This is an attempt to collect a debt and/or enforce our lien. Any information obtained will be used for that purpose unless prohibited by applicable law. However, if this debt has been discharged or if you are protected by the automatic stay in bankruptcy, we are not attempting to collect the debt from you personally, and if we have obtained relief from the automatic stay, we will only exercise our rights against any collateral. By providing this notice we do not waive any applicable exemptions from state or federal collection laws.
Your Home Equity Line of Credit draw period is ending soon.
We're here to answer any questions you may have.
The end of the draw period in this email may be the same date as the draw period’s ending date in your contract or a few days later. If the date is later, all other terms in your contract and in the mortgage or deed of trust remain the same.
Your contract explains how the minimum monthly payment during the repayment period is determined. Your minimum monthly payment will likely increase and the interest rate may change (other than for any fixed-rate-option balances).
For example, if you made interest-only payments during the draw period, you will be required to make payments of the outstanding principal and charges as well as interest during repayment. If so, you may want to start paying down principal now. We are available to answer any questions you may have about your repayment period payment.
If your account is not paid off or refinanced into a PNC product and you have any fixed-rate-option balance(s), you will continue to make the scheduled payments on those balance(s) until they are paid in full.
If your payment is deducted from your checking or savings account each month and you are enrolled in the Automated Payment Program, your new payment amount will automatically be deducted from your account.
After the draw period ends, you will be billed the full revolving or variable-rate balance, including any fixed-rate-option payments(s).
- If you have a recurring payment set up in PNC's Online Banking, please be sure to update your payment instructions. Unless you have made the appropriate payment arrangements and have funds available in your account once the draw period ends, you could fail to make the required payment or overdraw your deposit account.
- If you have an automated payment arrangement on your account, the automated payment will be cancelled when the draw period ends and you will need to make other arrangements to your payment.
In order to determine if you meet the Bank’s lending standards to refinance into a new PNC Home Equity Line of Credit or other home loan product, we will need to obtain current information about your credit standing, including income verification and collateral information (including its value). Information checklist for a home equity line of credit application:
• Information about your property: purchase date and price, approximate market value, first mortgage balance and monthly payment.
• Each borrower’s annual income and any other income to be considered.Q: What happens if my account is not refinanced and has a zero balance when the draw period ends?(Answer)If your account is not refinanced at PNC Bank and has a zero balance at the close of business on the date the draw period ends, we will close the account and process a release of the mortgage or deed of trust securing the account.
If you are requesting modified payments or other loss mitigation, please note that normal collection activity, collection litigation and/or foreclosure activity may continue on your loan to the extent allowed by law while your request is being reviewed. Any information requested may be necessary to determine your eligibility for loss mitigation options.
PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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PNC Bank, National Association.