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Need Help with PNC - Servicing 2nd for Etrade

Posted by Karen Warren on December 16, 2013 at 6:31am in Short Sale Discussions

I have a PNC first and E-trade second that is also being serviced by PNC.  We are close on the 1st and I'm expecting approval shortly.  Buyer made up the shortfall on the 1st to almost meet the required net.  However, the negotiator for the 2nd is hell-bent on closing the file.  1st allowed $3,000 to the $46,000 2nd (seller has paid interest-only for approximately 9 years).

Negotiator on the second wants $41k (cough, cough) and has dug her heels in the ground.  My seller offered $1k because that's really all that she has. I received another e-mail from the 2nd today requesting an update with a deadline of 12/23.  Honestly, I don't know what my next move should be.

Anyone have any words of wisdom to share?  TIA

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Replies

  • Wendy Rulnick December 17, 2013 at 2:54am

    Karen - I've dealt with E-Trade and they are tough. They do, however, negotiate. Your seller needs to check all her resources, including relatives, cash advance on credit card, etc.  They may agree to a promissory note if that is not possible.

    • Karen Warren > Wendy Rulnick December 19, 2013 at 6:59am

      Thought that I would share the negotiator response from E-Trade/PNC after I asked her why the investor wanted 90% of the loan balance.   Her response: "Our investor reserves the right to request any amount they see fit in order to settle their account."  Okay then.

      Meanwhile, the 1st wants update documents and the 2nd will close out their file.  I will resubmit and pray that I get someone else the second time around.

      Have a Merry Christmas everyone and thanks again for your input.

      Karen

    • Karen Warren > Wendy Rulnick December 17, 2013 at 12:56pm

      Thanks everyone.  It's not eligible for HAFA or HAMP so that's a no go. 

      Seller doesn't have any cash so I imagine that my best strategy is to escalate as the seller doesn't have 30% of the loan balance and E-Trade/PNC does not do promissory notes.  An old boyfriend got her into the E-trade loan and walked leaving her holding the bag (she's a good friend, hence, my concern to figure out the best way to respond to E-trade).  I will have her call as Brian suggested (thanks!).  

  • Jonathan Katz December 16, 2013 at 11:06am

    Is this the borrowers primary residence or can it be reviewed for the HAFA program with the 1st? If the 1st participates in HAFA then potentially the 2nd may participate as well. I'd also be reaching out to escalation contacts and the negotiators supervisor. What is the reasoning behind them requesting 90% of their unpaid balance, that's practically unheard of.

    310-564-6389

    www.ishortsalenow.com

    brett@ishortsalenow.com

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