Consumer complaint received 2016-02-08 00:00:00
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Loan modification,collection,foreclosure — 
Company: PNC Bank N.A.
State: FL

Complaint narrative:
My name is XXXX XXXX, and my family and I have been trying to secure a legitimate short sale on our home ( located in XXXX XXXX, XXXX ) and the Mortgage holding institution ( PNC Mortgage, & PNC HELOC ) has been offered a very strong, legitimate bid from a very solid buyer, but neither are agreeing to the others terms for settlement. This is forcing my family to fall victim to a completely avoidable foreclosure which would be extremely difficult for me and my family being that I am a XXXX with an active Security Clearance, which must be maintained in order to keep my job. I was transferred ( XXXX ) from XXXX to XXXX for my job, and since I am unable to live in the home, I must sell it in order to avoid paying double mortgage & rent payments. 
We purchased the home in XXXX, and the house is currently underwater ( at least 20 % negative equity ), and for me to sell it, I need to sell short. Additionally, our ARM mortgage payments doubled the end of last year, making it impossible for me to afford those expenses on my current government paycheck and expenses. Needless to say, we do n't have the funds to cover the difference in cost. 
Also, in order to process this short sale, per the requirements specified to me by the PNC representatives I spoke to, I needed to miss mortgage payments for at least 3 months before they would consider processing a sale. This has been happening since XXXX XXXX. This means that my credit has taken a massive downgrade and my ability to ever purchase or rent property with my current credit rating in the near future has been extremely jeopardized. 
I am being represented by a Real Estate professional in XXXX, as well as a legal negotiator since beginning this process, but they have been unable to get these XXXX sides of the same coin to agree to each others terms. And we are the ones who are continuing to be the victims of this incompetence and corporate selfishness. First being the housing crisis, and this being the second. 
As of last Friday ( XXXX XXXX, XXXX ), the XXXX PNC Mortgage still wo n't accept the terms offered by the XXXX, and our lawyer ( Realtor 's lawyers ) have all but quit trying, since even with my threats to file a law suit, and call my congressional representatives wo n't help them finalize. Also, after more than 3 months of trying to get a new buyer into the home, which will secure for PNC more than XXXX % of the total amount of the original note, the current buyer is expected to back out in order to find another home which they can get into faster. This means that my family will now be forced to wait for another buyer who probably wo n't offer near what this one did, if we can find one at all, considering now we have a history of an uncooperative bank who is n't willing to negotiate with each other in order to finalize a sale. Can the CFPB help us resolve this issue? I am willing to forward all details of the situation upon your request.

Company response to consumer: Closed with explanation