I have situation where BOA initially agreed to give a 3000 dollars to the second lien holder. This was the amount countered back by BOA through equator. So I accept it and simultaneously agreed to the second lien holder to pay 5000 with seller paying 2000 outside of escrow. PNC agreed to the deal and issued an approval letter.
Now BOA says it will pay only 948 dollars which is 6% of the second lien holders payoff amount. BOA says that is the maximum allowed by the investor to second lien holders.
I am in a fix. The seller will pay a maximum of 2000 from his pocket to have this deal done.
How do I start a renegotiation with PNC bank from an approved short sale amount. The pay off amount is only 15800.
Any help will be appreciated.
Thanks
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