Replies to This Discussion

Permalink Reply by Stephen Arnold on October 12, 2010 at 2:12pm

I would find out who the investor is and call them on your own!! I've had decent luck with PNC on primary notes...but PNC in the 2nd position is ALWAYS a joke to work with!! 27K on 69K is a GIFT!!

The most recent 2nd that I had with them was settled for about 13K on 60K and that took an act of congress!!

Can the buyer contribute anything??

All the best!!

Permalink Reply by Joanna Durrant on October 12, 2010 at 3:12pm

I've been the rounds with PNC. On my short sale (still in process) they insisted their percentage of demand as a junior lienholder was 10% and would not budge on it. They also insisted that their standard of practice regarding offers to junior lenholders was 10%, as well. So they should be fine with the BPO value on the property and offering 10% to themselves on the 2nd (you'd think!) When you are done dealing with the negotiator, go up the ladder and see if you can get anywhere. You can't squeeze blood out of turnip, so it's said. Are they willing to foreclose on themselves? If not, they ought to start being realistic about mitigating losses and start making offers that are practical or accept fair offers to begin with. I have no doubt their hardball tactics are making their losses more than they need to be or could be if they would just cooperate.

Permalink Reply by Shannon Jones on October 13, 2010 at 6:57am

I wish PNC would take 10% on the deal I'm currently trying to work with them! They're the second lienholder on a $49,000 purchase money home equity loan and they first asked for $29,000 -- more than 50% of the balance. Now they say the least they can take is $19,000. The problem is, the first lienholder is BofA and they won't allow it... Neither the buyer or seller has the money either. Any suggestions???

Permalink Reply by Joanna Durrant on October 13, 2010 at 7:36am

Maybe get your broker authorized on file and have them call in and go up the ladder? PNC needs some new leaders and policy or in this market they are going to drive the bank under. On the news yesterday I heard PNC was supposed to be working with the government to stop foreclosures. They are sure causing their share. If they play into government programs, they are going to have to abide by the rules, too. Amicable appeals to reason supported with financial documents have the best success. If they try the line,"We have nothing to lose by letting this foreclose because our losses are already so great," respond politely, "Yes, PNC stands to lose ($your offered amount in the short sale) if this forecloses. " Further, their foreclosure is going to affect the values of their customers in neighboring homes and further feed the problem. They stand to lose on all counts (granted they are not getting an insurance pay off--don't know if they applies or not.)