PNC 2nd demanding a pmt be made or send to charge off

PNC called today stating that they will be sending the file to charge off since client is now 6months behind.  Stated we would have to start over on the approval.  Has any one had this done to them. 

 

Oscar

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Permalink Reply by Sam Burnell on June 19, 2012 at 12:33pm

I have the same two lenders in the same order and am looking to complete a short sale.  Primary is under value of house but secondary puts property under the water.  Unsure how this would work out.

-Sam

Permalink Reply by Joseph Alfe on January 31, 2012 at 4:35pm

It's legit.  many seconds, especially HELOC's are not mortgages, but rather consumer debt, like a credit card. The lenders have guidelines that after a certain amount of delinquency, they are pooled and sold off as distressed paper.  The only way to prevent that is to make a payment to reset the clock.

Permalink Reply by Oscar Lopez on February 1, 2012 at 5:57am

Thanks,  Erik and Joseph for the feed back.  The seller has decided not to pay  $378.24 that pnc wanted to delay sending off the file to charge off for 30 days.  I will keep you posted as to how this delays the process.

 

Oscar

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