A San Diego County man has filed a PNC mortgage lawsuit claiming that his loan modification paperwork was changed without his approval thereby violating federal law.
Plaintiff Ronald M. claims that in November 2010, he applied for a mortgage modification to ease the effects of the 2007 and 2008 financial housing crisis. The original principal amount on his Imperial Beach, Calif. property was $312, 000.
According to the PNC mortgage lawsuit, on Nov. 3, 2010, he reviewed the loan documents, signed them and sent them back to PNC Mortgage the same day. By doing so, he accepted the loan modification.
The way he understood his original mortgage modification, the interest rates were to be as follows according to his PNC mortgage lawsuit: “the original interest rate was to remain at 2.000% for years 1-6, would raise to 3.000% in year 7, would rise to 4.000% in year 8, and would rise to 4.710% for years 9-37.”
However, he believes he has paid a higher interest rate than what the original documents that he signed denoted.
In fact, Ronald alleges, the loan documents that he signed were changed by PNC Mortgage both without his knowledge and without his permission. He asserts that the pages of mortgage documents each have a revision date listed at the bottom. When he signed them, all of the pages had a revision date of Nov., 3, 2010. However, Ronald discovered that on a couple of the pages of the loan document, the revision date was actually listed as Nov. 4, 2010, the day after he originally signed the mortgage modification papers.
According to his PNC mortgage lawsuit, one of them most important pages of the loan document, page 3, had the Nov.r 4 modification date. Page 3 of Ronald’s loan papers “contains the specific terms of Marron’s modified loan, including the date the modification becomes effective, the date of the first modification payment, the new maturity date of the mortgage, the new principal amount of the mortgage, the new interest rate of the mortgage, the new changes in interest rate, and the monthly principal and interest payment amounts,” according to the PNC mortgage lawsuit.
Ronald believes that the loan he signed is not the same loan that PNC Mortgage is alleging is valid. He has noted in his PNC mortgage lawsuit that the interest rate he has paid in years six and seven were 1.000 percent higher than the loan originally stated and in year eight was .710 percent higher.
Ronald wants the court to rule that the original terms of the loan modification he signed are the terms that should be enforced, not the unilaterally made terms that he claims PNC has been trying to enforce.
There are many federal statutes in place to protect homeowners who apply for and receive mortgage modifications. These guidelines, implemented by the U.S. Consumer Financial Protection Bureau (CFPB), among other things give homeowners the right to seek legal action if their rights have been violated.
This PNC Mortgage Lawsuit is Case No. 3:18-cv-00035-BAS-BLM in the United States District Court of the Southern District of California.
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2 thoughts onPNC Mortgage Lawsuit Accuses Bank of Altering Documents
Where do I begin? PNC’s actions have destroyed my previous excellent credit history and put my family through so much hardship. PNC finally had to admit on paper the most recent wrongdoing. Wrongful default, not offering any mediation, overcharging for miscellaneous costs and charges, refusing to receive my application for a Fannie Mae mod (Fannie Mae later approved after several denials to submit my documentation), wrongfully appraising the value of my home (I am Realtor), sending wrong documents, delaying important documents that have deadlines, dual Tracking, switching agreements after being approved for a Fannie Mae modification, changing payment history – this list goes on and on. In an effort to keep my home I had to file bankruptcy on 3 separate occasions. After they admit on paper their wrongness, they continue to pursue my home. I haven’t received the proper documentation and my request for payment history has still not been promptly sent to me.
PNC did shady things when applying for a remodification on home loan. First I think they overlent from the beginning, second they said I was approved with one document stating I lost my job through no fault of my own. I provided it and then they merely said they changed their mind and just wanted the home. Lastly during the same remodification more so HAMP request, they said I didn’t hit the earnings to kiss ratio for remod or Hamp, I reviewed the numbers and ratios with them via phone with a lady remark from their rep saying, “we’re a billion dollar company, what are you going to do? Foreclosure transpired December of 2016. I have all documents, do I have grounds to file suit or is one ongoing that I can join?