- Report: #849647
Complaint Review: PNC Bank
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| PNC Bank
Internet United States of America |
|
PNC Bank The inability to see the truth on a short sale, Internet
*Author of original report: Understood....
*Consumer Comment: I would think the first bank is getting 100%
*Consumer Comment: One more thing...
*Consumer Comment: Who make the decision?
*Consumer Comment: You might just want to resubmit the short sale package
*Consumer Comment: Hey...
*Consumer Comment: Not a rip off
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We have had to short sale our house. We have the approval from the first. (((redacted))) is a wonderful company and so easy to work with.
PNC and all their ego and inability to see the truth. We only owe them $40,000. We have lost our jobs etc... PNC has decided that receiving nothing is better than the $4,000 that they were offered. They would rather see this beautiful house go to foreclosure instead of being able to move onto another family.
They are extremely shortsided and I would never ever consider doing any sort of business with them. Run the other way. It is like doing business with the Devil.
sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company, ..plus, if you post a competitors name more than likely they will show up on search engines as a Rip-off! - - your comments on this policy are welcome. CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report. In this case we removed an alleged competitors name
PNC and all their ego and inability to see the truth. We only owe them $40,000. We have lost our jobs etc... PNC has decided that receiving nothing is better than the $4,000 that they were offered. They would rather see this beautiful house go to foreclosure instead of being able to move onto another family.
They are extremely shortsided and I would never ever consider doing any sort of business with them. Run the other way. It is like doing business with the Devil.
sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company, ..plus, if you post a competitors name more than likely they will show up on search engines as a Rip-off! - - your comments on this policy are welcome. CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report. In this case we removed an alleged competitors name
This report was posted on Ripoff Report on 03/06/2012 03:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/PNC-Bank/internet/PNC-Bank-The-inability-to-see-the-truth-on-a-short-sale-Internet-849647. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search Tips#1 Author of original report
Understood....
AUTHOR: NapaValleyGirl - (United States of America)
SUBMITTED: Wednesday, March 07, 2012
I apologize for the "Only $40,000"... In the grand scheme of things and of other people that I have heard about with the money that they owe on the second it does seem like not that much. The money on our 2nd was NEVER used to buy boats, cars, vacations...It was used for a lawsuit that was brought on by a crazy neighbor over a property line dispute which escalated in violence. We had to install video cameras on our house to protect our family. Everything went to he said she said situation. Because of the cameras we were able to catch our neighbor trying to run over my husband with a car. Our neighbor went to jail for a little bit and is on probation for 5 years. We had no choice but to leave because it was unsafe and the Sheriff's department was unable to help the situation. This was the LAST thing we ever wanted to go thru. But we were unsafe in our own home.
We feel sick about this situation but we have no other option.
We feel sick about this situation but we have no other option.
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What's this? #2 Consumer Comment
I would think the first bank is getting 100%
AUTHOR: voiceofreason - (United States of America)
SUBMITTED: Wednesday, March 07, 2012
If the first lender wasn't getting full 100% back, how would there even be $4000 left for the second bank? Doesn't the first bank get everything owed to it before the 2nd can collect anything?
I suppose state law governs this. If the second bank must sign off for the first bank to get anything (by being able to block the short sale), then I suppose what's really going on here is that PNC wants the first bank to give it more of the pie. That's within their rights.
If that's the case, then it's actually the "wonderful" first lender who killed the short sale by trying to firce a $4k settlement on PNC.
Bottom line, no bank is going to mourn the loss of the OPs dubious business at this point. The claim of a ripoff is kind of ridiculous. I could see if PNC was turning down a 90% payoff, but I would not expect them to just walk away from $36000 for absolutely no reason.
I suppose state law governs this. If the second bank must sign off for the first bank to get anything (by being able to block the short sale), then I suppose what's really going on here is that PNC wants the first bank to give it more of the pie. That's within their rights.
If that's the case, then it's actually the "wonderful" first lender who killed the short sale by trying to firce a $4k settlement on PNC.
Bottom line, no bank is going to mourn the loss of the OPs dubious business at this point. The claim of a ripoff is kind of ridiculous. I could see if PNC was turning down a 90% payoff, but I would not expect them to just walk away from $36000 for absolutely no reason.
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What's this? #3 Consumer Comment
One more thing...
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Wednesday, March 07, 2012
The biggest issue I(and appears others) had with this is the OP's attitude that since it was ONLY 40K that the bank should cut them a break. They also seem to feel that they can dictate what the bank should accept. But in thinking about this a little more, one has to wonder if they are really comparing "apples to apples".
They said that the first bank was so easy to work with. Well I am sure that the first bank did not accept only 10%, in fact I think if the OP went to them with the 10% offer they would have been laughed out of the bank. I would bet that they probably accepted around 80%(give or take a little).
