PNC Bank N.A. Mortgage Complaint

PNC Bank N.A. Mortgage department,

Home equity loan or line of credit Loan modification,collection,foreclosure Illinois

In - we took a Home Equity Line of Credit out on a property. There are - people on the loan. We did n't realize at the time we signed a home equity loan with interest only for the first 10 years and principal and interest the remaining 10 years. Then in - of - we were slammed with a new payment of $2600.00 from interest only of -. We were never notified ahead of time our payment was changing due to this issue. We fell behind and immediately requested a modification from our lender. We were sent the package and completed it and returned it. We were approved in writing for the modification on - -, -. Verbally we were told to make - trial payments of $1600.00 for three months. We agreed and made our first payment on - -, -. On - - we received a letter from our lender that they were unable to offer assistance. This letter was dated - -, -, - day after we made our first trial payment. The reason for denial was Unacceptable Collateral. Who does that? This is wrong on so many levels. I also believe only - couple was included in qualification for the modification. PNC does not seem to handle more than - people on the loan with their computer system. So I know the - couple 's income and ratios were not even included in the decision. At this point we were 5 months behind and left with no options. We did make up the deficit and are now current but I need PNC to answer for what they did and was the - couple involved in the decision making.