Started this discussion. Last reply by Kevin - Greenville, SC Feb 14, 2012. 3 Replies 0 Likes
I am working a GMAC first and second. Last year (2011) I had it approved and the buyer could not get financing. It took months to get a new buyer. The negotiator now tells me that the loan was…Continue
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.
Comment Wall (3 comments)
You need to be a member of Short Sale Superstars to add comments!
Join Short Sale Superstars
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