Dealing with an issue with a family member -- home is being put into foreclosure by PNC as a result of several missed payments (lots of missed payments) by someone who isn't very good at keeping track of finances. The situation is a bit odd because he has no problem making the payments; he just didn't DO it, and now owes about $20k, which he doesn't have as a lump sum.
They're saying the house is in foreclosure status but there's no sale date. We don't expect the hardship paperwork to do any good because of his income. He's got a bankruptcy on his credit file that falls off literally in two months, but that's still there right now, so he hasn't had any luck getting a line of credit. They're saying to check back with regards to the hardship every 2-3 weeks, and that it usually takes 30-60 days to get an answer. But during this time, isn't it possible that the house will be put up for sale?
They don't seem to be willing to take any partial payments; we offered to pay half as a good faith payment and make arrangements for the rest but they wouldn't do it. Is this typical?
PNC hardship time frame and partial payments question
Started by
zerox
, Jun 13 2012 03:06 PM
4 replies to this topic
#1
Posted 13 June 2012 - 03:06 PM
#2
Posted 13 June 2012 - 10:16 PM
Yes, I have my home loan with them and that's how they work. Do a search for my PNC posts and you will learn allot. I can't repost it all here now as it's way too much. I will tell you that we are still in BK7 and still trying for a HAMP mod and they keep dragging it out, asking for papers over and over that I've already sent. I started recording the conversations. They actually told me to be two months late when we had a hardship, then when I tried to pay they said no, I had to pay it all. Which I couldn't do. They are very tricky.
If his BK is coming off maybe he can do a chap 13 and save the home that way. Tell him to check with his attorney on that option. If they go for that, he will make an agreed payment to the trustee over the next 5 years and it will put all the rears into a payment plan. He will have to pay on time though. GL:)
If his BK is coming off maybe he can do a chap 13 and save the home that way. Tell him to check with his attorney on that option. If they go for that, he will make an agreed payment to the trustee over the next 5 years and it will put all the rears into a payment plan. He will have to pay on time though. GL:)
Dealing with an issue with a family member -- home is being put into foreclosure by PNC as a result of several missed payments (lots of missed payments) by someone who isn't very good at keeping track of finances. The situation is a bit odd because he has no problem making the payments; he just didn't DO it, and now owes about $20k, which he doesn't have as a lump sum.
They're saying the house is in foreclosure status but there's no sale date. We don't expect the hardship paperwork to do any good because of his income. He's got a bankruptcy on his credit file that falls off literally in two months, but that's still there right now, so he hasn't had any luck getting a line of credit. They're saying to check back with regards to the hardship every 2-3 weeks, and that it usually takes 30-60 days to get an answer. But during this time, isn't it possible that the house will be put up for sale?
They don't seem to be willing to take any partial payments; we offered to pay half as a good faith payment and make arrangements for the rest but they wouldn't do it. Is this typical?
#3
Posted 14 June 2012 - 09:02 PM
Yes, I have my home loan with them and that's how they work. Do a search for my PNC posts and you will learn allot. I can't repost it all here now as it's way too much. I will tell you that we are still in BK7 and still trying for a HAMP mod and they keep dragging it out, asking for papers over and over that I've already sent. I started recording the conversations. They actually told me to be two months late when we had a hardship, then when I tried to pay they said no, I had to pay it all. Which I couldn't do. They are very tricky.
If his BK is coming off maybe he can do a chap 13 and save the home that way. Tell him to check with his attorney on that option. If they go for that, he will make an agreed payment to the trustee over the next 5 years and it will put all the rears into a payment plan. He will have to pay on time though. GL:)
He's really trying to avoid any kind of bankruptcy because he can afford the payments... he just didn't PAY them. He owns three businesses and it's something he thought was automatically being deducted, and his mortgage wasn't through PNC initially, but PNC bought the company it was through. He was ignoring the PNC mail as junkmail basically. Not a real good excuse or way to handle things but it's how it happened.
If they would do a modification which would allow him to pay MORE to get caught up on the back payments, he'd be fine. It's just paying it all as a lump sum that's basically impossible. And due to the income from the three businesses, I can't imagine any hardships are going to work in his favor.
He had a consultation with an attorney and the end result was essentially "yeah, you should probably pay that money", totally useless and waste of money.
#4
Posted 22 June 2012 - 11:01 PM
Yes, I have my home loan with them and that's how they work. Do a search for my PNC posts and you will learn allot. I can't repost it all here now as it's way too much. I will tell you that we are still in BK7 and still trying for a HAMP mod and they keep dragging it out, asking for papers over and over that I've already sent. I started recording the conversations. They actually told me to be two months late when we had a hardship, then when I tried to pay they said no, I had to pay it all. Which I couldn't do. They are very tricky.
