The situation:
PNC is the 1st mortgage and Bank of America Home equity is the 2nd.
PNC approved the short sale with allowing the 2nd lien a payoff $2340.00
Bank of America also approved the short sale however, the mortgage insurance company is demanding $6000.00.
PNC will NOT allow more than the $2340.00 to be paid to the 2nd, period.
The seller has agreed to bring the difference to closing but PNC will not allow this.
I've tried asking BOA to let the seller settle outside of closing and they said, NO.
I've asked BOA to offer the seller a promissory note and they said, NO.
What can be done????
HELP.
Vanessa Jimenez
Partner to Rhonda Duffy
Replies
Hi Vanessa.
PNC sucks. OK I feel better having that off my chest:)
Well you solved the hardest part which is you have the $6,000. Now you just have to get it to BofA.
Here are a few suggestions and thoughts for you;
Escalate to the guys at @bofa_help
Call me if you want to brainstorm 407-873-2747
PNC does suck. Tell them the junior lien investors dont base there short payoff on what the 1st lien holder will allow. Thats what I got from PNC (junior) when the 1st lien holder said they wont allow the 2nd more that 3K and PNC demanded 10K. In my case PNC did not care how they got the $ as long as they got 10K. So the 1st lien holder approved 3K to PNC with seller contributing 3K and 4K to be wired within 24 hours of closing escrow. Buyer agreed to buy 7K worth of items from seller.