PNC (Fannie Mae) Closed File saying not 1st Mortgage... ONE Week before Trustee Sale
Odd scenario, looking for any and all suggestions.
PNC is 1st Lienholder. (roughly $283K )
Chase is 2nd Lienholder (payoff currently at $4100)
PNC, FANNIE owned, has Trustee Sale date 3/15/13.
After not once hearing back from my "single point of contact" despite numerous voicemails. I called in yesterday to learn that the file was closed because - " we are not the first mortgage". Seemed odd to hear being as they are foreclosing next week... Won't accept short sale but will certainly foreclose on this???
In researching this what I have found is the title company may have made an error in a refi in '08. Might have had HELOC paid off, but not closed??? In any case the HELOC was recorded two weeks ahead of the Mortgage (formerly National City, now PNC).
I'm trying to do due diligence on both ends and am open for any suggestions to postpone Trustee sale next week.
Title companies are researching this and may have to eat the $4100 if they were in neglect, but will this get me enough time to square things away with PNC to reinstate the file?
Trying to get PNC to re-open the file. They've had the file since NOV 27th. They originally would not even begin the file until we had a 2nd Lien Approval letter, seemed odd. finally got one to them. Now this.
Maybe they just really do want to foreclose on this???
Thanks in advance!
Replies to This Discussion
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Permalink Reply by 31cg1fw8yxswn on
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They admit they are not the first mortgage?. Did they do so in writing? If not and it has only been a day or two (less than 5 business days is fine) then send an email to the agent stating what transpired between you and the agent.
Type up an affidavit (make sure that you use the state requirements for affidavit) regarding what happened. State name of negotiatotor etc.. Every detail of conversation included in the affidavit, dates, times etc. Have the affidavit notarized and if necessary witnessed.
Give this to your client and have them return it to the court with a motion to set aside judgement for admission that they did not have position to file and have lied to the court. The court will set aside immediately on emergency order if you file that way.. If non-judicial, you must file a suit that they have admitted not owning the first mortgage.
If they are NOT the first the foreclosure is void and they are attempting to violate the rights of the first mortgage.
Do not try and fix the problem, the worse the problem the better for your client. There can be no foreclosure under these circumstances.
By the way, have someone do a titel search.
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Permalink Reply by Shane Blondin on
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Was able to salvage this one. Not sure how. Escalated at PNC, was told no shot, escalated at Fannie Mae Homepath, escalated with the local Trustee. One of the later two seemed to work. Got Sale date postponed and was able to get new approvals with a new negotiator working the file at PNC. This was one of those where you feel extra good for what you did for these sellers.. Got it closed last week. Whew!
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