PNC Mortgage PNC Bank THE ONLY ONES THAT MADE OUT ON MY LOAN MODIFICATION! THEY MADE A KILLING OFF OF ME! CROOKS! Nationwide
I fell behind on mortgage payments like so many other people during the financial crisis the country went throuhg and PNC Bank took advantage of me!
For starters I purchased a property in November of 2007 with 20% down and financed the remaining 80% through Nation City Mortgage at an interst rate of 6.75%. UNFORTUNATELY this loan somehow fell into the hands of PNC Baqnk. The payments were made on time until a severe illness hit one of my immediate family members around 2010. This illnesss was so severe that it lead to the death of that family member. This illness and later death of this family member put a HUGE financial strain on myself and other family memebers causing me to fall behind on the mortgage.
I then opened a line of communication with PNC Bank informing them that I wanted to keep the property and work out a deal with them. After countless conversations and correspondence that lasted almost two years I was able to get a loan modification out of them. I accepted this modification and when I finally was able to sign the papers this past summer and begin a trial period the shock hit me!!!! The paperwork stated that all the past interest, fees, attorney fees, taxes, insurance, was added to my loan principle and the 6.75 interest rate would also remain.
In a nut shell what I got for a loan modification from PNC Bank on my property was this:
The original loan balance was $361,000.00 when my hardship began. My new loan balance is now $462,000.00 with an interts rate of 6.75%. I have no choice but to make these payments to keep a roof over my family's head. I would like to know what happened to the "bail out" that was supposed to be handed down to the concumer.
Thank you for making an additional $100,000.00 offf on me PNC BANK! i hope you enjoy taking away from my family and myself you greedy bastards!
3 Updates & Rebuttals
The HAMP Program would have been nice alternative
#4Author of original report
Thu, October 22, 2015
I guess yes, PNC could have forclosed on the property! My family could be thrown out on the street as well. I did everything I could to prevent that. I guess if I got laid off or left my job I would have qualified for more help. Nice system we have!
On my end there was a death in that family that caused the default in the mortgage. There was also a financial crisis in this country that caused 7 to 8 million home owners to fall behind on their loans. What I want to clarify is that there were a lot of people that made a lot of money off of my situation. Starting from the bank, to the appraisers, and to the law firms. They all got paid out of the equity on my home. All I ended up with is a lower credit score preventing me from refinancing and a higher loan balance consuming most of the equity in the property.
Thanks for nothing!
Robert
Irvine,California,
USA
Thanks for Nothing?
#4Consumer Comment
Sun, October 18, 2015
Let me give you a little perspective here.
You somehow are infering that it was ONLY because your mortgage was transfered to this "big evil bank" you are in this situation. That is 100% FALSE, you have no idea how the other bank would have handled it. You have no idea what their modification would have looked like, if they even did a modification.
But the did nothing for you..right?
Then over this period of two years they could have foreclosed on you, after all you weren't making your payments.
But they didn't do anything for you...right?
Do you really think that they should be responsible for YOUR taxes and insurance? You really think that they are making $100,000 off of you?
Of course not..that is money you owe to the insurance company and the government, that they apparently paid. There is zero reason that a bank should be "on the hook" for any of that, and zero reason you should even be thinking that they would. In fact be VERY thankful that they actually paid those things during this time. As if they didn't pay things such as your taxes and you failed to pay them. You wouldn't have to worry about the bank foreclosing on your house because the government would have just come in and taken it.
But they did nothing for you..right?
Oh and if your comeback to this is, well I would have been better off if they just forclosed on me. The simple response is then why don't you just let them?
By the way before you come up with the "Well you must work for them". Sorry, but I do not now or have I ever worked this or any other bank. In fact I would have said the exact same thing regardless of what bank you put.
Jim
Florida,USA
Crooks?
#4Consumer Comment
Sat, October 17, 2015
It was YOU who failed to do what you said you would do and that's make payments on time, everytime. You contract does not say you get a pass for any reason and that's the same for all of us. The reason why you didn't make payments doesn't matter. What does matter is YOU failed to make those payments. They could have simply foreclosed on you, but they didn't. I guess crooks do that too. Neither you, me or anyone else is ENTITLED to live in a mortgaged house without making the payments.
Oh yes, let me save you the effort. Don't bother writing back claiming I must work for them, because I don't.
BOTTOM LINE: They did cut you a break by not foreclosing on you. Your complaint here is not a ripoff nor is it valid.