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I have an approved short sale with PNC Bank. Needs to renegotiate the amount as the first lien holder reduced the amount payable to them on final approval.

Posted by Sony Joseph on October 2, 2011 at 3:33am in Short Sale Discussions

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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Replies

  • Becky Martin October 2, 2011 at 2:47pm
    PNC is hard on 2nds  - I had a verbal for 7,500 with BOA to give 6K, buyer to pay 1500 POC but when I went back to PNC for the letter they upped the amt. to 12K (said investor would only take 10%) so I am calling the manager of the Recovery Dept. tomorrow, nobody can come up with the extra 6K and BOA will not allow it on HUD:(
    • Sony Joseph > Becky Martin October 2, 2011 at 4:11pm
      Thanks for the response. I am also calling the department for revising the already approved figure.Seller will not pay anything more than 2500.
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