Consumer complaint received 2024-09-10
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage — Applying for or obtaining a modification, forbearance plan, short sale, or deed-in-lieu
Company: PNC Bank N.A. (MD)

I am writing this letter to request your help in reference to a modification application submitted to prevent foreclosure on our PNC XXXX XXXX XXXX. I fell behind on my home equity loan due to XXXX  during XXXX, and I filled out a Modification Application in XXXXXXXX XXXX XXXXXXXX, after months of going back and forth with PNC, and after contacting CFPB because PNC did not want to modify our loan, PNC finally approved a modification trial period payment plan that started XXXX, XXXX in the amount of {$2400.00}. Although the amount was more than XXXX 's the normal payment amount, PNC explained it was so high because we were in foreclosure and the investor sets the amount of trial payment before new payments would be calculated and they could not tell us how much until AFTER we paid the XXXX plan of {$2400.00} to get out of foreclosure status. My daughter called and spoke to a XXXX on or about XXXX XXXX, XXXX, asking what the new payment would be, she advised the modification documents were not prepared and the monthly payment had not been calculated but she would call back within two weeks. She did not call back until today, XX/XX/XXXX! Meanwhile we received documents that resemble modification documents ; but look like either refinance or acceleration of loan documents on the original loan signed in XXXX with accrued interest which increased the loan from {$92000.00} to {$98000.00} and no mention of the {$7400.00} we paid over the last XXXX. ( see Attached ) The documents show changes for the entire loan from the maturity date which was reduced from XXXX to XXXX ( 23 years less ) ; condensed into ONLY XXXX of payments ; at more than XXXX 's the normal payment!! PNC has treated us terribly through this entire process! The only explanation as to why the modification has accelerated and changed is because we are being penalized for the account being behind and in foreclosure by XXXX. PNC has truly penalized us and treated us terribly. We thought modification was to help in hardship not further it! My daughter asked XXXX why these changes were made that were not favorable to help but to further the hardship ; she could not answer and advised she would reach out to XXXX in Loss Mitigation, who has been so nasty to us, and call back tomorrow, XX/XX/XXXX. All the while we have a deadline of XXXX XXXX to sign these papers, or PNC will deny the modification offer and will not offer another and we will have to pay {$12000.00} to reinstate the original loan or foreclosure will continue, and we will lose our home. We paid {$2400.00} for the past XXXX in good faith, believing PNC XXXX come up with a modified payment affordable and conducive to what we used to pay averaging $ 500 monthly, with the original maturity date agreed upon. We are elderly and yes, we fell into a situation beyond our control as stated before, but we have done EVERYTHING ASKED BY PNC TO BE GIVEN A FAIR CHANCE, but instead set up for failure! To be told we are being penalized by investors who have the right to set payments and terms to what they want ; rather than to help us to comfortably heal from our hardship and be able to pay our debt off with dignity is shameful! Please investigate this matter as we want to be in the right standing on this loan and do not want to lose our home of over XXXX. I feel lied to and cheated to get us to pay the XXXX {$2400.00}, then to be told we must continue to pay what the investors, who are not in hardship, want us to pay, or pay an additional {$12000.00}, or lose everything weve worked so hard for in foreclosure. Again, as in the first complaint, they have us in a trap of losing the house we have owned for over XXXX. Please help us!!