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Short payoff and settlement

I have a deal where we are assisting the homeowner in negotiating with PNC Mortgage and PNC Bank.

The original deal (August 2007) was a 12 month construction loan converting to a 30 year mortgage. A $170,000 home equity line with PNC Bank is in second position.

The market fell and PNC Mortgage did a 2 year loan modification which expired in August 2010.

PNC Mortgage will accept a short payoff based on a current appraisal. However this leaves no equity to take out PNC Bank.

Any thoughts, advice, experience?

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Replies to This Discussion

Permalink Reply by Mike Linkenauger on December 15, 2010 at 2:33pm

Usually the first will allow a certain amount be paid to the 2nd position leinholder. Try to get them to pay 10% at least ($17K), however if there is a disagreement, the buyer should be willing to contribute, the seller, or the brokers may even have to contribute some money to make up between the difference between what the 1st will pay to the 2nd, and what the 2nd is demanding.

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