Thank your for the kind words Michelle. I had to do and say something to help others stay positive and upbeat in this process. You have to given the long, stressful and disappointing journey this process can take you on. Please know that my sale is in Massachusetts and the first mortgage is with Bank of America which was originated by Countrywide. We all know how BofA ?bought? Countrywide. As I said, my 2nd is with E*TRADE then in 2008 during the banking collapse, PNC/CLC forged an agreement with E*TRADE to service all their HELOCs, Lines and 2nds. E*TRADE wrote thousands. I have to admit that BofA has been excellent to deal with once they got their Equator system in place, before that it was a night mare. BofA gave us several extensions and were by in large very responsive. PNC/CLC was pretty good too I have to say, or that was my experience. PNC/CLC did grant several extensions and were pretty easy to get through to on the phone. Stay calm and professional when dealing with these folks, you do not know who you?re speaking with. Some sticking points are the 3 BPOs (Brokers Appraisal) that each note holder requires before they approve the sale. You have to get the first not holder to do their 3 BPOs and then wait for approval and then if that approval comes through you have to let the 2nd note holder that the first holder accepted the sale and that you are asking the 2nd to release the lien, now they need at least 2 BPOs of their own. Then if too much time elapses each bank has to do another BPO. It can be difficult to get them to all line up. You will be negotiating with the 2nd lien holder more than the first, I?ll guarantee that. Even though in some states banks can?t seek deficiencies, 2nd holders do everything that they can to minimize their losses. The 2nd lien holder?s one and only trump card is the knowledge that most Home Owners do not want a foreclosure on their credit report ? period. That?s all they have to hold onto. The 2nd lien holder, depending on the state know that something is better than nothing and if very little is offered they feel that they will just grand stand until they get a better offer. Please note that there is absoluty no incentive for 2nds to release a lien if you are current and paying on the 2nd mortgage. Also note that I have it first hand that in some cases its easer to deal with the collections group of the 2nd lien holder than the service group. I have heard where by the strategy was in fact to let the second go to a collection agency and deal with them. I didn?t have to go there and I have a hard time with it, would not recommend it either and I?m not sure why. During this whole process you have to hold onto the buyers, if they drop out you have to start the whole process all over again.
If anyone needs help, advice or guidance, I?ll try to help if you like.
I have a 1st lien with BofA (originated with countrywide) and a second HELOC with Etrade for 60k for a property in AZ. After 12 months BofA finally agreed to accept my short sale and for the last 6 weeks I have been going back and forth with Etrade to accept 9.4 percent of the loan for settlement of the deficiency and release of the deed. Today they countered with 14 percent of the loan (10k) just for the release of the deed. Alicia Smith insists that Etrade will not even consider releasing the deficiency for under 30%. I told them I have another foreclosure this year, lost my job and am disabled after a major car accident and they do not care. They are willing to let me foreclose and bankrupt as “they have already charged off the loan”. I am not sure what to do at this point. I do not want to chance them coming after me for the deficiency as I understand they can in AZ for HELOCs but why give them even 10k if I still owe them the entire 60k after. To top all this off BofA foreclosed on a property earlier this year when I had a cash offer on a condo within market value and an extension in place on the foreclosure. We sent emails all the way up and they would not reverse it, claiming the investor preferred a foreclosure… I have tried everything not to foreclose on these homes that have depreciated over 60% but over a year of effort has done only harm to my credit and wasted endless amounts of hours. I have contacted Alicia Smiths manager and that hasn’t helped either. Any suggestions would be greatly appreciated. Has anyone settled a deficiency for les than 30% with Etrade? Is there a name and number to a very high official at PNC that I can contact?
Have 1st with Bo f A and 2nd with Wells (investor is Etrade) B of A approved short sale with 6% commission but Wells said Etrade will only aloow 5% . Need to know if anyone has gotten approval at 6% with Etrade as investor
Have a first with Wells, and second with E-Trade that I was told was charged off to NCB collection’s. First was told by NCB, E-trade may take our file back. Then was told NCB has worked with E-trade many times and they want at least 10% and that Realtors commission can not be any more then what E-trade is receiving. Based off this information we resent the HUD showing exactly what were were told and now are told E-trade wants 30%, really??? I have tried to speak with E-trade and PNC to get a payoff for 2 months, was told to get that from the collection company. The collection company keeps telling me they can’t release that information because E-trade will not let them. PNC and E-trade have stated that the loan has been charged off or sold to this collection company and the decision is theirs on the payoff and approval. Well whoever makes the decision, no one will win. Our foreclosure date is next week. E-trade is forcing many sellers into bankruptcy.
We are in a nightmare situation and due to PNC not cooperating, just lost our patient buyers of 4 months. They demanded $17K (10% of the $172 2nd they hold) and would not agree to anything less than 60% of the balance. We proposed a $45K payment (over time) and that with the $17K at closing would net them $62K. They declined. We refused to sign their deficiency judgment. My thinking is if we are going to be forced into BK anyway, why give them a dime? Just let the house foreclose. Then, rather than getting $62K, they can having nothing. I’m just bewildered that they would rather take nothing than what I thought was a very generous attempt on our part considering we are out of work, etc. Very frustrating. So, guess we’re headed to foreclosure. I don’t have the energy to start over with another buyer just to have PNC say no again.
