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Who has deal with PNC Bank (National City Bank) on their short sales?

By
Real Estate Broker/Owner with Metro Life Homes RS-78439 / BRE #01708344

Who has deal with PNC Bank (National City Bank) on their short sales?

I am dealing with PNC Bank as the second lender on one of my short sales and I'm starting to think that they're collection department is pretty slippery.

I've been very courteous with them for the past couple of months since we got into escrow and they keep calling asking for the seller to make a payment.

I have sent the entire short sale package to them about a month ago.

It got to the point where I flat out told them once we receive a response from them regarding the short sale, then we will respond to that.

I get another call from PNC saying the seller needs to make a payment.  Then I tell them that's a little confusing because the seller is not in a position to make payments any more, thus her request for a short sale.

Then they tell me if the loan is charged off, then all bets are off.

Huh?

Then they put me on the line with another person who is "in charge of the short sale file", and this person then tells me he needs to speak to our client first before making any offer.  I told him that is what the 3rd party authorization is for and he can tell me anything directly.

Then he goes on about the seller making a flat $49,000 payment to satisfy the debt, or making an $8,000 to release the lien, but will still be liable for the balance.

I then told him to please put it in writing to take to my seller.  He said he couldn't do that.

Huh?

That's when I knew that this is just the collection department saying and doing anything to get a payment sent.

Absolutely low-life, despicable, pond-scum.

Comments (3)

Anonymous
Tim Fairchild

I am having the same experience with this company. They incorrectly believe if this goes to foreclosure, they have recourse. Iowa is a no recourse state. They are out, unless they buy out the first. I asked if they are going to buy out the first, they responded they don't buy out the first, they will file defieciency judgement. I told them, not in Iowa. They also refuse to verify Iowa law, so they are basing their decisions on inaccurate info.....!?!??! What is wrong with these people?

Aug 12, 2010 09:15 AM
#1
Anonymous
susan ewry

Same experience too! Making promisies they will never keep to get a payment.. Does anyone have a number to the short sale dept for Helocs?And a copy of current short sale package. I am just heading dead ends with every number and transfer from within the bank! CRAZY!!!

Nov 24, 2010 09:40 AM
#2
Bill Gross
EXP Realty of California Inc. - Beverly Hills, CA
Certified Probate Expert

I have had the same experience with PNC. They are very aggressive in collections, telling the homeowner that they have to pay to have their short sale negotiated. In the end, they always ask for more than most lenders, even when their loan is non-recourse and faces wipeout. They are the worst. Check out my blog post at www.StupidShortSales.Com for my recent experience.

Dec 15, 2010 03:02 PM