PNC Bank

In 2004, my family decided to make what they thought was a long term sound investment in their new house. It has since been the biggest mistake of our lives. This house, meant to be the one "custom built" house of their lives, has cost my parents everything. Through their primary lender PNC Bank, my parents fell victim to the biggest fraud committed in the history of banking - refinancing their home - and have since taken the equity out of our house. Now, this in itself is not the problem despite the fact that our house is now currently worth a little more than half what they currently owe as mortgage. If the payments were reasonable, my parents would make them and life would go on with PNC getting all that they were owed for the house with no real fight. However, due to my father loosing his job and not being able to make payments (this occurred in 2009), PNC struck a deal with my family that as long as we agreed to pay $5, 399.10 a month we would be able to keep our house. How gracious of them. My father, being the reasonable man that he is, got a job he was miserable at just to make these payments. That is, until October 2010. In October of last year my father was once again laid off from his government job and though he immediately tried to find new employment he attempted to negotiate with PNC bank to renegotiate his contract. He, much like everyone else would, assumed that the friendly employees at PNC would understand that in our now one-income based family we couldn't afford to pay $5, 399.10 a month, especially because that one income doesn't amount to that. For several months since my father has tried many times to readjust his payment, showing with several documents and evidentiary statements that we cannot possibly continue to make payments on the house as long as they are that high. The documents my father put together were never reviewed, and we were told readjusting was impossible at this time. Now, several things have happened since this occurred:

1. My father was offered a job that depends on him getting a security clearance. He was denied an interim clearance due to poor credit and the process to get an official security clearance can take up to nine months.

2. My father was granted an extension on our payment, 30 days extra to be specific. This extension was rescinded less than 24 hours later. After many hours spent complaining on the phone to various employees, we were granted a 15 day extension instead.

3. We were told that because 90% of our income was going to our mortgage we didn't qualify for any government assistance program. Their qualifications are 40%, and despite explaining to several employees at PNC that 90% was actually WORSE than 40%, they still couldn't help us because - as they put it - "you're making it with 90% so why do you need our help?"

4. My dad had to borrow money from a family member in order to make our June mortgage payment and did so through a Western Union wire. The clerk at the store he used forgot the $.10 on the order slip, and so my dad asked if they could let it go this one time, or even add it to next months payment. They explained to him that if he didn't immediately send in the dime, that the mortgage contract would be void and that we would be foreclosed upon. It cost him an extra $13 to send in the dime.

Our regular mortgage payment is $2, 700 which is completely affordable on my mother's income. This $2, 700 payment will be re-instated in four months, but unless my father gets his job within the next two weeks we'll be foreclosed upon anyways. We tried to explain the situation to the highest authority available at PNC, telling them that if they just added time to the back of the loan, or adjusted the payment slightly and added more time, we would be able to make the payments no problem. They told us this "When you get the confirmation that the job is yours and the 'hiccup' is resolved then we can work with you. Until that time there is nothing we can do." So in essence as soon as we don't need help anymore and the problem is resolved, PNC will be glad to assist us. This is the most outrageous thing I can imagine happening, and I wanted to share the story with others so that maybe someone out there will realize that PNC Bank needs to either be shut down, or all the current employees need to be fired, with more logical and maybe even compassionate ones put in place.

Offender: PNC Bank
Country: USA   State: Virginia   City: Ashburn

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