PNC Mortgage is using the governments HAMP to look into whether or not they are making money off their customers, and if their customer cannot refinance their loan with another bank, has equity in their home, PNC will put you through hoops getting "the packet" for loan remodification correct, with stupid little reasons to resend forms, i.e. we didn't receive it, or page 2, 3 7 and 9 of your monthly bank account did not print right, and on and on, while their investors decide if it's in their best interest to foreclose and set a fast sale date on your home. Anyone who puts in for the HAMP or remodification loan with PNC should not trust them if your interest rate is already low from an ARM, don't believe they will fix your rate higher, or remodifity your loan., PNC will deny you the HAMP and foreclose on your home fast and have a sale date, an appraiser at your door and a letter requesting the full amount of your loan plus their foreclosure attorney's 4K fee, due immediately, or be ready to lose your home within two weeks. That's what PNC is doing while stalling and making their customers resend, send resend and go through fax and send hell, for a loan remodification. month. Yes, their are banks that low down and crooked, do not be naive! and believe the "loss mitigation's dept's six month's of excuses why your paperwork packet is wrong" PNC is working on stealing your home out from under you. Shame on PNC, and my prayers go out to all homeowners PNC has done this to. They came within days of taking all I have ever worked for and I'm a veteran, so my V/A loan surely guaranteed them payment. Cold blooded but reality for shameless PNC. How do they get away with what they do. By using the HAMP program, intended to help homeowners, who by hardship, i.e loss of a job, poor health, stay in their home., A government program being misused by a big bank? Yes by PNC who weeds out homeowners they are making little interest on, who have made an extra payment on their prinicples, live in areas where homes sales are good and have until their hardship made timely payments for years. Shame on you PNC! My prayers go out to all the homeowners you have displaced with the HAMP/Making Home Affordable program scam your investors are misusing.
I have a fixed rate at 6.5% interest, but my payments continue to increase. This time it is due to an increase in my insurance premium which is paid from an escrow account. The statement from Flagstar stated the amount of the deficit was $115.08, so I sent a separate check for that amount along with my August payment of $769.59. When I got the September statement, my payment has changed to $782.19. I called cusstomer service to inquire and I was told that the gentleman's computer showed my payment should be $772.19. I explained to him that I paid the escrow deficit of $115.08 in order to keep the payment at $769.59 and he argued that it should still increase because it would still be short next year. He thought it was not a big deal as it is only a $3 increase. I asked why was I directed in the letter to pay $115.08 if I was going to owe more? And what if I should find insurance for less with another agency?
Our loan was sold to Litton Loan and we were trying to do a loan modification due to the fact that we had gotten behind on our loan because we had a financial hardship. We were going through Federal Loan Modification in New York and Litton Loan and after $3400.00 we still have not been able to remodifiy our loan, but Litton agreed to put us on a repayment schedule in which our payments are $2700.00 for 17 months. Now common sense tells you that if we were getting behind with a mortgage of $1600.00 then how can we possibly pay $2700.00 a month especially after losing the $3400.00.
Litton Loan and Federal Loan Modifications should be reprimanded for such poor business ethics and scamming people out of their hard earned money.
I'm not sure if what happened to me falls under predatory lending per se but it must be consider fraud. I had a condo and loan in San Diego through Countrywide and used a Countrywide authorized loan agent to process my loan application. For my income I faxed on my company letterhead a memo stating I made $60k annually and it was signed by my manager. I just found out the amount reported on my loan doc is $160k not the $60k I reported. When I called 'The Bianchi Team - [protected]' authorized loan agents for Countrywide, they claim my income statement was never received and is not in my file. Countrywide tells me the loan is a 'stated' loan so no documents are required and the person that serviced my loan is no longer working in their office so I have no evidence, except for the original signed mem that I faxed, to show that my income was overstated by Countrywide which deems the contract illegal and a fraud.
I lost the $60k a year job, had to scramble to find a job that paid half that amount, had to short sale my home, lost over $61k in down payment and closing fees, and now my credit is ruined for 7 years or more.