PNC Mortgage - PNC Mortgage Loan Modification

Posted on Saturday, September 4th, 2010 at 7:44pm CDT by ab7fb893

Product: PNC Mortgage Loan Modification

Company: PNC Mortgage

Location: US

Category: Other

PNC's Home Modification program is nothing short of a Nightmare. After losing my job, being diagnosed with fibromyalgia and having 2 kids in college PNC advised us to apply for a loan modification. At the time ALL of our payments were current and we were told we would have an answer within 3 months. After a year of paying our agreed upon reduced payment we were denied. Although we income qualified at the time of our application my husband now had a second job. The position is perdiem and not guaranteed income. Despite this fact PNC counted it against us. Furthermore they lost our paper work and required that we resend the same documents 4 times. They failed to communicate with us and told us several times they had everything and we were in final review. When we called the next week shockingly they were missing documents. Letters were sent to us weeks later and we were placed on hold for an hour each time we called. We asked them on several occasions if we were in jeopardy of losing our home and told NO. We feel that had PNC handled our application in a timely and professional manner we would NOT be in this situation. We are now in bankruptcy but signed a reaffirmation with PNC. Prior to this experience we had Excellent credit and could have refinanced at a much lower rate.

They are now seeking over 5000 from us the difference of our full payment and our reduced payment. In addition they have hired Steven Baum's office and are starting a foreclosure. We feel like the program is a TRAP. We paid monthly in good faith for the entire year. No where in the agreement did it say we were jeopardizing losing our home. Had they told us up front we would have NEVER gone through the process. We have three teen age daughters and six pets. Our youngest is in tenth grade and now in jeopardy of leaving the school she has attended since kindergarten. Our home was new construction in 2003 and our 2.5 acre wooded lot is now a park like setting. Our life's savings is in this home and PNC is aware that we have equity. We believe that is why they are trying to take our home. The entire process feels predatory in nature.


3 Comments

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837b2522, 2010-10-14, 09:06PM CDT

AGREED: STAY AWAY FROM PNC BANK!!

PNC bank promised a relief of 12 months on my HELOC by reducing the interest rate from 6% to 3.25%. Instead PNC increased the rate to 6.5% and started to negatively amortize the note. After this was brought to their attention, PNC apologized and reduced the rate to 1% for the remaining time. However, two months later, PNC raised the rate to 4.25% and added $4,733 to my HELOC balance. PNC claimed that they did not receive evidence of my flood insurance coverage and they were forced to purchase coverage for $4,733. The fact is....I did have coverage for which I paid $220. The notice of this coverage was provided by the insurer to National City Bank that PNC had recently purchased. To this day, PNC refuses to remove this $4,733 charge from my HELOC balance!

I have two kids with savings accounts at PNC into which they deposit birthday monies. Each month PNC charges an 'inactivity fee.'I'm closing the account before everything is gone. SHAMEFUL PNC!

508e4fc4, 2011-05-09, 06:03PM CDT

We are having problems as well. Entered modification process in Feb 2010. We had many problems through the process. PNC forced us to escrow funds for taxes and insurance. Then PNC did not establish the escrow account as part of the modification. We made 10 months of payments and no money was placed in escrow. They paid our taxes late incurring a $220.00 penalty. So after their analysis they said we owed them over $ 3,500! Magicly they increased our payment to just shy of where it was prior to the modification. I refused and sent a formal letter disputing their analysis. Now my entire payment is being diverted to the escrow. They still claim they are correct. We all need a lawyer.

Lisa E., 2012-09-14, 12:14PM CDT

I too am in the position. I currently fighting with PNC for almost 4 years now and Im about ready to throw in the towel. They made a huge error in the escrow account and our payment went over 2000.00 a month. We went through the whole modiciation and trial payments just for it to be denied in the end and threatened forclosure many times. Im not sure what to even think any more. I wish an attorney would sue the crap out of them. After reading what they do the bank accounts how does the bank still exist??? Are they not breaking consumer proection laws or something??

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