PNC settlement of our underwater HELOC
We stopped paying on our second lien in 2009 because we lost our business. Our first lien us underwater by $500K
I called the rep who told me PNC would consider 10% or 20K.
He said I needed to provide tax returns, bank statements and pay stubs
I explained I don't have any of these as I have not income and our son has been living with us and paying our first mortgage and he would loan us the money to settle this.
The rep sent it up for approval but said it would take up to 6 weeks for approval. What do they do to make the decision to approve? I mean they came up the the figure... Is this usually just a formality and most people get approved or do they then come back with a higher number?
This is my first settlement and not sure what happens next!