If his BK is coming off maybe he can do a chap 13 and save the home that way. Tell him to check with his attorney on that option. If they go for that, he will make an agreed payment to the trustee over the next 5 years and it will put all the rears into a payment plan. He will have to pay on time though. GL:)
He's really trying to avoid any kind of bankruptcy because he can afford the payments... he just didn't PAY them. He owns three businesses and it's something he thought was automatically being deducted, and his mortgage wasn't through PNC initially, but PNC bought the company it was through. He was ignoring the PNC mail as junkmail basically. Not a real good excuse or way to handle things but it's how it happened.
If they would do a modification which would allow him to pay MORE to get caught up on the back payments, he'd be fine. It's just paying it all as a lump sum that's basically impossible. And due to the income from the three businesses, I can't imagine any hardships are going to work in his favor.
He had a consultation with an attorney and the end result was essentially "yeah, you should probably pay that money", totally useless and waste of money.
He needs to do something right away, otherwise he will be stuck on the same merry-go-round that JW and I are on. I've read on other forums there are people in the same boat - three and four years going back and forth with PNC waiting to get a decision made or waiting for some sort of help. It never happens. If he can't pay the full amount that is past due, he will need to figure out something else. PNC has taken the stance that they will not give in-house mods to customers who have not reaffirmed their loan. If he was with National City before, National City was refusing to reaffirm, so that wouldn't really change anything. The only hope for him is a HAMP mod, and the problem is that if he doesn't meet the 31% test, he's out of luck. The legal fees they keep tacking on will only get worse...trust me, I know.
Good luck to your friend. PNC's merry-go-round is a nightmare!
#5
Posted 23 June 2012 - 11:59 PM
OMG, Doodlebugger is so right:) Trust us, it's a nightmare. I am almost willing to go on tv to expose this mess, but we are private about this stuff in public...I would do it though, hubby, not so much.It's beginning to become ridiculous. Maybe we should all start banding together and then attack them. What they are doing is totally against the regulations put in place by our government. What government, that's another laugh.. truly sad:(
Anyway do a Google search for PNC and the OCC and you will find that they were fined for these very actions...
GL. Let's all keep in touch about this, perhaps we can save our homes if we all band together:)
Anyway do a Google search for PNC and the OCC and you will find that they were fined for these very actions...
GL. Let's all keep in touch about this, perhaps we can save our homes if we all band together:)
Yes, I have my home loan with them and that's how they work. Do a search for my PNC posts and you will learn allot. I can't repost it all here now as it's way too much. I will tell you that we are still in BK7 and still trying for a HAMP mod and they keep dragging it out, asking for papers over and over that I've already sent. I started recording the conversations. They actually told me to be two months late when we had a hardship, then when I tried to pay they said no, I had to pay it all. Which I couldn't do. They are very tricky.
If his BK is coming off maybe he can do a chap 13 and save the home that way. Tell him to check with his attorney on that option. If they go for that, he will make an agreed payment to the trustee over the next 5 years and it will put all the rears into a payment plan. He will have to pay on time though. GL:)
He's really trying to avoid any kind of bankruptcy because he can afford the payments... he just didn't PAY them. He owns three businesses and it's something he thought was automatically being deducted, and his mortgage wasn't through PNC initially, but PNC bought the company it was through. He was ignoring the PNC mail as junkmail basically. Not a real good excuse or way to handle things but it's how it happened.
If they would do a modification which would allow him to pay MORE to get caught up on the back payments, he'd be fine. It's just paying it all as a lump sum that's basically impossible. And due to the income from the three businesses, I can't imagine any hardships are going to work in his favor.
He had a consultation with an attorney and the end result was essentially "yeah, you should probably pay that money", totally useless and waste of money.
He needs to do something right away, otherwise he will be stuck on the same merry-go-round that JW and I are on. I've read on other forums there are people in the same boat - three and four years going back and forth with PNC waiting to get a decision made or waiting for some sort of help. It never happens. If he can't pay the full amount that is past due, he will need to figure out something else. PNC has taken the stance that they will not give in-house mods to customers who have not reaffirmed their loan. If he was with National City before, National City was refusing to reaffirm, so that wouldn't really change anything. The only hope for him is a HAMP mod, and the problem is that if he doesn't meet the 31% test, he's out of luck. The legal fees they keep tacking on will only get worse...trust me, I know.
Good luck to your friend. PNC's merry-go-round is a nightmare!
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