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PNC settlement of our underwater HELOC

Unregistered
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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!

Thanks




Steve Barris
Posts: 1049
Credits: 19803.25

Sub: #1 PNC is somewhat hard to deal
Thu, 02/21/2013 - 19:23

PNC is somewhat hard to deal with. 10 percent sounds like a pretty good deal. Mostly, 15 to 20 is the usual low they offer. The time frame looks valid.





Unregistered

Sub: #2 Usually, lenders want to
Thu, 02/21/2013 - 20:23

Usually, lenders want to check out these statements in order to be sure that you're facing a financial hardship. There is nothing wrong in it. Yes, you'll have to wait for 6 weeks. They receive thousands of documents every day. It takes time to go through them and make a decision.





debtinsider
Posts: 4
Credits: 39.45

Sub: #3 Settle for Less
Thu, 02/21/2013 - 22:21

The lender really has no leg to stand on. That second is no longer secured by real property. You can offer them less. PNC Seconds are no different. Offer less, don't give the farm away. Unless a miracle happens and all the equity you lost gets returned, seconds are worthless. The lender knows this so keep that in mind when dealing with them, they can't do anything while your paying the first.


I would let this drag out and offer them 5k. Wait them out and they'll change their tune. Good Luck!





Unregistered

Sub: #4 thanks
Fri, 02/22/2013 - 07:56

thanks for all of everyone's advice. I am worried the house will come up in value and we will be on the hook for the entire 200K.

Since two years ago they told me 10 percent is there minimum and I walked away... and now they are saying the same thing... ahhh... if I walk away again I might lose out on being rid of this debt at 10 percent...

any ideas on how to get them down besides walking away again?





Jared Strauss
Posts: 78
Credits: 979.7

Sub: #5 Offer it to them in a
Sun, 02/24/2013 - 20:20

Offer it to them in a tentative fashion. Explain to them that you don't think you can acquire 10%.


Explain that you spoke with family and they mentioned that they may be able to lend you $10,000.


Make sure to express to them that you're not 100% sure because your family isn't prepared to commit to helping you until they know that it will solve your problem.


Then ask if you can submit the paperwork with that figure in mind. Remind them that the offer is tentative.


If they're able to go below the $20,000 this approach should get the ball rolling.


Please feel free to follow-up as necessary. Good luck.





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