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PNC Mortgage Deed In Lieu Application, Forms And Packages
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Step 1: Fill Out PNC Mortgage Deed In Lieu Forms
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What is PNC Mortgage Deed In Lieu Package?
PNC Mortgage Deed in Lieu of Foreclosure Request For Mortgage Assistance (RMA)
PNC Mortgagerequires that when you want to apply for a deed in lieu of foreclosure doing a Deed In Lieu Application Form or Request For Mortgage Assistance ( PNC Mortgage RMA) is required by PNC Mortgage and their investor (the beneficiary of the note). The first step is to complete this document correctly in order to start the first step towards getting to deed your home back to the beneficiary. Prior to using any applications, you should check with us (ACG), with another expert or even your PNC Mortgage single point of contact because not only does PNC Mortgage have their own package which may change at any time but their investor might require specific documentation as well. A very few professionals really specialize in the dealing with PNC Mortgage and their deed in lieu of foreclosure process so finding the right one is crucial because you should be able to avoid many of the foreseeable pitfalls that come with the application of deed in lieu process. That’s why we put the latest paperwork we could find online to help us. Helping you through the process is what we do. We offer a done for you service. Click here and fill out the form to request a call from a deed in lieu professional or call 888-934-3444.
What is the Deed In Lieu PNC Mortgage Hardship Affidavit?
PNC Mortgage Deed in Lieu of Foreclosure Hardship Letter
PNC Mortgage has a hardship affidavit (or statement) built into their mortgage assistance application (the PNC Mortgage RMA),
Pro Tip: PNC Mortgage, when reviewing your application to deed the property back to them, may require you to attempt to sell the home first. This used to be a requirement but has been more flexible over the recent years.
What Is A Deed In Lieu of Foreclosure?
Deed In Lieu of Foreclosure Definition
A deed in lieu of foreclosure is a form for foreclosure alternative that allows the homeowner to walk away from their property and give it back to their lender either because they don’t want to go through the hassle of selling the home or because they have tried and have not been able to do so.
Step 2: SubmitPNC Mortgage Deed in Lieu Package
Thoroughly review your documents. The wrong information can hurt you!
PNC Mortgage Deed In Lieu Submittal
Submitting Your Deed In Lieu Package to PNC Mortgage To Get The Process Going.
What is in the PNC Mortgage Assistance Package?
Like any other lenders including PNC Mortgage, all require pretty much the same documentation. It does not matter how much you want to avoid it in many cases they will require a listing agreement to see you’ve attempted to sell the home for more than 90 days and that’s only the beginning.
At some time they, they require you to provide your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a deed in lieu, and a hardship letter.
Pro Tip: In most cases working with a skilled team such as ours should be able to pick out the items that will most likely be asked of by your lender and more important which items will not. The moment your lender has to requested items from you it’s likely they passed over your deed in lieu application when the process could have continued. Now you’re going to have to wait for it to be your turn again.
Step 3: PNC Mortgage Deed In Lieu of Foreclosure Broker's Price Opinion (BPO) or Appraisal
PNC Mortgage Deed In Lieu Value
Getting The Correct Value Goes A Long Way.
In order for deed in lieu process to be completed with your servicer (PNC Mortgage), you must know how much your home is worth. Valuation of the house is completed by a real estate agent/broker or appraiser who reviews the comparables in the area to establish what the home is worth. In a valuation process properties that had sold and are on sale, both are reviewed. Generally, they want to see the homes that have sold within the last 3 to 6 months but this depends on the volume of homes actively moving in your local market. They consider your homes perceived condition, the size of the living space, how many stories it has, the size of the lot and whether or not it has a pool.
They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration which is why they hire a local professional rather than go online and use something like Zillow or Redfin.
PNC Mortgage Deed In Lieu Appraisal
Deed In Lieu Appraisal Values
Mortgages have different investors. PNC Mortgage is responsible for representing the correct values to those investors so they can make their final decisions. PNC Mortgage’s beneficiary is already going to be taking a loss so in most cases they will hire a local agent or broker to do a value referred to as a BPO or Broker’s Price Opinion because it’s cheaper than an appraisal. That will not always work though. In certain cases the mortgage investor requires a deeper review to be completed by a licensed appraiser and one that is often certified by that investor to complete values as per their guidelines. Real Estate Appraisers are licensed specifically to value homes where as agents can give their opinions (hence Broker’s Price Opinion) but that can almost always be over turned by an appraisal. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from servicer to servicer and investor to investor.
PNC Mortgage Value Disputes and Variances
Fighting Values, Disputing Them and Requesting Variances
Sometimes a value return too high or too low? which can happen to a beginner or a true professional. One reason of that variance that they are not from the area and they are comparing properties that don’t have anything in common with the subject property it does not matter how much you may try to meet with the BPO Agent or the Appraiser. At this time you can provide a competing appraisal or set of comparables but choosing the right properties to compare is a skill set on its own. Call us today at 888-934-3444 and we’d happy to discuss any hold ups you may be experiencing in your Deed in Lieu.
