Consumer complaint received 2018-06-14
Product: Mortgage — Conventional home mortgage
Issue: Struggling to pay mortgage — 
Company: PNC Bank N.A. (TX)

In XX/XX/XXXX we received a notice from PNC mortgage that our payment was increasing from {$650.00} per month to {$1200.00} per month. We immediately called the bank and let them know that we could not afford the increase. The bank was not willing to help since the property had been a rental property for longer than 2 years. In XX/XX/XXXX we received XXXX XXXX military XXXX XXXX XXXX  orders to Virginia with a report date of XX/XX/XXXX. My spouse was in a year-long XXXX contract and could not relocate to Virginia until XX/XX/XXXX. We stopped paying the mortgage in XX/XX/XXXX in anticipation of paying for 2 households.

InXX/XX/XXXX our real estate agent found a cash buyer who offered {$200000.00}. We quickly started a short sale application. During the application process PNC informed us of a foreclosure date of XX/XX/XXXX and that we would need to close escrow 37 days prior to that. The bank continuously asked for out of cycle bank statements which we couldnt not provide, then canceled the short sale as we fell within 37 days of foreclosure.

From XX/XX/XXXX through XX/XX/XXXX, PNC continued to postpone foreclosure every 30 days. This prevented attempts to apply for another short sale. They changed the locks which kept our real estate agent from showing the property. Many failed attempts were made to contact the bank and discuss why they werent foreclosing. In XX/XX/XXXX our real estate agent found another cash buyer with a {$200000.00} offer. He was able to convince the bank to postpone foreclosure long enough to apply for another short sale and provide him with keys so the buyer could see the property. This time the application made it to the investors review group. They took close to 30 days to review the application and sale contract. The sale contract was then rejected because the buyers notary placed a stamp over the last 3 letters of my last name ( it was still completely legible ). By the time we were notified to resubmit the sale contract, we fell within the 37 day foreclosure window and the application was closed. We received a letter 1 month later stating that we reached the maximum attempts for a short sale and that no more applications would be accepted. Nobody at PNC could tell us how long we had to wait to apply for another short sale.

In XX/XX/XXXX the buyer returned with the same {$200000.00} cash offer. Our real estate agent convinced the bank to postpone foreclosure long enough for the short sale application process once again. This time everything went smooth and PNC approved the short sale, postponing foreclosure indefinitely. Then it went south again ; though PNC had obtained one appraisal for {$200000.00} they ordered a Broker Price Opinion which came in at {$230000.00}. Then they insisted on a {$230000.00} sale price which is way over the market value for the condition the home is in. Our buyer rejected PNCs counter offer and canceled the sale 4 days from closing. The bank refuses to sale the house for anything less than {$230000.00}.

We XXXX from the XXXX in XX/XX/XXXX and were almost left homeless because of this ordeal. PNC had reported that we were in foreclosure to the credit bureaus and our applications to rent a home were denied. We were lucky to find co-signers. The bank will not offer any solutions and our real estate agent of 10 years has terminated his services due to extreme frustration.