Consumer complaint received 2017-11-15
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: PNC Bank N.A. (FL)

I 'm a Certified XXXX XXXX, and I have worked in the construction industry for over 20 years. I acquired my experience working for national construction companies, and in XXXX was presented with an opportunity as the XXXX XXXX of XXXX for the startup of a construction company located in XXXX XXXX. I relocated to XXXX XXXX in XXXX, and rented a house, until I could locate a parcel of land to construct my personal residence. In XXXX, I applied, and was approved for a construction to permanent loan with XXXX XXXX XXXX  XXXX in the amount of {$510000.00} for the acquisition of land, and the vertical construction of my primary residence. 
The Construction was completed in XXXX XXXX, and the loan was in the process of being converted to the permanent mortgage, when I received the permanent mortgage paperwork, I noticed that the interest rate was the same rate as the construction interest rate. The construction interest rate ( 6.75 % ) was supposed to be adjusted to the market rate ( 4.25 % ) for the permanent mortgage, this was a huge concern, because the interest rate difference would have meant a significant reduction in my mortgage payment. When, I contacted the loan specialist that was assigned to my loan, she initially apologized for the mistake, and said she would have it corrected. I was informed a few days later by the loan specialist that unfortunately, she was unable to change the rate, because all activity had been stopped on lending and refinancing due to the ensuing market crisis. The other issue that came up during the conversion was the mortgage had been split into two mortgages, one mortgage was {$410000.00}, and the other mortgage was for the remaining {$91000.00}. I inquired on numerous occasions as to why I had two mortgage payments, I was informed that the maximum amount that XXXX XXXX will back on residential housing is {$410000.00}, and once a mortgage is originated, lenders have a choice. They can either hold the mortgage in their own portfolio or they can sell the mortgages to secondary market investors, such as XXXX XXXX. When lenders sell their mortgages, they replenish their funds, so they can turn around and lend more money to home buyers. So, not only was I paying a high interest rate, I also had two mortgage payments instead of one, and this was only done to benefit the bank. I had no choice but to accept the situation I found myself in, and every couple of months I would check with XXXX to see if the interest rate could be adjusted. Due to the housing market crisis, I was unable to find employment in the US, and was offered an opportunity working overseas, I accepted the opportunity, and relocated to XXXX XXXX to work for a XXXX XXXX XXXX XXXX in XXXX XXXX, on a two-year contract. Prior to departing the US, I informed XXXX that I would be out of the country, and I would be limited to annual returns to the US, my  mortgages were established and paid through XXXX  via online accounts. My main concern with my mortgage was still the high interest rate, I returned in XXXX XXXX to finish the XXXX paperwork process for my employer, and again checked with XXXX to see if there had been any changes with the ability to lower my interest rate, and was informed that there were no changes, now the interest rates were in the 3 % range and trending lower. In XXXX the housing market crisis had grown to a nationwide economic crisis, and the government was trying to stabilize the economy by supporting the financial market with TARP funding. In XXXX XXXX, I attempted to pay my XXXX XXXX mortgage payment online from the XXXX XXXX, and a message was displayed on the XXXX website with instructions to call the listed phone number, when I called the number, a representative from PNC bank answered the call, informing me that they had acquired XXXX, I was then instructed to create a new account on the PNC website using my existing loan number, and the account would transfer into the PNC data base. This worked for the one mortgage, but when I attempted to do the same process with the second mortgage the PNC website could not locate the loan number. I immediately called PNC, and explained the issue with the second loan to the PNC representative, she searched the PNC data base and informed me that she did not see any other loans associated with the address, I assured her that there was a second loan, and she said, she would need more time to search for the loan, and would get back to me within the next few days. The PNC representative contacted me the next day to inform me that she could not find any other loan, other than the one that had been converted the day before. At this point I could not do anything further over the phone, and would have to wait until I returned to the US, fortunately my wife at the time was able to locate another XXXX website and pay the XXXX XXXX mortgage payment. Before, I was able to return to the US, I was notified by a neighbor in XXXX XXXX who was getting the mail and checking on the house periodically, that there were a lot of letters being delivered from the IRS, she would not open any of the letters to see what they were, but instead put them in a XXXX envelope and sent them to me in XXXX XXXX, when I received the letters and opened them, I was shocked and perplexed to see that XXXX had reported the construction loan to the IRS as miscellaneous income, the IRS was demanding payment for {$180000.00} in back taxes, before I was able to contact the IRS, all of my bank accounts were seized by the IRS. After contacting the IRS, I was informed that a revised XXXX would need to be submitted by XXXX, so I contacted PNC, because they had informed me that they acquired XXXX, PNC said that they could not do anything, and that XXXX would need to submit a revised XXXX. After a month and half of trying to get this issue resolved with PNC/ XXXX XXXX XXXX finally sent the IRS the revised XXXX, and my bank accounts were released from the IRS XXXX 
At this point I didnt know what was going on with the acquisition of XXXX by PNC, Im paying one mortgage to PNC, and the other mortgage to XXXX. PNC never converted or acknowledged the second mortgage, and in XXXX of XXXX shut down all the XXXX data bases and websites, my last payment on the second mortgage was made in XXXX XXXX. 
