The complaint is after speaking with 5 people and getting different explanations of the program, none of which were accurate,  I had to pay for their shortcomings by getting my loan locked unless I reapplied. And I didn’t even sign to finalize it!

I thought it was an incumbent upon a financial institution giving you misinformation that they take it upon themselves to correct it, if it was due to their negligence. I clearly found out that’s not the case, and this cost me quite of money, which would warrant a lawsuit. That also takes quite a bit of money time which at this particular moment I do not have. Another victim to a large global enterprise. PNC does not hold themselves accountable for giving misinformation to their clients, but simply say, oops, we will try better next time. If you are working with PNC you are certainly just a number they do not care if they give you misinformation, and they will not own up to their mistakes. All their customers should be wary of this and understand this is how they practice business. They behave like they are doing you a favor and many of their reps should not have access to other peoples accounts and handle such sensitive information. Many of there reps are not trained properly and you may end up paying for it like I did.

https://www.pnc.com/en/customer-service/mortgage-customer-service/financial-trouble.html

This link describes there policy which reads pretty lose, they also want you to pay back in full the time you do not make the payments. So it is NOT pushed out for that time, it is compiled and you must pay in full. Doe really help anyone?

PNC Modification

• Changes the terms of your loan to make it more affordable or manageable. You may be required to complete a “trial period” (i.e., a 3-month test period to see if the payments can be made).

• Permanently modifies your loan so that your payments or other terms are more manageable as a solution to a long-term or lasting hardship.

However, this wasn’t the core issue.  the problem was the representative did not mention that this would effect my current loan which was home equity line of credit. They did not mention that it would forgo that agreement and I would be  considered struggling by omission. I thought I would simply have 3 months to catch up and the payments were deferred which is how the rep described it. This was completely false,  they are not deferred payments. This would make sense, but banks don’t want to make sense for you – they want to make cents for them. Pardon the pun, but it is true.

What does deferred payment mean?

A deferred payment is one that is delayed, either completely or in part, in order to give the person or business making the payment more time to meet their financial obligations. In accounting terms, any merchant allowing customers to set up a deferred payment agreement will be dealing with accrued revenue.

You should really be careful who is handling your money. Think again before dealing with PNC, you may regret it like I do. I will be pulling my assets out as soon as I can. Go with a bank that at least cares, or pretends to care – PNC doesn’t even pretend…