In June of 2009 after 7 years with our Mortgage Lender National City Mortgage, we inquired about the Home Afforable Mortgage Modification. We had never been late or had collector s calling us for a payment in 7 years. When they told me the process and it could take as long as 6-8 months, I asked them will this be reported to the CBR's credit report negatively or hurt our credit the answer "no". They indicated if we made it to approval for trial modification payment for 4 months we would not be reported late for those 4 months since it would be a lessor amount. Also the month before and after that period we would not make a payment. I again stressed this concerned and would we be asked to make up the shortfall and these payments if we don't qualify in final approval, again the answer was "no" you will have nothing to worry about. All those months when we faxed and faxed updated info they requested they said we could go back to making normal morgage payment if we did not qualify no additional amounts would be due. I believed them and now we are ina financial mess that we feel they caused by giving us false information. We found out about 2 weeks ago we did not qualify and failed to get final approved. We are devastated and stressed out. Our worst fears have come true. They have reported us 7 months late so our credit scores have gone down 200 pts. They are now telling us those 4 modified payments did not count because they were lessor amounts. They are wanting 4,100.00 to bring us current and that includes "late charges". We do not have this kind of money and feel like we are being taking advantage of. We work hard for what we have and made a regular mortgage payment for June, July and August of 2009 in September we were told not to make a payment since we were getting ready to start the 4 month of modified payments. If they would of told us this in June of 09 that there was even a slight possibility this could happen we would have thanked them for info and went on making our normal payment and not sought this at all. I/we have been on the phone almost every night for 2 weeks trying to get someone to work this out with us thats reasonable. We called Fannie May who is the owner and can't get help. We have tried the 800 hope line for these types of problems and they have been on a conference call with us and they still are wanting it paid back and caught up in 6 months. We can't get them to work out a payment plan we can afford We would take responsibility for a couple payments and late charges but would like 12 months instead of 6 to catch up. I can not get anyone to help us. I have talked to collections several times and get a different repayment plan every time. One collector said he needs us to pay 2,433.00 by 3-31-10 to bring to a 60 day late status. Another one said we could pay 1,668.00/mo for 6 months. Our normal payment is 868.00 so they are asking for a huge lump sum in less than 30 days or essentially 2 house payments a month for the next 6 months. We simply can not afford this who could in the terrible economy or not right now. My husband and I are physically sick over this and stressed to the max. We don't have anyway to borrow and feel like they should work with us since they had never had a problem with us before. We had great credit and worked hard to have what little we have. We don't know where else to turn. Can someone please suggest who we can call that can help us get this worked out asap before the end of the month or I'm sure they will charge us for another month.
Thank You.
Read Next Complaint >>Reader Comments:
Posted by merrill913 on 04/07/2010
absolutely the very same thing they have doneto me. i am sick, i was also not in arrears prior to this now they want 5,892.00. none of this info was written in their info or told to me in my many phone calls. gotta wait now for loss mitigation. never anticipated this.
Posted by jodeecee on 04/13/2010
This is every where, all over the web. What is happening here is criminal. Please, someone needs to help us! We have a 1st and second which NCMC did. they sold the 2nd HELOC to Chase a month after, it is full of violations, as is our first now with PNC. stated income, total predators. we owned our home, with the loan we built a beautiful B
Posted by bvessels on 04/14/2010
I AM IN THE SAME BOAT. I WAS IN THE EQUITY ENHANCE PROGRAM BEFORE THE fED LOAN MOD TRIAL PERIOD. I MADE 4 MONTHS OF TRIAL PERIOD PAYMENTS EARLY. THEN WHEN I EXPECTED TO RECIEVE TERMS FOR THE LOAN MODIFICATION IN THE MAIL INSTEAD I RECIEVED A DECLINE LETTER FROM PNC. AFTER THIS DISAPPOINTMENT I WAITED ANOTHER 3 MONTHS FOR A PNC LOAN MODIFICATION ONLY TO BE DECLINED WITHOUT EXPLANATION. I AM NOW $9,228 IN THE HOLE AND OF COURSE TALKING TO ANYONE IS LIKE TALKING TO A BRICK WALL. NO ONE I SPEAK TO IS ON THE SAME PAGE. THEY ARE DISORGANIZED AND INCONSISTENT. I ALSO HAD NATIONAL CITY MORTGAGE WHEN I STARTED THIS PROCESS UNTIL NOVEMBER WHEN PNC TOOK OVER. YET ANOTHER BIG BANK THAT TOOK TAX PAYER MONEY IN THE BAIL OUT AND REFUSES TO HELP THE WORKING MAN. ANOTHER GOVERNMENT PROGRAM MANIPULATED BY THE GREEDY BANKERS. LESSON LEARNED. I'M GOING TO BATTLE THROUGH THIS THEN REFINANCE WITH A COMMUNITY BANK THAT HAS A PULSE AND A SOUL.