I returned to the US in XXXX XXXX and visited my local PNC Bank, and spoke with the PNC Branch Manager, initially I was informed that no such loan ever existed, I then presented her with the loan documents for the account, as well as, my bank records showing the payment history of the loan. The Branch Manager,  after reviewing my documents seemed a little perplexed, and realized that a mistake may have been made during the acquisition. I was informed that she would need to  research my situation, and she would get back to me in the next couple of days. When I received the follow up call from the Branch Manager, I immediately went to the PNC Branch for what I hoped would be good news. The first and most important issue was the status of the second mortgage, the Branch Manager said that after PNC thoroughly checked their records, they could not verify another loan associated with the property address. My second order of business was the refinancing of the first mortgage to lower the interest rate, which was never adjusted since the loan originated, I was informed that I was not approved for refinancing, because I was current on the mortgage, and at that time the bank was only helping home owners who were behind or delinquent with their mortgage. So, not only did the missing second mortgage issue get resolved, I was not approved for re-financing which would have significantly reduced my monthly payment. I returned to the XXXX XXXX in XXXX XXXX, and I was very frustrated and confused as to why I felt like nothing had been accomplished with resolving the missing mortgage, and reducing the interest rate, which would have significantly reduced the mortgage payment by more than half the current payment. 
I returned to the US in XXXX XXXX for an 11-day visit, I was going through the mail that a neighbor had been collecting for me, and found a letter from PNC offering to reduce the interest rate on my mortgage loan, I went to my PNC Branch, and at first the representative I spoke with was very helpful, as he researched the property address, he informed me that there was a slight problem with my account, and referred me to the Branch Manager. The Brach Manager pulled my account up, and said that they could not do the refinancing because there was a problem with the second mortgage, it had been sold to another lender named XXXX, and I would need to contact the new lender to resolve any issues with the loan, before PNC would be able to refinance the loan they held, I was puzzled, because this was the same Branch Manager that told me there was no other loan associated with the property address, I never received any correspondence from PNC mentioning the loan had been sold to a new lender, nor did I receive anything from the new lender mentioning that they had purchased my mortgage. After my visit with the PNC Branch Manager, I felt that something was very wrong with the current situation, and the events that had taken place over the past year. I contacted the new lender, and discussed the status of my mortgage loan, during the conversation I asked what does XXXX stand for, and I was told it stood for XXXX XXXX XXXX, so this is not a mortgage company, the gentleman said no we are an investment company, I ended the call. I returned to the XXXX XXXX in XXXX XXXX, and I was trying to understand how this whole situation was completely out of my control, and I was the one paying for it. I normally check my credit report each year, but with the economic crisis in the US, and my overseas employment, I hadnt checked my credit report, since I applied for the construction loan in XXXX, at that time my score was over XXXX. When I pulled my credit report I was devastated when I saw my credit score at XXXX, as I looked through the report I saw the biggest impact to my score was a charge off in XXXX XXXX reported by both XXXX and PNC, my first thought after getting over the shock of how low my score was, why is XXXX charging off a loan in XXXX XXXX, when PNC acquired XXXX in XXXX, started converting accounts XXXX XXXX, and shut down all XXXX data bases in XXXX XXXX. My next thought was : Why is PNC reporting to the credit bureaus on a loan they say didnt exist? Why didnt PNC notify me when they located the loan? If PNC sold the loan why was it charged off? Something was not right with this whole situation, and my next action to try and get this resolved was to obtain legal representation. In XXXX XXXX, I retained XXXX XXXX XXXX to hopefully resolve the issues with PNC, and in XXXX XXXX a Qualified Written Request was sent to PNC with no reply, in XXXX XXXX the Qualified Written Request was sent a second time with no reply from PNC. 
