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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.

PNC inheritted my boat loan from National City. I lost my primary job last year and literally began working three part time jobs to support my family.

One of which is a charter Captain. My boat/the collateral is how I've been making some money for the past 6 months. The boat is not worth anything close to the balance but I need to figure something out and soon.

I am not 30 days late (yet) but the boat is sitting on a borrowed trailer at the repair shop with an estimate I cannot afford.

Basically if they want to repo, they will get an empty hull sitting on the ground with no engines and no trailer.

The problem is both engines need major overhauls. Add to this, I cannot afford the loan payment given previous repair bills, but desperately need the income the charter business will give me.

Can someone please tell me what is the likelihood PNC will take say a 30% payoff? I could probably ask my Dad for help to just settle the loan if PNC will take that as a reduced payoff.

Sub: #21 posted on Mon, 05/16/2011 - 08:34


It is difficult to say whether or not PNC will accept a 30% pay off. It will depend upon your negotiation power whether or not you can convince them to accept the payment.

Sub: #22 posted on Tue, 05/17/2011 - 02:48


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