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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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
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.