"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…"
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peter allen's Discussions
PNC short payoff and settlement
Started Dec 10, 2010 0 Replies 0 Likes
Has anyone done a short payoff with PNC Mortgage (1st position) and PNC Bank (2nd position)?Continue
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Mike Linkenauger replied to peter allen's discussion Short payoff and settlement in the group PNC/National City
peter allen added a discussion to the group PNC/National City
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,…See More
peter allen posted a discussionPNC short payoff and settlement
Has anyone done a short payoff with PNC Mortgage (1st position) and PNC Bank (2nd position)?See More
peter allen joined Toby Boyce's groupPNC/National City
Insight into those that are doing short sales with PNC or the former National City Mortgage.
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