Share post
member profile picture

Has anybody settled a Heloc with PNC bank? I have heard they are one of the worst to settle with. I owe them about $85K - I think it is a purchase money heloc in California but I am not sure because I used the money to buy the house, then about a year into it I paid back about $30K to the Heloc, and then I wrote a check for $30K 6 mos later. So maybe $30K of the money is non purchase? Not sure if they can break a loan apart like that. I never refi'd.

I called about a settlement and they said they don't settle and asked for 85%!!!! The house is underwater big time. I haven't paid since Jan 20.




Update - Finally settled with their SS team on the PNC HELOC at 47% of loan for full settlement with balance charged-off on 1099 at the end of the year. I still dont recommend dealing with them in the first place, go get your loan somewhere else.

Sub: #11 posted on Sat, 02/26/2011 - 15:27

Unregistered


Thats great! I put in an offer six months ago to settle without a return counter or a call for a min payment. Its like they just went away.

Sub: #12 posted on Wed, 03/09/2011 - 06:17

Unregistered


We are in a similar situation in CA and are looking for more advice. Our PNC Heloc is underwater but our 1rst is not. We cannot afford our current PNC payment and initially sought a loan mod. PNC bounced us around and then said we didn't qualify for financial hardship, which is untrue but we couldn't convince them. We've always been current with them, but stopped paying PNC last month. We continue to pay our 1rst. Is it likely PNC will 1) send a letter offering the 1%, 2 year 1/2 payment option, then 2) charge off after 6 months if we don't accept, then 3) offer to settle for possibly 30% and release? What's the likelihood that they'll attempt foreclosure?

Sub: #13 posted on Sun, 03/13/2011 - 14:39

jim1234 jim1234

(Posts: 2 | Credits: )

It will be the discretion of the lender whether or not he will go for a foreclosure or a charge off. However, as there is a first mortgage on the property, there are high chances that the lender will charge off the loan. If he forecloses the property, then he will have to satisfy the first lender before recovering his own dues.

Sub: #14 posted on Tue, 03/15/2011 - 03:48

Unregistered


Thanks for the response. Does anyone happen to know how PNC is handling these situations, besides being obstinate and unccoperative?

Sub: #15 posted on Tue, 03/15/2011 - 22:32

jim1234 jim1234

(Posts: 2 | Credits: )

It's really difficult to know how PNC deals with such situation. Each and every situation is different and thus it might be concluded that each and every situation is dealt in a different way by PNC.

Sub: #16 posted on Wed, 03/16/2011 - 02:21

Unregistered


As stated, I was in a very similar situation, PNC holding the second with a HELOC but the first was fully covered by the home equity. If you can bond a bit, there are a few on the PNC Loss Mitigation team that will give you the straight answers which I ran through all the senarios with one of them. Short answer, PNC is smart enough not to foreclose while in second position, they will eventually internally convert the HELOC from an active account to write-off status. At that point, they will agressively come after you to settle. Dont expect them to settle below 20%, they will start at 60% most likely. I settled with the SS team at 47% of loan, but I was able to leverage the buyers money, take away the offer and I was at 18% of my money against the balance. Whether you settle or end up in court, they still have the lien against the property so if you ever do sell, they still have rights to proceeds from the sale.

Sub: #17 posted on Tue, 03/22/2011 - 21:57

Unregistered


Thank you for sharing your experience about PNC in the forums! :-)

Sub: #18 posted on Thu, 03/24/2011 - 03:32

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: )

I have a PNC Heloc of 287k. They wont even review it unless I came in with 40% (115k). Property would be at 100% LTV, should I take if it's offered.

Sub: #19 posted on Fri, 05/13/2011 - 17:35

Unregistered


The discretion will be solely yours. If you can afford the payments, you can go for it.

Sub: #20 posted on Mon, 05/16/2011 - 03:29

Unregistered


Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


Page loaded in 0.916 seconds.