Wells Fargo was 1st and E-Trade was second. The balance with E-Trade was $75000. WF agreed to pay $10,000 to 2nd and E-Trade said okay in a couple of weeks. I expected to have more difficult negotiation, but it was very smooth and quick. Both were purcahse money.
i too was trying to do a short sale with etrade holding a second mortgage gmac had first when I contaced gmac they told be a short sale would be hard because etrade is hard to deal with.ending up with gmac needing 70% in order to get etade to release ,nosale house isnt worth it plus I still have a payment with etrade .well let them foreclose the lawyer says
Do you have the contact information for Etrade to initiate a short sale? I’ve been transfer from one dept to another with no correct information regarding initiating a short sale. Please forward the information. I would greatly appreciated.
We no have a second offer. We have submitted letters of distress to many elected officials and the office of the treasurer in DC - we are going all the way to the top and we are making it very clear we have tried to negotiate a settlement; one that we can realistically repay. NOW, we are getting letters from PNC/eTrade telling us to resubmit our papers and cross out the portion regarding the deficiency judgment and we’ll go from there. They ARE crazy. My hunch is they had some response and pressure from our letters, but in the end they will still not agree to anything. And we are very clear in that we will not agree to a deficiency judgment of $150K so that we can live in total hell for the next 20 years with daily calls from creditors and wage garnishments. I will repost with an update of what happens.
We are trying to conclude a short-sale. The 1st is $575K with WF. The 2nd is $260K with E*Trade. The accepted short-sale offer, subject to lender approval, is $432,500. This is less than the amount of the 1st. WF has agreed to the deal, and is allowing $13,000 to “leak” to E*Trade for their release. We offered E*TRade the $13K as both “payment in full, and payment for removal”, i.e., they agree to remove all data previously submitted to the credit bureaus concerning this loan. After much back and forth via email, PNC o.b.o. E*Trade proposed $23,000 for “payment in full and payment for removal”. We accepted. They then said that the “investor” had not approved the offer. We said that was PNC’s problem as the offer was made and accepted in writing and = a binding contract. The PNC person refuses to honor the agreement, refuses to let us speak with their supervisor and refuses to let our attorney speak with their attorney. Our lawyer says the agreement is enforceable. Q1: Does anyone have the name/ contact info for the appropriate legal affairs person at either PNC or E*Trade? Does anyone know which government agencies regulate E*Trade and/or PNC? We are ready to elevate this up and out of the hands of the current PNC contact who is obviously an inexperienced person.
E trade is the investor on my second and the first has approved the HAFA program allowing 6000 dollars to a 38,000 dollar second. Etrade says they will accept 6317 and not waive deficiency but you cannot go HAFA unless they waive the deficiency. Very frustrating as my realtor says there is nothing to do and you will face foreclosure if they do not waive the deficiency. According to what I am hearing 6000 is a lot of money for the second to get on such a small loan amount on the second and they still wont agree.
Anyone dealing with ETrade on a modification or shortsale who doesn’t have a second? i only have a first for 700.000 and would like to short-sale. Anyone with any luck?? Thanks
I have been dealing with Etrade for over 5 years on Modifications and Short Sale settlements has a Realtor. I have had great success with getting them approved. Please feel to cal my office. We are loctated in San Diego, CA
Update: E-Trade countered $26,900 for release, but not removal. We have now sued E-Trade to enforce the $23,000 deal for release and removal, which they previously agreed to in an email exchange, but later refused to close.; and, we are simultaneously. We are also presenting them with a settlement offer of 26,900 for release and removal. In other words, their amount, our terms. It’s in the legal department, and we are waiting to hear their response. Meanwhile, WF has issued an NOD, adding time pressure. What a stupid process.
We have a 2nd with etrade/clc…we have been trying to do a short sale for about 6 months. The first (wells fargo) offered 10% to etrade to sign off (approx 15k) and we put in an additional 2k so the sale would go through. CLC said no. They said they would only entertain offers “considerably north of 30K.” You would think they would want something instead of nothing, which is what they are going to get now that i’m gonna file CH 7…too bad CLC
Has anyone been able to get E-Loan, or PNC or CLC yo remove negative credit items, like 30-Day Lates, etc. from their credit report? They are refusing to consider any settlement that requires or results in removal of previously reported negative information…
We have now filed CH7. PNC caused 4 different buyers in our short sale to walk, and would not take anything we offered. So, now they will get -0-. At this point, it’s all just a relief to be done with it. Our 1st lender has still not foreclosed, and continues to let the house “try” to sell. If PNC refuses to cooperate now, I think we’re dealing with a pretty unethical set of circumstances and it’s time to sue.