Down to This

PNC and the Adventures of the Making Home Affordable Program

Sat, 25 Feb 2012 13:39:42 -0800

Theme for this post:

Recession Blues by B.B. King on Grooveshark

I just received a very disappointing letter from PNC, my mortgage company. They have denied my hardship assistance request. Now, before I get into that, we need to go back in time.

Let's jump back to around October 2009. I've just arrived home from work after being told that I may no longer have a job. My company Blackberry rings. It's someone from the HR department on the other end telling me I can expect to receive a final decision in 3 days. When I hang up, the Blackberry begins to erase itself. Something makes me think the decision has already been made.

I start submitting Unemployment paperwork, cancelling premium services, and generally trying to reduce the overall cost of my life to prepare for the uphill battle that is an unexpected job search. Now, what am I going to do about the house? I bought it in November 2006 and I'm living in Central Illinois, so it's not particularly expensive. My parents are suggesting I sell it but there's been talk about the housing crisis and homeowners assistance programs, so I give that a shot.

PNC calls theirs the Making Home Affordable Program. There are a number of options outlined in the pamphlet included with the paperwork outlining different options: A Repayment Plan, Loan Modification, Forbearance, Partial Claim (for First-time Homebuyers), or giving up the home either by Deed in Lieu or a Short Sale.

I've filled everything out (including an incredibly detailed worksheet showing all my expenses and income), sent it in, talked to folks on the phone and everything's being processed. Also, I send off November's payment. Two weeks later, I get a request to resubmit my income/expense worksheet in the event those figures have changed.

December rolls around and I'm greeted with a request to resubmit my income/expense worksheet. So I submit it with December's payment. Two weeks later, I'm asked to resubmit my income/expense worksheet in the event those figures have changed. Also included with that request, is December's payment along with a note explaining that payments aren't accepted while the request for mortgage assistance is being processed. I bank the funds from that payment for later.

January looks much like December. I forget and send off a payment, along with the two-week regularly occuring income/expense worksheet. And I get the payment back again.

February, rinse and repeat. Payments are via my checking account's auto-bill-pay and between the job search and wondering how much longer this will all last, I've forgotten and sent another payment. Though, this time the returned payment and income/expense worksheet request are hand delivered by a legal service person, along with a foreclosure notice.

I am now in foreclosure because I've gone 90 days without making a payment. When I contact PNC they suggest I submit a hardship assistance request and ask for an income/expense worksheet.

Eight months go by as I fight the foreclosure in the court system. At first, PNC's lawyers don't think any hardship assistance program exists. When presented with documentation, they have to go back and research. Next time, the assistance request is on hold because they need a new income/expense worksheet. This cycle repeats monthly with each hearing and even the judge seems fed-up with it all. By October, I've produced a check for $10,000 which is the full back amount that I've been trying to pay all along and they agree to reinstate the mortgage. I also submitted a (possibly) updated income/expense worksheet.

By this time, I've gotten a contracting gig and am back out of the financial storm and things go back to "normal". The hardship assistance request continues to be processed and I continue to send them income/expense worksheets.

In November 2010, my contract gig is coming to a close and by February 2011, I've moved to the San Francisco Bay Area to work for a startup. I sell my house February 10, 2012.

This brings me to the letter. Dated February 14, 2012, it reads:

We have completed our review of your hardship assistance request under the Making Home Affordable Program (MHAP). However, we cannot approve or finalize your request for assistance, for the following reason(s): Loan Paid Off or Reinstated. We are not considering your request for a modification because: Your loan was paid in full on February 13, 2012.

Seriously!? 3 years and a foreclosure later and they're finally done, but only because I SOLD THE HOUSE!

Down to This

PNC and the Adventures of the Making Home Affordable Program

Sold mah House!

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