Hi,
I'm trying to help my sisters BUY a SS home in Chicago, IL. The seller mortgages are with PNC Mortgage. PNC agreed to the sale, the price, everything. I was on-track to close today - 12/18, until Friday, when my mortgage company pulled final credit check. This check showed two accounts as charge-offs on my sisters credit report. Problem is, they were my fathers, who passed in September, and they shouldn't have been on the report. Her credit dropped too low for FHA backing, so the loan was not approved on Friday.
PNC Mortgage Approval of Short Sale Closing Agreement letter states closing on 12/18/2012 "or before - or there could be additional charges". The next line states "Interest per diem: $25.06 per day after 12/18/2012".
Lawyers immediately requested an extension on Friday afternoon. A person in the PNC Loss Mitigation Dept in Jacksonville denied it saying the file would be denied and giving a phone number to resubmit.
However, another part of the package from PNC Mortgage says the offer is valid until 2/5/13, provided certified funds are received no later than 4pm that day.
I've corrected the credit situation to the point where the loan can be approved. How come PNC Mortgage won't let me proceed with closing, and what can I do?
Thanks in advance.
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Replies
Hi James. It's always up to the lenders whether or not to extend an approval letter. Whoever is handling the short sale for the seller needs to contact hem asap about the extension. Have your lender provide you an updated approval and a realistic timeline as to when you can close. Be sure the date is a good one as the chance of getting a 2nd extension on zilch.
I truly hope you get this sorted out.