PNC Mortgage / stay away
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.
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