Consumer complaint received 2019-09-21
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage — 
Company: PNC Bank N.A. (VA)

I made my third and final trial modification mortgage payment to PNC bank ( PNC ) on XX/XX/XXXX. 

Let it be noted, that PNC did not treat me fairly with their trial modification. They have repeatedly made mistakes and taken shortcuts at every stage of the modification servicing process with me, costing me extra money and potentially the loss of my home. Their internal procedure failures are as follows : 1. All my interactions with PNCs departments were inconclusive. I was given the runaround. 
2. Systemic problem areas - customer service, collections, loan modifications, Executive Client Office,  Loss Mitigation/foreclosures and their external law firm. 

My struggles began when I was having a difficult time keeping up with my new HELOC payments from PNC after going through a divorce, hospitalization, and loss of income. 

The loan matured from XXXX XXXX, increasing from {$XXXX} a month to {$XXXX} a month. It tripled. 

PNC sent me a hardship application on XX/XX/XXXX, stating that I had 30 days to return the application. I provided all the requested documents, forms, and taxes in 17 days. Shockingly, PNC initiated the foreclosure process after only 21 days despite having the completed application AND being within the given stated timeframe. 

Their law firm, XXXX XXXX XXXX, was pressuring me to sell my home. I had random realtors and buyers aggressively calling me at all times of the day. Foreclosure lawyers were calling me even before I was aware that my home was up for auction. Please note, that I was NEVER serviced with a Collection Notice or a Foreclosure Date of Sale Notice. 

PNC touted its ability to service and modify loans for me, a troubled borrower. But PNC has failed to deliver required foreclosure protections. Consequently, there may be others that would claim that PNC has wrongfully initiated foreclosure proceedings and has wrongfully held foreclosure sales. 

Among other illegal practices, PNC initiated the foreclosure process BEFORE even completing my review of loss mitigation applications. My concern was, how can my home be up for sale if my hardship application was never reviewed? 

There were other instances in which PNC asked me to submit additional information within days but only wanted to run the clock for foreclose sale on me before the deadline. 
I strongly believe PNCs practices has also foreclosed on other borrowers who were fulfilling their obligations under a loss mitigation review. The CFPB rules require strong protections for struggling homeowners, including those facing foreclosure. 

A PNC representative named XXXX, called me to say, Ms. XXXX, weve received your application and it has been approved. The new mortgage payment is {$XXXX}. Knowingly, I received the approval because if I refused, my house would be auctioned in the next 24 business hours. I then responded by saying, Wait, thats a huge amount. Before I was paying {$XXXX} a month and that amount is what got me in trouble! This amount is now five times greater than the original {$XXXX}. THIS IS NOTHING LESS THAN PREDATORY LENDING PRACTICES! Ultimately, XXXX said, I understand, but its the best that we can do right now. Lets do a three-month trial payment of {$XXXX}. 

I agreed to the trial payments. However, realistically, my ex-husband is unemployed making him unable to pay the full alimony of {$XXXX} a month for the last 3 months. He is only able to pay alimony of {$XXXX} a month until XXXX or XX/XX/XXXX. 

My financial situation has also changed. One of my renters had a family emergency and had to cancel the $ XXXX  monthly lease. I also lost a XXXX client, which had XXXX kids at the rate of {$XXXX} a month. 

Im desperately trying to increase my credit score and pay down my credit card debt. Im a single woman trying to do whats right for my business and my future. To add insult to injury, I also have the below mandatory expenses : 1. My estimated IRS taxes, which are {$XXXX} quarterly 2. IRS was paid {$XXXX} for back and estimated taxes ( XX/XX/XXXX check # XXXX ) 3. Virginia back taxes {$XXXX} ( XX/XX/XXXX ) check # XXXX ) 4. Virginia estimated {$XXXX} ( XX/XX/XXXX check # XXXX ) taxes quarterly Over time, my financial situation has greatly improved, but not enough where I can afford a HELOC payment of $ XXXX monthly. The new PNC payment is unrealistic and not affordable. This is truly unjust! 

The CFPB should investigate PNC, not for only me but for other consumers collectively, to make sure that PNC consistently provides accurate information and upholds best practices.