Consumer complaint received 2015-05-26
Company: PNC Bank N.A.
State: WV
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure

Complaint:
In XX/XX/XXXX, I received a loan modification through PNC Mortgage. my interest rate drop from five and a half percent to 3 percent. The rate was good until XX/XX/XXXX. Myinterest rate went up to 6 % increasing my house payment XXXX dollars a month. I applied for XXXX loan modifications in the past year I was denied each time. their explanation to me is that I do not qualify for a loan modification do to me making too much money in my gross income. they also state that my private investor does not participate in loan modifications where they can adjust my interest rate or do anything with the principal balance. my loan is not backed up by XXXX XXXX or XXXX XXXX therefore I do not qualify for a Harp. At the time of my last loan modification they ordered a appraisal on my house. The appraisal came back at {$240000.00} and valance on my home is XXXX XXXX and XXXX XXXX dollars. there is no way I can refinance my home at this time with a {$65000.00} negative equity. I can not afford the additional monthly payment with all the rest of my bills. I feel like I 'm being treated unfairly because this interest rate of 6 % is not even the going rate as far as today and they will not do anything to adjust it. I have never missed a payment and have a XXXX credit score. I have a job with the XXXX with XXXX clearance and have been with this company for XXXX years What is even more frustrating is that PNC mortgage has told me if I start missing payments then there might be something they can do for me if they see that I can not afford monthly payment. so in other words they want me to ruin my credit score before they help me. I did not ask for my loan to be controlled by a private investor where they make the decisions and guidelines of how they want their business to be handled. if my loan was backed up by XXXX XXXX or XXXX XXXX I would not be in this situation. As I have mentioned before, I am being treated unfairly because they see that they 're making an additional {$500.00} a month interest free from me and will not do anything to adjust my interest rate so I can afford my house payment. I have contacted the private investor which is XXXX XXXX Bank and they have emailed me back to tell me that they do not handle any loan information and stay in contact with PNC Mortgage. I can not believe that no one is willing to help me in trying to come up with a solution so I can stay in my home and not have to go to foreclosure. PNC mortgage also told me that I need to liquidate my house and put it on the market if I am going to start missing payments. What kind of customer service is that ready to put me out on the street. they are willing to take a {$65000.00} loss then try to keep someone in their own home that has never missed a payment. I have talked to all kinds of Representatives in a loss mitigation department and everyone tells me it 's because they show my gross income is within the XXXX percent ratio of their guidelines. My net income is less than half of what my gross income is. The little bit of money I have in my savings account is from a loan that I had to take out last year to help pay bills.All these things I am Telling You they already know and everything has been documented and they have copies of everything but yet they still will not help me.

Company response to consumer: Closed with explanation