Home > Lawsuits > PNC Bank Faces Mortgage Financing Class Action
PNC Bank Faces Mortgage Financing Class Action
March 24 2011
Alexandria, VA: A class action lawsuit has been filed alleging violations of federal banking law by PNC Bank, N.A., as successor to National City Bank. The case can be found as case number 1:10-cv-01090-AJT in the Eastern District US district Court, Alexandria, Virginia.
The lawsuit arises from allegations that PNC Bank employed an arbitrary and blanket prohibition against subrogating second mortgages to new or modified senior mortgages secured by non-PNC liens. The complaint states claims for violations of the Bank Holding Company Acts anti-tying provisions and seeks compensatory, statutory, and treble damages on behalf of PNC Banks customers who were precluded from refinancing their first mortgages except on PNC Banks terms.
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I had posted earlier this year and I am reading through the other complaints with PNC and they did most of the same things to me! The only reason they (PNC and NW Trustee) did not foreclose on us is I fought hard, even was forced to file BK the same day my house was to be auctioned off. Had to drive to Olympia in person to file and stop foreclosure. We now have a 45-50K discrepancy as to where payments went. Yesterday, for the first time, PNC said I had a loan mod a few years back. News to me because the 1st time they said I made too much, the 2nd time they said I didn't make enough and the last attempt of a HAMP refi they sent me a letter saying I did not comply with getting info in a timely manner and case closed. Mind you, I called almost everyday asking if they needed anything else. My trust level was so low I called constantly so you can imagine how surprised and upset I was when I got the letter. They assured me every time that I called, if they needed anything else they would notify me and I still kept calling. Then I was FORCED to agree to a repayment plan and pay an additional approx. $1500/mo on top of my regular payment. I did that for 2 years, no lates. I would later learn that they turned my loan in to a 40 year mortgage...WHAT? Now approx. 11 years later I still owe 315K on my mortgage that started at 336,600. My calculations show I should owe approx. 265K. They are now calling (as of yesterday) the repayment plan a loan mod. PNC is crooked and I would love nothing more than to be part of a class action lawsuit against PNC. I have not been in foreclosure status for some years but nothing "adds up" and I still feel very taken advantage of and forced to sign things that were portrayed very differently than they now appear. Thanks and the best of luck to everyone wronged by PNC!
Posted by Keith Walters
My mother with dementia passed in August 2014. All I have been trying to do is work with PNC Mortgage to pay back any monies on our family home since January this year. but they still went to foreclosure and won't even entertain our settlement structure to pay the debt back. Was mom's full time caregiver and POA and they never arranged for a face-to-face to discuss a restructure or loan modication. I thought they would work with the family to get their monies which is less than the value of the property but it seems they have no interest in what's right and fair. They are not customer focused like they put on.
Posted by Mike Alex Ahmed & Sarita Devi Maharaj-Ahmed
Our Original Loan was with National City Mortgage after merging, our loan was to be modified - they refused to take payments since the temporary loan from construction loan was up, took like a year for approval on a new loan. All headaches with this process, need and that needed, I thought I was going to lose our home we designed and had built. We emailed where do we send our payments the reply was their Title Company will not accept you, there are liens on the home. No problem, you are in 1st postion (National City Mortgage is - PNC is not) This is why they want to do Title again. They have us in FORECLOSURE. They have Transferred Title to NW Trustee in Washington. How can they do this. They are not interested in any way of helping the consumer. I would like to join any type of class action suit that PNC will have due to their unfair practices as a Consumer.
Posted by Jennifer Gomaa
We where turned down for Mod. Yet it took them a year and longer kept saying papers where not turn in THAT WAS A LIE. So we kept asking can we pay something THEY TOLD ME NO I was not eatting sleeping my family went though hell
Posted by Al Burns
In May of 2013 the British Company I had been working for decided to do away with my position. Trying to do what I thought was right I contacted PNC, and advised them that I had been laid off, and that I would still be making my payments, however I felt I should notify them. Under their request I submitted for a refinance (in which they told me not to make my payments for 2 months) and then they refinanced my 30 year mortgage for 40 years at a higher interest rate.
I have taken the last three years to crawl out of the hole this lay off put me in, I will soon be looking for a new mortgage company and would not recommend anyone finance a home with PNC. Like many of the big banks, they are greedy and want only the biggest return.
Posted by John Foster
PNC Bank purchased RBC in March of 2013 and after closing the deal with RBC my loans were called. Soon after I made contact, PNC Bank started foreclosing on my properties thus forcing me to file chapter 11. I never, never received any kind of notices about payments due nor did I know what my payments were. PNC went months before returning my calls regarding my inquire into my loan status
Posted by David Heckendorn
I see all of these similar stories to mine of PNC fraudulent practices but now what?
Seems like a class action lawsuit is necessary but when?
I live in a VW Vanagon because of these jerks and my credit can't be good because of all of this.
Posted by H. Hobson
I have been through hell and back with PNC. After being denied for everything I asked for, several different ways (Hamp included) I ended up having to pay an additional $1500/mo. for 2 years to save my home from foreclosure. I have been paying for almost 11 years and only owe $13,000 less than my original loan amount. How is this possible? I am current and my rate continues at 5.875% with NO help of ANY KIND from PNC. And apparently I agreed to a 40 year loan when I agreed to pay an additional $1500/mo for 2 years. Since they refused to take payments from me during the time I was trying to do a loan mod...it got out of control, on my end, and they ended up with ALL the control putting me in a desperate situation to save my home. I have been disgusted with PNC actions since I tried to make adjustments as my Husband had lost his job and we were both in industries that were hit hard by the recession, Construction and Real Estate. We ultimately saved our home with MANY MANY sacrifices and NO THANKS to PNC. Our original lender was National City merged with PNC. If there is EVER a lawsuit with PNC, I would love to be included as I feel they are corrupt and we paid the price! I have pages of documentation during the process of PNC doing everything to not qualify us for any program. I believe it is because we were one of the rare cases that continued to have equity in our home. I always felt like they were trying to get our home and not help us stay in it. Please notify me of any opportunities to sue PNC. Thank you!
Posted by Derek Palmer
PNC foreclosed my home after trying to get help thru the hamp program
Posted by PAUL C. DEANGELIS
THEY SCREWED ME AROUND FOR MONTHS ON LOAN MODIFICATION (YOUR PHONE CALLS WILL
BE RETURNED WITHIN 24-48 HOURS) REQUESTING RECORDS ON TOP OF RECORDS THAT I HAD ALREADY SUBMITTED.
AFTER ALL OF THIS, THEY SAID THAT I DID NOT RESPOND IN TIME (NOT TRUE) AND THAT THEY HAD A PROGRAM NEW PROGRAM THAT I SHOULD APPLY FOR. HAD TO START ALL OVER AGAIN. THEN THE RESPOND WITHIN 24-48 HOURS TO MY QUESTIONS STARTED ALL OVER AGAIN ALONG WITH REQUESTS FOR INFORMATION THAT I HAD ALREADY SUBMITTED. THEN I QUIT! HOUSE PAYMENTS WENT FROM $300.00/MO TO $900/MO AND WE HAVE BEEN FINANCIALLY SUFFERING EVER SINCE. THESE BANKSTERS HAVE NO MERCY!
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