PNC Deficiency Agreement/Authorization Form

I'm starting a short sale where PNC is the 2nd.

Sellers do no want to sign the Short Sale Deficiency Agreement (section B) on the PNC form.

 

Has anyone had success with any of the following:

1) having sellers simply not submit that page of the document.

2) cross out the deficiency agreement portion of the document.

3) include an additional page stating that the "Short Sale Deficiency Agreement" portion is void.

 

Thanks!

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Permalink Reply by Corinn on October 13, 2011 at 8:19am

We had our seller's cross out that part and initial it and we were able to move forward and were given 2 options from PNC:  lien release for a certain amount and full settlement for a certain amount.  Then again we've had another file that we did the same way with their paperwork, and PNC wouldn't move forward with it crossed out.  Hope this helps and best of luck!

Permalink Reply by Smitty on October 14, 2011 at 1:34am

Yes you can put whatever you want into the addendums on the p and s, approvals etc, but the P&S, approvals, affidavits, etc are always going to be subject to valid payoffs by the shorted lenders without which clear title can't be conveyed. So they are all subordinate to the mortgages on title and therefore those lenders have a right superior to that of a party to the contract to condition their payoff on whatever terms they want.

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