Property subject to a first held by PNC, how to negotiate w/ PNC?

[Rob Singles]

Hello all, first post here at BP, a great resource indeed. Now let me get on to the question.

What options do I have to deal with the first mortgage holder, PNC Bank, after a second mortgage foreclosure?

I have found a property (located in FL) which was foreclosed on by a second mortgagee, meaning the first holder, PNC Bank, still holds a mortgage on the property. The second is offering the property at a very reasonable price, of course.

While the second mortgagee was pursuing foreclosure, PNC filed for foreclosure, but then dismissed w/o prejudice and they have not refilled in the intervening 2 years. PNC’s interest in the first came by way of successor by merger (2 mergers to be exact).

So if this deal is to work for me, I need to work out a resolution with PNC. Any ideas on how/if to approach PNC on this? The face value of PNC’s first is a little under market value, however I assume with late-fees and what not it is underwater.

The original property owner is not cooperative, so the only thing I can think of is to purchase the note from PNC and then file a satisfaction.

In trying to lay everything out I may have made it more confusing than it needed to be so feel free to ask any clarifying questions.