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Chase/Freddie Mac allowing $3000 to PNC Heloc

Posted by Eileen Johnson on April 1, 2011 at 1:37pm in Short Sale Discussions

 

I have a Chase traditional short sale, not Hafa. 2nd is a PNC Heloc.Seller had green card taken away so she returned to Taiwan 2 years ago. Freddie Mac is the investor. Chase is only allowing $3000 to PNC. PNC countered for $15,000. PNC's Heloc is $100,000 with approx. $79,000 0wing. While I am negotiating with PNC to reduce their counter, which I received yesterday, my question is if anyone has had a 1st mortgage short sale with Chase where Freddie Mac was the investor,in which more than $3000 was approved to pay the junior lien on a traditional short sale? I appreciate your response(s).

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Replies

  • Kathy Dyer Realtor Rosevillle Ca April 4, 2011 at 2:55am

    Hello Eileen,

    I am with Brian too- I have a frist with Nation Star Fannie Mae investor- they will only give 6% to 2nd lein holder based on what is owed. PNC, the 2nd wants 10%. I lost the first buyer after we got that far into negotiation. That buyer had no funds to contiribute.

    The 2nd offer I knew I had to find the right buyer who could come in with the cash to contribute- I did a counter offer with the contribution to the 2nd- it shows on the HUD as well. We are still working on it and it has not closed yet.

    Hope that helps,

     

  • Cindy Barnett April 4, 2011 at 1:14am
    I just completed a short sale with Wells Fargo as first and CitiFinancial as second.  WF rep told me that Freddic Mac will allow 10% or $3,000 to second, whichever is less. I think that is standard.
  • stanton Bizzell April 3, 2011 at 6:54am
    That 3000 is usually the amount that is negotiated for the 2nd lien holder.
  • Brian Bean April 3, 2011 at 4:10am
    PNC is the most troublesome lienholder these days. Just closed one where we had a similar situation, but it took multiple kicks at the dog. BAC would not go up over $3,000 to 2nd. So we had to be proactive and find the solution. Had the buyer restructure their offer to reduce it by the amount we were short to the 2nd and then agree to pay up and over sales price to the 2nd (on the HUD and addendum). BAC eventually accepted the new offer and 2nd got what they required. This requires a special buyer who has enough to come in with higher down payment and won't balk if appraisal comes in low.
  • Linda Susan Fox April 3, 2011 at 3:37am
    I have negotiated with PNC and they will release for one amount and forgive for another.  Maybe they will just release the junior lein for the $3000.00.  Freddie Mac is very tough and Chase is the same.  Good Luck.
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