I see. My PNC is an FHA loan so I am having my seller enroll in the FHA PFS program which would preclude them from having to sign that part of the form - non-deficiency through that program. If your seller is HAFA qualified or FHA PFS qualified that would work for your situation as well!
Dave I know this is only like 2 days after this thread was started but just curious because I am about to take a listing here with PNC as the lien holder - so a little concerned about this issue - have you made any progress? Thanks.
I had this same experience with PNC. They would not process the file without a signature on that form. The only alternative was "settlement" in lieu of the deficiency. PNC then held us hostage for quite a high settlement (60% of the balance). We strategically took the property off of the market, and the Seller contacted PNC directly and said that there was no way to move forward selling the property. PNC did a quick turn around and lowered their initial settlement from 60% down to 10%, which was manageable by the Seller. The good news is that with the 10% settlement, PNC waived the right to pursue any deficiency in writing. I hope that the attorney in your case is advising on the reality that collection of the deficiency could haunt the Seller for quite some time after foreclosure and/or closing if not agreed to during the short sale negotiations. Best of luck! Mark Vandervest, Principal Broker - RE/MAX Equity Group, Inc. Beaverton, Oregon www.TheOregonBroker.com
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Dave I know this is only like 2 days after this thread was started but just curious because I am about to take a listing here with PNC as the lien holder - so a little concerned about this issue - have you made any progress? Thanks.
Hi Dave.
I had this same experience with PNC. They would not process the file without a signature on that form. The only alternative was "settlement" in lieu of the deficiency. PNC then held us hostage for quite a high settlement (60% of the balance). We strategically took the property off of the market, and the Seller contacted PNC directly and said that there was no way to move forward selling the property. PNC did a quick turn around and lowered their initial settlement from 60% down to 10%, which was manageable by the Seller. The good news is that with the 10% settlement, PNC waived the right to pursue any deficiency in writing. I hope that the attorney in your case is advising on the reality that collection of the deficiency could haunt the Seller for quite some time after foreclosure and/or closing if not agreed to during the short sale negotiations. Best of luck! Mark Vandervest, Principal Broker - RE/MAX Equity Group, Inc. Beaverton, Oregon www.TheOregonBroker.com