Replies to This Discussion

Permalink Reply by Joe Beauchamp on November 15, 2010 at 5:03pm

I'd say that what you heard is correct. Albert is likely one of the worst in the biz - and James could be one of the best to work with at PNC. Albert has no problems killing the deal. So, yeah, they are both there at PNC. Good ol' Al wanted $18K for a $22K 2nd and not even kill the deficiency. Real jerk.

I do not like dealing with 2nd's. One runs into this kind of person/philosophy often there..

Permalink Reply by Bill Gross on December 16, 2010 at 12:51am

http://www.stupidshortsales.comI have had a similar experience. My homeseller crossed out the word that confirmed the loan, and signed, and PNC did not mention it and processed the file. Of course, they want over 50% of the loan that would otherwise be non-recourse and faces being wiped out in foreclosure. Read all the details in www.StupidShortSales.Com

Permalink Reply by Joseph C. Alfe on December 16, 2010 at 9:50am

Bill you are incorrect.  As a HELOC 2nd, they WILL NOT be wiped out ion foreclosure.  Their lien will be extinguished, but they still retain collection rights.  HELOC's are not mortgages, they are consumer debt and they will attempt to collect until you pay them or die.  get a settlement from them.  Protip: If you get a listing with a HELOC, require any buyer to agree to bring 10% cash to close.  Disclose this early.

Permalink Reply by Bill Gross on December 16, 2010 at 11:38am

This was a purchase money 2nd. PNC even acknowledged that both to me and the customer. In California, purchase money 2nds get wiped out in foreclosure.

Permalink Reply by Cara Kendall on December 28, 2010 at 4:06pm

I'm a homeowner that sold my home via short sale in CA in October 2009.  Wells was the first and National City was the second (HELOC).  Our second was 120K.  They offered a full release for 20K (which only would've been 12K for us out of pocket after the 3K they were already getting and the realtors pitching in another 5K total).  Our realtor talked us out of settling saying it would be easier for us to settle after the sale.  Now we realize what a mistake that was!!

 

So here it is 14 months later and we have not heard one word from National City!  My question -- has anyone had any experience with National City issuing 1099's for the debt?  Or sending it to a collection agency?  We now have this hanging over our head and we would like to buy at some point in the future, but I was told they can come after you for 7 years!  And then someone told me it's forever!  Is that true?  We just don't know what to expect now.

Permalink Reply by Stacie A. Kramer on February 15, 2011 at 1:53pm

I have a 2nd (HELOC) with PNC. First they said they would accept and release lien for a promissory note of $27,000. Owner owes $55,000. Then, since this is going HAFA with BofA and BofA is giving them $6,000 for release, they transferred this to a HAFA counselor. John says that this doesn't qualify for HAFA according to PNC's guidelines. They will take the $6,000 to release lien, but then they will take that off the current loan and owner will continue to owe $49,000. The owner is 80 years old and has absolutely not a dime. I asked them if they would prefer to go foreclosure and get nothing and John said PNC doesn't care. The new mortgage would turn into an unsecured debt. Should I advise the owner to accept this deal and to file bankruptcy after this closes? What do you think?