PNC settlement of our underwater HELOC
Settle for Less
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!
PNC is somewhat hard to deal
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.
thanks
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?
Usually, lenders want to
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.
Offer it to them in a
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.