Well, I have read all the blogs on PNC Bank as 2nd lien holder and was hesitate to take this short sale listing, but myself and the borrower spoke with the PNC Bank Short Sale Dept before I ever listed the property and I was assured that they would settle for whatever the 1st lien holder offered and the deficiency judgment would be waived. Encouraged by this I listed the property last October and after several price reductions finally received an acceptable offer. BoA was onboard, they ordered their appraisal, etc and even recommended list price and reductions every 21 days. All the necessary paperwork was submitted to both lien holders and then BAM! PNC Bank stated that they wanted $67,100 for their pay-off and then they would also file a 1099-C to IRS for the difference and pursue the deficiency judgment! What?!! This is not what I was originally told and now PNC Bank is denying that they ever said this. After numerous phone calls, emails, etc. When I informed PNC Bank that the max BoA would pay was $8500, they told me that I could get the money from the seller, buyer or cough up some of my commission! What?!
All said and done, the deal is dead, sellers will be foreclosed on, PNC Bank will receive NOTHING and everyone's time has been wasted.
This was my first deal with PNC Bank and it will be my last! I hope they go under!
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