I have a deal where PNC is the junior lien holder with an unpaid balance of $150,000. The 1st is Ocwen and I have the approval from Ocwen with a Max of $6,000 to PNC. I just spoke with OCwen and they indicated that $6,000 is the max they will allow the junior lien holder. PNC wants $10,000 on the HUD and in an email the short sale counselor makes it very clear that the investor will not base the approval on what the 1st will allow. PNC wants $10,000 on the HUD or they will not move forward. To date PNC has been the most difficult to work with along with USAA. Has anyone had any similar dealings with more positve results with PNC ?
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I am closing with PNC on the 2nd today. They accepted $6,000 and waived the deficiency. They were super easy throughout this transaction.
Is PNC servicing for another investor?
I say read Bryant's post that he put on the site today...it touches on how to deal with junior lien holders. It sounds typical of PNC...at least with the files I've come across!