Pro Tip: Deed In lieu Value Variance is an opportunity to apply for a mortgage assistance servicer such as PNC Mortgage to vary from their typical practices. Often values are good from the day they are completed for 90 days; Sometimes longer especially when it comes to a deed in lieu.
Step 4: Finalizing Deed In Lieu Terms
How Long Does PNC Mortgage Mortgage Deed In Lieu Process Take
PNC Mortgage’s Deed In Lieu of Foreclosure Time Line Coming To An End.
Once the value has returned and they have a complete package this is where PNC Mortgage’s Deed In Lieu negotiator will decide to submit the file to the management or the investor for approval. They will not submit anything they don’t feel will get approved by management and the investor because they get graded on their results. Often there are many steps before getting approved. An audit happens before the submission to management and after approval there is often another audit that occurs before an approval letter is issued to you the homeowner or the professional (such as our company) that is representing you.
Countering Terms of PNC Mortgage's Deed In Lieu Offer
PNC Mortgage Final Decision on the Deed In Lieu of Foreclosure
This is also the time when PNC Mortgage may issue a decline to your deed in lieu request. Combating either a decline or the terms offered to you can be difficult. Often there are three main parts to an approval that matter most to you. The move out date and condition, what amount if any is allowed to go to you for relocation costs, and what is going to happen to the deficiency after the deed in lieu. The laws in different states may vary on whether or not they have the right to pursue you. Factoring many of these issues takes a special set of skills that can only be gained through experience. Anyone can get the easy ones done but it’s the difficult transactions that separate that experts from the trainees.
Step 5: Deeding The Home Back To PNC Mortgage or The Investor or A Mortgage Insurance Company
Deed In Lieu Vacate Procedures
How quickly will I need to move out of my home?
The lender will want you to deliver the home in good condition. 30 days will be given to moving out but that can often be negotiated. Depending on how quickly you vacate the property, relocation money can be offered . Deed in lieu is like closing a typical real estate transaction. Once all lien holders and any mortgage servicers have approved the terms of the deed in lieu you can move forward grant deeding the property back to whomever you are instructed to deed it over to. By now a title search has probably been run by your lender as they will not want to take back possession of the property unless there are no longer any liens.
Deed In Lieu time to vacate extensions
PNC Mortgage Issues Deed in lieu Extension
What happens I can’t leave my home in time and the approval letter expires? We get this question from our clients regularly. It really depends on many factors including but not limited to the delinquency of the mortgage, whether the value they have on file for your home has expired, and various other hurdles. You can consult with one of our experts to see if you need more time and to see if you can get an extension or if you will have to start the process all over again. PNC Mortgage’s Management will be one of the challenges ahead of you. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes! Call us today for more information about our “Done For You” services. Call 888-934-3444 or email us at email@example.com
Pro Tip: Deed in lieu of foreclosure may effect your credit worse than doing a short sale. It is still better than a foreclosure on your credit but lenders that might lend to you in the future might say it’s as close to as bad for your report. At least a deed in lieu shows you didn’t have any other options and you didn’t fight them but this varies from case to case.
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How Does ACG Get Paid?
Absolute Consultant Group (ACG) handles the process of applying to your mortgage lender for deeding back your property. We streamline the process for you. ACG doesn’t charge upfront which is a good thing but did you know in the case that PNC Mortgage doesn’t approve the transaction we don’t get paid a dime. In some cases the lender will even pay our fee. It’s a no risk opportunity to work with the right team to help you with your mortgage. Call for details 888-934-3444.
Understanding The PNC Mortgage Deed In Lieu Status
If there’s anything you can take away from the process you may already be aware from the PNC Mortgage Deed In Lieu Application is a lengthy document. PNC Mortgage hasn’t simplified the process much better either. To make your life easier ACG has put in the time and the efforts to offer you a streamline process of application for the deed in lieu with a few steps as possible in order to reach your mortgage assistance goals.
Assistance For PNC Mortgage in America
Locally founded here in the USA our company becomes your single point of contact for all of your PNC Mortgage challenges. With us you get someone here in the states to work with. You and your PNC Mortgage with ACG are in good hands. When you work with Absolute Consultant Group for all your lender needs we become your one stop shop for working with PNC Mortgage‘s deed in lieu process or any other mortgage assistance programs from start to finish.
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PNC Mortgage Deed in Lieu Package Breakdown
What is the PNC Mortgage Deed In Lieu Package?