Posted by holly_slay on 04/23/2010
This happened to us as well.We were denied a refinance because our appraisal came in $100k less than what we have mortgaged.National City/PNC holds both the 1st.. and 2nd. the 2nd. was modified within 1 month.We were sent the pre-trial pkg. and my husband called before signing the papers (he is a CPA). We have NEVER been late on our payments and was also told that we we would resume normal payments if not approved for the modification and that our credit would NOT be affected.Guess what? We were sent a denial letter with a check for $1300. When calling PNC the very next day we were told that we owe over $10,000 in back payments and we were reported 90 days late on our credit reports and that if we DO NOT make the FULL $10,600 payment that they DO NOT accept partial payments. Our loan has been turned over to the loss mitigation dept. I will fight them to repair my credit and reestablish my loan. I also do not know where to turn -- I filed a complaint this evening to the Attorney General in hopes of getting some help. No wonder people walk away from their homes and trash the houses -- someone needs to take responsibility. The Obama Making Homes Affordable Program is a SCAM!!! It's a front to make the American People THINK that they have hope---it's a shame--makes me want to move to GERMANY to be FREE!!
Posted by ralykens on 05/21/2010
Oh I don't feel alone. Although I have to say the other day I broke down when I opened my mailbox to see a letter saying they were going to foreclose on my house on June 8th. However for everyone! Please Note!!!! On June 1st they MUST!! (It is now required by law as of june 1st) to hold on your foreclosure until your workout packet has been reviewed!!! My husband and I were denied the making home affordable plan and they never sent us a denial letter.. They trashed our credit. They will not let us make a payment unless we send them 3200.00 and then double our house payment. We have no where to turn! They have had an inhouse modification for over 2 months and they haven't reviewed it.. Yeah, and they say they don't want your house.. Well then do something about it! We have a meeting monday with a lawyer, I can only pray!
Posted by flymomrn on 06/12/2010
Our situation was the same with the modification process, smaller trial payments, told not to pay after we were turned down, then offered an insane refinance deal that we turned down as we could not come up with the lump sum the needed to initiate the deal. We owe approx $50,000 more than our house is worth due to the economy and decline in the neighborhood (increased crime, empty homes, bullies harassing my children, etc). Our house needs major repairs and it is too small since we had the baby last year...and I HATE our house. We were all set to lease a bigger, better house in a great neighborhood...and then yesterday we got a modification offer that sounds to good to be true and now my husband is wanting to take the modification and stay in our crappy house. Our kids can't even walk outside our house without being bullied. I want to do a short sale or deed in lieu of foreclosure, or if we do stay, we need PNC to give us money to make the repairs needed.
They jerked us around for 10 months and now, days before we were planning to sign a lease and move and walk away from our house for a better, safer, and cheaper home, they cut our interest to 2% for 5 years with very low payments that just messes up our plans. I don't want to keep our house. I just want to scream.
Posted by bradjennyv on 06/24/2010
We've been through a year long nightmare with PNC. We started the modification process one year ago-took 6 months before they sat us up on the 3 trial payments which we made and were told it would be finalized only to hear nothing from them. They've requested the same information over and over again, lied to us repeatedly. I finally had enough and wrote our Republican senator who contacted us back right away and forwarded our complaint onto the Attorney General's office and a fraud investigator is now looking into our file. PNC has been horrible to deal with. My husband was laid off for almost a year due to the economy-he had one job for 21 years and one for 10 years-owned 3 houses prior to this and paid them all off with not one late payment. We ran into problems when he was laid off and I had an accident that broke my pelvis. He is now back to work with the first business he worked 21 years for starting over and we still cannot get the modification done-he's making $11.00 less an hour now and they are still working on it-keep telling us they are "expediting" things and I'm dealing with a contact in the executive offices-the process is fraudulent and they shouldn't be allowed to treat consumers this way.
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