My contract with my overseas employer was completed in XXXX XXXX and I returned to the US, I was unemployed, and looking for any opportunity to earn income. I saved some money during my overseas employment, but I knew it wouldnt last very long with my current mortgage situation with PNC, I desperately needed the loan to be modified to a more affordable mortgage payment. I made my last payment on the active loan to PNC XXXX XXXX, PNC then filed for foreclosure in XXXX XXXX. I submitted the first loan modification packet to PNC XXXX XXXX, after going back and forth with PNC on missing documents, and updating documents, the request was denied XXXX XXXX. I submitted a second loan modification packet XXXX XXXX, same issue happened with PNC on missing documents, and updating documents, the request was denied XXXX XXXX. I submitted a third loan modification packet XXXX XXXX, same issue happened with PNC on missing documents, and updating documents, the request was denied XXXX XXXX. My attorney asked me how the loan modification process was going, and after I explained to him what was taking place, he asked me to bring the forth loan modification packet to him, and we would send it from his office. The fourth packet was submitted to PNC in XXXX XXXX. My attorney informed me that the packet had been received, and in XXXX XXXX he was informed that the packet was incomplete, he resent the same packet and at the end of XXXX XXXX the packet was accepted. In XXXX XXXX, I received the loan modification being offered by PNC, my original loan was a XXXX fixed rate loan, the interest rate was the original 6.75 %, and the payment was {$3200.00} per month, the modification offered was increasing the term from 30 to 40 years, the interest rate stayed the same, and the payment increased to {$3800.00}. I wasnt sure how this was a loan modification, when nothing seemed to get better, I refused the offer presented by PNC. During the attempts to modify the loan with PNC, I was trying to refinance my residence with other lenders, including using my veterans benefits, but one of the requirements to pre-qualify was a minimum credit score of XXXX, because of the charge off, my credit score was far below the minimum requirement. 
The foreclosure trial was scheduled for XXXX XXXX, XXXX, prior to the beginning of the trial, the judge asked both parties if we would like to take a few minutes outside of the court room to try and resolve the current situation, my attorney and I were open to discussing any possible solution, but the PNC attorneys were not. The Trial proceeded, and when the trial ended the judgment was in my favor. PNC appealed the trial courts decision, and in XXXX XXXX the appellate court over turned the trial courts ruling, and my new attorney XXXX XXXX XXXX Group informed me that I would be able to stay in my home for a couple of months, and then I would more than likely have to vacate my home. 
After reading through both the Per Curiam and the Reply Brief, I 'm finding a lot of open conclusions and misstated information, I 'm not sure if this was due to PNC 's influence during the oral argument or where exactly the appellate court is drawing their conclusions from. I spoke with XXXX, as far as, our next action and agree to request a rehearing, I also went through my warranty deed paper work and found errors and information that is incorrectly translated to the loan documents. When I discussed this with XXXX, he mentioned that new information and documents are not allowed to be introduced into the appellate proceeding, I asked are documents from the trial allowed to be revisited, if they were submitted as evidence? Instead of waiting until I was evicted, I filed for bankruptcy in XXXX XXXX, the bank has now proposed a trial plan for a loan amount of {$550000.00} when my initial loan was for {$510000.00}. 
This never-ending nightmare, started in XXXX when my interest rate was never adjusted on my mortgage loan, and continued when PNC acquired XXXX and charged off my 2nd mortgage in XXXX, which destroyed my credit score and the ability to refinance the remaining mortgage. I was unemployed in XXXX XXXX, and had no choice under the circumstances at the time, but to stop paying the mortgage in XXXX XXXX.The hardship continued through the multiple attempts at modifying the loan from XXXX through XXXX. Due to the unwillingness of XXXX PNC to recognize and fix their mistakes, I was unable to accept employment opportunities outside of the US for fear that PNC would think I abandoned my home. The few upper management opportunities Ive had in the US start out very positive, until the employer checks my credit rating, which is standard in the construction industry for higher paying roles, and once the employer sees my score the hiring process is stopped.