yet they are willing to get nothing.
I don't understand what PNC is thinking. Any ideas?
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