Comment

Comment by David Dee on February 6, 2010 at 9:30pm

Chris, don't know if crossing out the verbage would suffice. Please keep us posted as to the outcome. This would great to find out what their reaction would be.

Comment by Chris Prickett on February 6, 2010 at 1:33pm

I actually made some headway yesterday when I explained that AZ is an anti-deficiency state. They ok'd me crossing out the verbiage relating to the seller agreeing to pay back the deficiency. We'll see what happens from here...

Comment by ElizabethWeintraub00697006LyonRE on February 5, 2010 at 11:58am

More and more lenders are putting that deficiency language in the short sale approval letters, even if the loan is purchase money. A lawyer told me it is a gray area because there have been no court cases in appellate court where a judicial opinion has been rendered. He says in a short sale context is unsettled because there could be an exchange or consideration found b the court. However, the cost of litigation would most likely be more than the mortgage, which is probably why no lenders are trying to do this on purchase money.

Comment by Chris Prickett on February 5, 2010 at 4:54am

I'm trying to work a short sale where PNC (formerly National City) has the 2nd for $134K. They won't process until the seller agrees to be responsible for the deficiency. I'm in AZ, which is an anti-deficiency state. My seller's attorney advised him not to sign. I'm getting mixed messages from PNC. Sometimes they tell me I to go trough "settlement" with one list of documents, the next they say I need to follow their SS procedure which requires signing of the deficiency agreement and a similar, but different list of documents. BTW, I just found out yesterday that they'll only accept "wet" signatures!

Comment by ElizabethWeintraub00697006LyonRE on February 1, 2010 at 6:18am

I am doing a PNC short sale where the second loan was previously held by National City. It's a purchase money loan in California, now in the hands of Fannie Mae. The negotiator is telling us that Fannie Mae wants a $26,000 cash contribution on a $46,000 second loan. Aurora is offering the second $3,000. If the home goes to foreclosure, the second gets wiped out, save for whatever the PSA pays for foreclosure. This makes no sense to me. Why would PNC make this unreasonable demand a condition of short sale approval?

Comment by Toby Boyce on December 31, 2009 at 5:41pm

One thing to keep in mind Neil is that PNC didn't have a mortgage division until they bought National City last year. I've got a couple of short sales working with them right now and they've been very responsive. Crossing fingers, so far so good.

Comment by Dawn Barrier eXp Realty Vegas on December 31, 2009 at 7:58am

I did at least get thru right away to someone and they say they can decide on approvals usually within 3 weeks

Comment by Dawn Barrier eXp Realty Vegas on December 30, 2009 at 9:33am

Anyone have any success wth PNC?

I am possible doing a SS w/PNC previously was National. They say they have 5 people who handle the short sales and I think it is based on clients last name as to who you get.

Comment by Neil L. on December 16, 2009 at 12:42pm

is there really only one person to contact at a HUUUUGE bank like PNC? No way. maybe that's the BEST person to call?

• ‹ Previous
• 1
• …
• 17
• 18
• 19
• Next ›
• Page