Mortgage -- Struggling to pay mortgage -- Complaint #10326608
Complaint Overview
Complaint ID: 10326608
Company: PNC Bank N.A.
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Struggling to pay mortgage
Sub-Issue: Trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure
State: Pennsylvania
ZIP Code: 19002
Date Received: 2024-10-02T12:00:00-05:00
Date Sent to Company: 2024-10-02T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I opened a HELOC with PNC in XX/XX/XXXX for {$180000.00} to do home improvements and payoff a small existing XXXX mortgage of XXXX. At the closing table the terms were different than disclosed and described. I required to pay XXXX XXXX XXXX payments not interest only. Under pressure of commitments to contractors, I moved forward with the loan. I utilized the full draw and made payments for XXXX. My understanding was that there was a XXXX draw payment with a XXXX repayment after the draw period. On XX/XX/XXXX, I was given the option to move the balance to a fixed rate with a payment of principal and interest or a fixed rate with an interest only option for XXXX. I received nothing in writing and received only a phone call to make this decision. I chose the interest only option with the understanding there would be a repayment of XXXX similar to the XXXX XXXX XXXX option. I was verbally assured of this at the time of this decision. The XX/XX/XXXX I received a notice that there is a balloon payment due in XXXX. This conflicts with the language of the original note and the document I signed. At no time was it made clear to me either verbally or in writing that choosing the interest only would trigger a balloon payment XXXX yrs later. I have asked PNC to prove to me in writing and in conversation that they disclosed the balloon payment. I maintain that the language of the original note in vague and misleading and the subsequent lock document to be the same. I am simply asking for PNC to allow me to pay the loan back by XXXX as originally agreed.
Frequently Asked Questions
What is Complaint #10326608 about?
Complaint #10326608 was filed against PNC Bank N.A. regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2024-10-02T12:00:00-05:00.
How did PNC Bank N.A. respond to this complaint?
The company responded with: "Closed with non-monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against PNC Bank N.A.?
Yes, visit the PNC Bank N.A. company profile at readthecomplaint.com/company/pnc-bank-n-a to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.