Mortgage -- Struggling to pay mortgage -- Complaint #4971131
Complaint Overview
Complaint ID: 4971131
Company: PNC Bank N.A.
Product: Mortgage
Sub-Product: VA mortgage
Issue: Struggling to pay mortgage
State: Arizona
ZIP Code: 85119
Date Received: 2021-12-02T12:00:00-05:00
Date Sent to Company: 2021-12-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
My wife lost her job of 18 years in XXXX of XXXX due to the Covid Pandemic. In XXXX of XXXX we entered the Cares Act Forbearance Plan with our VA home loan. We have since exited the Forbearance Plan and have made our XXXX & XXXX of XXXX mortgage payments. In discussions with our Mortgage Servicer ( XXXX XXXX XXXX XXXX ) about repayment of our missed loan payments while in forbearance, we had made an agreement on XX/XX/XXXX that we would use the VAPCP Program ( VA Partial Claim Payment Program ). Wherein the VA purchases the forbearance period missed payments and places them in a second lien on the home, which is interest free and payable when the property is sold. On XX/XX/XXXX the servicing of our loan, not the loan itself, was transferred to PNC Bank. We have come to find out they will not honor the agreement made with our previous servicer nor will they consider the VA Program as an option. ( verified in recorded phone conversations ). They are attempting, with the threat of foreclosure, to force us into filing a Hardship Assistance Application. This in itself would be fraudulent because we are not in a financial hardship situation. This Hardship Assistance Application is 16 pages long and is very similar to a new loan application. If we comply, it will give PNC Bank the right to dictate the manner in which the missed payments are paid back. This is entrapment. Through XXXX telephone conversations ( most recorded ) we have determined that their end game is to do what they call a " XXXX XXXX ''. In reality, it will be a new loan because it will have a new total, a new interest rate, a new term length, and of course new fees. First, this enables them to add the missed payments into the entire length of the mortgage which will greatly increase the loan. As an example of which, early on, our former servicer attempted the same thing. They upped the interest rate and added XXXX years to our loan, which equalled approximately {$110000.00}, to repay the missed payments which were {$32000.00}, an {$87000.00} fee to borrow {$32000.00}! Secondarily, they will now be able to sell the new larger loan and get a big payday because our home has doubled in value, making the loan more lucrative to an investor. In summary, If PNC Bank wanted to be simply paid back, they could use the VA XXXX XXXX XXXX, which we chose, and have their money overnight. It is outrageous that a XXXX XXXX Bank, bailed out in XXXX to the tune of XXXX XXXX taxpayer dollars, is using this XXXX economic tragedy to rip off the " little people '' that, back then, saved them.
Frequently Asked Questions
What is Complaint #4971131 about?
Complaint #4971131 was filed against PNC Bank N.A. regarding Mortgage specifically about Struggling to pay mortgage. It was received by the CFPB on 2021-12-02T12:00:00-05:00.
How did PNC Bank N.A. respond to this complaint?
The company responded with: "Closed with explanation". 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.