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Jim-
I would love to know how you are doing with PNC on this second- I am about to take a listing with a large PNC second- How are you doing on it?
Thanks
Liz Rolfe
Hi Jim, I currently have a lot of experience with PNC in regards to a pending short sale going on since July 2009. To put it nicely, they are very inconsistent, and have messed up my deal more than once. They are junior lender on a purchase money loan in a California primary residence with Wells Fargo as the primary lender. House was purchased 4/2007 for 345,000. with 50,000. coming from PNC (National City) Fair market value is 189,000. and it took Wells Fargo losing 2 buyers before they got their act together enough to get an approval letter on the 3rd buyer. During this process, PNC/NC complicated matters tremendously by flopping around on their required amount from one negotiator to the next, then insisting on 25,000. to settle and release the lien. WF refused to give more than 4,000. And we came to a stalemate after PNC closing and re-opening the file 3 times, each time insisting on a complete new financial/hardship pkg. On the 3rd try after was officially 'PNC' (new pkg again- on their form and docs) the negotiator really got things messed up. She negotiated & verbally indicated that they would take an offer of 30% ($15,300.) then after the deal was about to happen and it was time for action and something in writing, she all of a sudden said no they would be requiring the 25,000. after all. She was asked to take it to a higher desk for review, with no avail. So the deal fell through on all sides and was one day shy of foreclosing ( 6 weeks later) and a PNC rep. called practically begging to get that 15,300. offer in writing and we could have a deal.Hurry hurry was the theme ! He sounded very disgruntled at the actions of the final negotiator and wanted a written explanation of what was said in each discussion throughout the whole process submitted with the pkg ....ok... called WF back and got the foreclosure postponed (luckily) and resubmitted ANOTHER complete pkg to PNC and we are awaiting the final acceptance of the offer in writing within the week. (balance of the settlement amount to be provided by the buyer and seller on the HUD) Then now we are in the process of getting the files back open with WF, and that's not the quickest or easiest process. We were lucky the buyers hadn't yet put an offer in on another house and they were still interested. This whole Short Sale has seemed like some crazy nightmare. And it still is pending- not finished by any stretch. does that make your head spin or what? They will play hard ball and if the short sellers have any ability to pay from a line of credit they will want it, no question. You didn't say if the 2nd mortgage is a purchase money loan..and in what state... that makes a big difference on the potentiality of the negotiations. If you have any specific questions please feel free to ask...I've been scanning the blogs for anything about PNC (National city) as a 2nd lender- finally found one. Good luck to you....I would love to hear how it goes for you !!!! Thanks.
Hi Jim, I saw your last post on the closing of this short sale. My realtor and I are currently dealing with them also on a shortsale with a 54K puchase money HELOC 2nd in Ca.. My question is that were you able to negotiate down to to the 17K without the seller signing the deficiency agreement paperwork? Also, was that 17K on top of whatever the 1st offered?
Hi Jim, I currently have a lot of experience with PNC in regards to a pending short sale going on since July 2009. To put it nicely, they are very inconsistent, and have messed up my deal more than once. They are junior lender on a purchase money loan in a California primary residence with Wells Fargo as the primary lender. House was purchased 4/2007 for 345,000. with 50,000. coming from PNC (National City) Fair market value is 189,000. and it took Wells Fargo losing 2 buyers before they got their act together enough to get an approval letter on the 3rd buyer. During this process, PNC/NC complicated matters tremendously by flopping around on their required amount from one negotiator to the next, then insisting on 25,000. to settle and release the lien. WF refused to give more than 4,000. And we came to a stalemate after PNC closing and re-opening the file 3 times, each time insisting on a complete new financial/hardship pkg. On the 3rd try after was officially 'PNC' (new pkg again- on their form and docs) the negotiator really got things messed up. She negotiated & verbally indicated that they would take an offer of 30% ($15,300.) then after the deal was about to happen and it was time for action and something in writing, she all of a sudden said no they would be requiring the 25,000. after all. She was asked to take it to a higher desk for review, with no avail. So the deal fell through on all sides and was one day shy of foreclosing ( 6 weeks later) and a PNC rep. called practically begging to get that 15,300. offer in writing and we could have a deal.Hurry hurry was the theme ! He sounded very disgruntled at the actions of the final negotiator and wanted a written explanation of what was said in each discussion throughout the whole process submitted with the pkg ....ok... called WF back and got the foreclosure postponed (luckily) and resubmitted ANOTHER complete pkg to PNC and we are awaiting the final acceptance of the offer in writing within the week. (balance of the settlement amount to be provided by the buyer and seller on the HUD) Then now we are in the process of getting the files back open with WF, and that's not the quickest or easiest process. We were lucky the buyers hadn't yet put an offer in on another house and they were still interested. This whole Short Sale has seemed like some crazy nightmare. And it still is pending- not finished by any stretch. does that make your head spin or what? They will play hard ball and if the short sellers have any ability to pay from a line of credit they will want it, no question. You didn't say if the 2nd mortgage is a purchase money loan..and in what state... that makes a big difference on the potentiality of the negotiations. If you have any specific questions please feel free to ask...I've been scanning the blogs for anything about PNC (National city) as a 2nd lender- finally found one. Good luck to you....I would love to hear how it goes for you !!!! Thanks.
Robert, with PNC you have to sign the defiency agreement paperwork just to get it to the next step of having a negotiator assigned, which takes about 10 days from when they get the paper. Its been pretty arduous.Verbally I have been told that PNC will settle in full for $40,000. I owe $100,000 on the HELOC. My third party negotiator, who I later fired and reported to the BBB, was unable to get anything better and claimed PNC is the worst in the country. I could have closed in December if PNC was not so difficult. They're very shifty and won't put things in writing. They are full of surprises. By the time I got some success with them, my first lender short sale package expired again. Hard to sync up. Actually its been a nightmare. However, I have a feelingthey are finally getting their program together. I just got another offer and am trying again. Good luck and best wishes.
Robert Begley said:Hi Jim, I saw your last post on the closing of this short sale. My realtor and I are currently dealing with them also on a shortsale with a 54K puchase money HELOC 2nd in Ca.. My question is that were you able to negotiate down to to the 17K without the seller signing the deficiency agreement paperwork? Also, was that 17K on top of whatever the 1st offered?
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