Consumer complaint received 2016-11-29
Company: PNC Bank N.A.
State: DC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan modification,collection,foreclosure

Complaint:
I had fallen behind in mortgage payments with PNC Mortgage. After several attempts to retain the property, I was told by PNC that I had exhausted all of my options for retaining the property and that I could not be considered for any further assistance. As a result, I decided to sell the property via short sale and enlisted the services of a realtor experienced in managing short sales. The house was listed on XX/XX/2016 and I received an offer on the property shortly thereafter. The short sale offer and supporting documents were presented to PNC on XX/XX/2016. On XX/XX/2016, PNC contradicted what was previously stated and said they would now offer a loan modification before they would consider reviewing for a short sale. In doing so, PNC extended a trial payment plan to me. On XX/XX/2016, I notified PNC in writing that I would be declining the trial payment plan/loan modification because the loan terms were still the same and I was unable to afford the payments. I also informed PNC that I wanted to proceed with the short sale package that was presented to them for approval prior to the trial payment plan offer. I also reminded PNC that I had a contract on the property. On XX/XX/2016, PNC indicated that the file could not be reviewed for short sale until after XX/XX/2016 - the date by which the signed agreement or the first payment was due for the trial payment plan. On XXXX/XXXX/16, PNC stated that the file would not be closed out before XX/XX/2016. This was contradictory to what was stated on XX/XX/2016. I was also informed that I would need to re-submit the short sale package and that a foreclosure sale date was set for XX/XX/2016. On XX/XX/2016, PNC still had my case for the trial payment plan open although I had previously declined it in writing ( more than 30 days prior ) so that I could proceed with the sale of the property. On XX/XX/2016, the file had not yet been closed out by PNC. On XX/XX/2016, I was notified that the file had been closed out and the short sale package was resubmitted on XX/XX/2016. On XX/XX/2016, I was notified that my entire file was closed and that PNC would NOT review for the short sale because the time frame was too short. PNC proceeded with foreclosure on my property and on XX/XX/2016 the property was sold. 

I am initiating this complaint because I believe PNC forced me into foreclosure. There were other options. PNC had ample time ( approximately 3 months ) to consider the short sale of the property rather than moving forward with foreclosure. Although PNC, presented a trial payment play for retention, the payments were not affordable and the terms of the loan had not changed. I believe PNC acted in a predatory manner by impeding the short sale process and refusing to review an offer to sell the property. The short sale offer that was made was equivalent to the appraised value XXXX $ XXXX XXXX that was determined on XX/XX/2016 by an appraisal company hired by PNC Mortgage. Although PNC Mortgage has already foreclosed on my property, I believe this story should be shared to inform others of PNC 's practices.

Company response to consumer: Closed with explanation