So perhaps if the OP wants a fair comparison, they may want to resubmit the offer to PNC with the same percentage. That is if it was a 20% deduction, they should go back to PNC offering them 32K instead of 40K.
They said that the first bank was so easy to work with. Well I am sure that the first bank did not accept only 10%, in fact I think if the OP went to them with the 10% offer they would have been laughed out of the bank. I would bet that they probably accepted around 80%(give or take a little).
So perhaps if the OP wants a fair comparison, they may want to resubmit the offer to PNC with the same percentage. That is if it was a 20% deduction, they should go back to PNC offering them 32K instead of 40K.
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What's this? #4 Consumer Comment
Who make the decision?
AUTHOR: MochaG - (United States of America)
SUBMITTED: Wednesday, March 07, 2012
I don't know who actually make the decision on acceptance of the short sale. Often time, I doubt that the person actually care either short sale or foreclosure. The bank will take responsibility after ward, not that person in the bank.
One part of the report that I don't feel comfortable is when you said "We only owe them $40,000." If you feel that $40,000 is that little, why don't you pay it off? The sentence is showing some negative meaning in here.
What does it mean by getting the first approval? Does that mean you have done a short sale on one house before? Or does it mean this approval has to escalate from one to the next (which is PNC) level in order to get the whole approval? If it is the former, it already destroyed your credit and the bank had to take your debt into their loss. Then this second time may likely be impossible.
Anyway, you are trying to offer something that has less value than you owe but the other side does not accept your offer, so this is NOT a rip off.
One part of the report that I don't feel comfortable is when you said "We only owe them $40,000." If you feel that $40,000 is that little, why don't you pay it off? The sentence is showing some negative meaning in here.
What does it mean by getting the first approval? Does that mean you have done a short sale on one house before? Or does it mean this approval has to escalate from one to the next (which is PNC) level in order to get the whole approval? If it is the former, it already destroyed your credit and the bank had to take your debt into their loss. Then this second time may likely be impossible.
Anyway, you are trying to offer something that has less value than you owe but the other side does not accept your offer, so this is NOT a rip off.
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What's this? #5 Consumer Comment
You might just want to resubmit the short sale package
AUTHOR: MovingForward - (USA)
SUBMITTED: Tuesday, March 06, 2012
Given your current situation, a short sale is generally better for you and the bank rather than a foreclosure. As you know, both mortgage co's need to approve the short sale. It can be as simple as just re-submitting your package and hoping that you end up with a different negotiator at PNC. That works most of the time. Every negotiator is different. But, it might be because PNC no longer actually services the second mortgage because its in default.
It is very likely that PNC has already sold off the defaulted second to a debt buyer or referred to a collections agency. I have found that when the second is completely unsecured due to the value of the home being less than the balance owed on the first, the second lienholders sell the defaulted debt to junk debt buyers rather quickly and the jdb's have CA's collect for them. What happens is the CA's are not motivated to accept the small payoff's and they generally say no. Persistence is the key here, because if you wait a little while, the debt will be sold again. Has your second been sold off? Who is actually handling the decision making for the defaulted second?
It is very likely that PNC has already sold off the defaulted second to a debt buyer or referred to a collections agency. I have found that when the second is completely unsecured due to the value of the home being less than the balance owed on the first, the second lienholders sell the defaulted debt to junk debt buyers rather quickly and the jdb's have CA's collect for them. What happens is the CA's are not motivated to accept the small payoff's and they generally say no. Persistence is the key here, because if you wait a little while, the debt will be sold again. Has your second been sold off? Who is actually handling the decision making for the defaulted second?
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What's this? We only owe them $40,000.
- Hey it's only 40K right, for a big bank that is nothing. So it is totally unreasonable that they should not accept your very generous offer of paying them back the huge sum of 4K. Who cares that when you got your 2nd you made a legal agreement to pay them back the entire amount, and there was nothing in that agreement that said you only had to pay what you feel like.
The fact is that you got lucky with your First Mortgage, because not every bank will work with you on a Short Sale. But you will find even less that will work with you on a 2nd Mortgage.
- Hey it's only 40K right, for a big bank that is nothing. So it is totally unreasonable that they should not accept your very generous offer of paying them back the huge sum of 4K. Who cares that when you got your 2nd you made a legal agreement to pay them back the entire amount, and there was nothing in that agreement that said you only had to pay what you feel like.
The fact is that you got lucky with your First Mortgage, because not every bank will work with you on a Short Sale. But you will find even less that will work with you on a 2nd Mortgage.
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What's this?
You posted a Ripoff Report against a bank that would not accept your offer of 10% of the balance due. On what planet is that a rip off?
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What's this? 
