Thank you all for your comments and prayers and thoughts this weekend. Here is an update. We have moved in. Things were a little challenging because the night before we moved in part of the basement flooded.
I talked to our realtor and she talked with her broker this weekend. As the second mortgage, PNC cannot foreclose if they are unhappy about how much they are receiving. What they can do, however, is refuse to settle and that would trigger a foreclosure. At that time, we would try to buy the house at auction or directly from the bank.
In the case of a foreclosure, PNC would get NOTHING. So even though it is not fair and they are definitely getting a raw deal with just $3300 when they want $13000, I am hoping that they will take it. Or, in the case of a foreclosure, I hope that we can buy the house.
I guess we will live to fight another day ;)
3 comments:
Hope everything works out. These banks are crazy. They should be happy that you are willing to pay anything. $13,000 is crazy!
That is kind-a what I thought. 2nd and 3rd mortgages take a HUGE hit in this foreclosure market, they get absolutely nothing. I bought our's (foreclosure home) on the courthouse steps. And then waited and waited anad waited for a judge to finally sign the papers, and then most states have a "recovery" period, that the owners can come back and re-buy the house . . . in some states it is up to a year they can come and pay-off the bank. Thankfully Maryland is a "no recover" state, at least for the moment! I'd just stay living there. The people that lived in our place moved out in two weeks, and they could have stayed there about 6 months while we were getting everything sorted out. A neighbor did tell us that the family DID move back in for a little while after they moved out, but were gone by the time we took access. Holey Moley! What a process!
It doesn't sound as if the family that lived in your house would want to "recover" the house. But most people don't make major changes to the house until that period is over or they lose out. STINKS!
The owners are definitely gone. They have not lived here for 18 months and are in the process of finalizing their divorce and moving on -- one in California and one in Arizona. I'll just hope today that PNC accepts the cut.
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