Experiencing Financial Trouble?

Liquidation Foreclosure Alternative (LFA)

The Liquidation foreclosure Alternative includes additional foreclosure avoidance options, such as Short Sale and Deed-in-Lieu of Foreclosure.

Am I Eligible?

To be considered for LFA, you must be considered for other loan modifications or retention programs that are offered. You may have the opportunity to be considered for LFA if you lack other options and request a short sale or deed-in-lieu.

We will consider you for LFA if you:

• Do not qualify for a Trial Period Plan OR
• Do not successfully complete a trial period OR
• Are delinquent on a modification by missing at least two consecutive payments OR
• Request a short sale or deed-in-lieu

You must provide a marketable title, free and clear of other mortgages, liens, or other encumbrances.

Home Affordable Refinance Program (HARP)

Having trouble refinancing to a lower interest rate due to a declining property value?  We may be able to help you refinance.

Am I Eligible?

Some of the initial eligibility guidelines for the Home Affordable Refinance Program (HARP) include:

• Your home must be an owner occupied 1 to 4 unit home
• Your loan must be owned by Fannie Mae or Freddie Mac. To check go to look up your loan
• Your loan must be current, meaning you haven't been more than 30 days late on your loan payment in the last 12 months

We understand that there are events and circumstances that may cause you to fall behind on your loan payments.  If you have found yourself in this situation, please contact us. A variety of assistance programs may be available depending upon your circumstances.

If you are having financial difficulties, it’s always best to make us aware of your situation. We may have a payment program available to help you through your financial hardship. To learn more call 1-800-523-8654 to speak with a PNC Borrower Assistance Representative.

If you signed the Note and Mortgage, you are still liable for the payments.

A divorce agreement does not alter your obligation to make payments.

No. Deeding your interest in the property to someone else only means that you no longer own the home. You are still obligated to make payments, as stated in your Note and Mortgage.

You can reinstate your loan at any time up to the confirmation of foreclosure sale date if you pay all past due payments plus any fees and costs associated with the foreclosure.

In some states, the mortgagor can redeem the property after the Sheriff sale date. Redemption involves a total due payment to a court official, for the amount that was established by the foreclosure action.

In a Short Sale, you will list the property with a licensed Real Estate Agent. The sale of the property is typically for less than the full amount due on the loan. When an acceptable offer is received, the servicer or investor must approve the offer and terms of the contract. Upon completion of the short sale, the lien on your property will be removed; however, you may continue to be responsible for any deficiency amount owed on the loan after the short sale proceeds are applied.  There may be tax consequences if the deficiency amount is waived.  Please consult your tax advisor. 

If you have received an offer to buy your house and haven’t started the Short Sale process, you might still qualify. Contact us immediately for details.

With the Deed-in-Lieu of Foreclosure, you voluntarily transfer ownership of your property to the servicer or investor in full satisfaction of the total amount due. The servicer or investor may require that you list and market the property before they agree to a deed-in-lieu arrangement.

Other terms and conditions apply to the Short Sale and Deed-in-Lieu programs. Contact a PNC Borrower Assistance Representative at 800-523-8654 for more details.

There still may be options and opportunity to retain or liquidate the property. Please contact PNC Borrower Assistance Representative at 800-523-8654 for more details.

You should contact the lender or the company identified on your monthly loan statement or coupon book to confirm the identity of your loan servicer.

• PNC Mortgage Loan Modification Denial Appeal Form
• Monthly Household Expenses/Debt Addendum
• Dodd-Frank Certification Form
• Sample Profit and Loss Statement for Self-Employed Homeowners Form
• Borrower Hardship Certification Form
• Social Security Administration Authorization Form
• Statement of Information Form

U.S. Department of Housing and Urban Development:

http://portal.hud.gov/hudportal/HUD

NeighborWorks®:

http://nw.org/network/index.asp

Office of the Comptroller of the Currency (OCC):

http://www.helpwithmybank.gov/

Hope Now:

http://www.hopenow.com/