PNC Mortgage require a Deed In Lieu Package known as the PNC Mortgage Request for Mortgage Assistance (PNC Mortgage RMA) to be completed in order to apply. It’s important to always use the most up to date paperwork when applying; Always check with a professional. The paperwork we last found was put up on the Absolute Consultant Group (ACG) Website. ACG helps homeowners with their PNC Mortgage deed in lieu process.
There are 14 Sections to the standard PNC Mortgage deed in lieu forms.
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PNC Mortgage Deed In Lieu RMA Forms PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Information This first section covers the basic information of the PNCMortgage borrower’s applying for mortgage assistance. You need the information for all the borrowers that appear on the mortgage on this page in order to complete the application. It covers whether you want to keep the property or sell it. Furthermore, they establish if this is your primary residence, second home or an investment property. Each type of property may carry it’s own type of options for assistance. The clarify the number of residents in the property and the residency type amongst other things.
- Customer, Credit Counselor (HUD), Bankruptcy, and SCRA Servicemembers Civil Rights Act Information In this area you fill out some basic information as well such as your loan number. There is a section that asks if you have been speaking to a credit counseling agency what their number is and who is the person you spoke to. They also try to clarify if you have filed for bankruptcy so they can get you to the right department and follow the correct protocol. Finally, If you’re on active duty this section is for you. On the hardship application they try to get your basic status if you have been deployed or not.
- Power of Attorney The third page asks you to include any power ofattorney attached to the package for their files.
- Property Details (Listing) This section starts off by asking if the property is currently listed for sale. It also includes a third party authorization and approval to speak to any one that is representing the property.
- Property Details (Offer Received, HOA and Taxes Details) (Continued) The page that follows in the hardship application for mortgage assistance is whether or not an offer has been received. If your property is not listed for sale this section doesn’t apply to you but there are some parts that might. This area also covers whether you have a HOA (Homeowner’s Association Dues) and whether your property taxes are escrowed into your account along with what the annual amount is.
- Property Details (Additional Mortgages) (Continued) The property details sections in the request for mortgage assistance by asking what other mortgages may be on the property and their contact information.
- Property Details (Use Of Property) (Continued) The property’s use is further clarified in this section. They find out if it’s vacant or rented along with whether or not it shows up on your tax returns. They ask you proof of it being rented including two month’s bankstatements showing the deposits and the lease agreements. At the bottom of this page they ask whether there is a loan on your primary residence, who you make the payments to, if you are delinquent on that mortgage and if you are are behind on your mortgage how many payments that it’s behind.
- Hardship Details, Documentation and Written Explanation (Start Date and Hardship Check boxes) This is where PNC Mortgage really starts trying to get to the meat of the situation. They try to establish when the hardship began and what the hardship is by providing a series ofoptions for the borrower to check.
- Hardship Details, Documentation and Written Explanation (Hardship Length Expected and Written Hardship Letter) This area allows you to advise PNC Mortgage of how long you think you will be affected by the hardship. They ask that you write financial hardship letter in the area provided but if it’s not enough room you can always add additional pages.
- Income Documentation (Financial Breakdown) PNCMortgage Hardship Package Income Documentation Section – This area gives you very basic form to fill out all the different forms ofincome you have in the first column. The next column gives you again very basic place for you to summarize all the different monthly expenses you have. Lastly, in the column on the right you have a place to document all your assets. This is one of the most important parts of your hardship application because when it comes to mortgages it’s all about the numbers and your ability to afford the payment being given to you.
- Income Documentation (Supporting Documentation) (Continued) The next two pages of PNC’s Request For Mortgage Assistance (RMA) Form is a breakdown of the different income types and the type of proof of income that they require for each.
- Income Documentation (Other Properties Owned) (Continued) This section requires the homeowners to list any other properties owned and the details surrounding those properties.
- Borrower Acknowledgement This has a series ofdisclosures that are required to be signed by the borrower and co-borrower in order to apply for mortgage assistance.
- 4506T – The final document required prior to the fax cover letter provided is the 4506-t which is used in order to verify the tax returns that you provided. Make sure to follow the directions throughly.
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Disclaimer: Using The Wrong Form May Lead To A Denial
We provide mortgage servicers mortgage assistance package, forms, and applications to for educational purposes only. This is a sample document used to obtain mortgage assistance relief workout programs with your mortgage servicer. Prior to completing the form contact your (your client's) Mortgage's servicing department OR one of our professionals at 888-934-3444 to make sure they are sending the right loan modification or short sale package. Your home loan servicer, whether dealing with a Home Loan Modification or Short Sale (mortgage settlement, short pay off or discounted payoff) RMA Package offered on this website may not be the correct package depending on your investor. By downloading this RMA (Request for Mortgage Assistance) from our website does not guarantee loan modification assistance or any other mortgage relief programs to try to avoid foreclosure through mortgage servicer, its agents, employees, affiliates or subsidiaries. Prior to the use of any documents you should consult an attorney.