As with most lenders, PNC Bank has a policy, and has been directed by the Federal Government, to offer loan modifications to borrowers. This includes both HAMP loan modifications and “in house” PNC Bank loan modifications. As you probably already know, a loan modification is a change in terms of the original mortgage contract, the purpose of which is to keep the borrower in their home and avoid foreclosure.
What Kind of Assistance to Expect in a PNC Loan Modification
Obviously in order to keep borrowers in their home, lenders such as PNC Bank must compromise on the monthly mortgage payment and interest rate in some way. The most favorable loan modification arrangements can be negotiated through HAMP or MHA (Making Home Affordable), which are government programs lenders who received government assistance must offer to their borrowers. Since these programs apply to (nearly) all lenders they are streamlined and typically much more favorable to homeowners than a lender’s “in house” or non-HAMP programs.
PNC Bank Loan Modification Non-HAMP Alternatives
Besides HAMP loan modification options, PNC Bank Loan Modification department offers its own “in house” programs that are not government regulated but can still result in help for struggling homeowners to avoid foreclosure and get back on track with mortgage payments. These “in house” programs are often times not as favorable as HAMP loan modification programs, but nonetheless offer homeowners an option to avoid foreclosure and keep their property. As with HAMP, PNC Bank loan modification options always center around the borrowers monthly income. If you can prove regular, consistent monthly income that is sufficient to pay mortgage payments as well as other necessary living expenses, you have a much better chance at a PNC loan modification.
Improving Your Chances for a PNC Loan Modification
You have probably never heard of a “REST Report,” but it can make the difference between getting approved for a PNC Bank loan modification or being denied. The REST software platform is the software actually used by the lending industry to evaluate their potential loss on a particular property. It offers banks a breakdown of the amount of their loss under each loss mitigation scenario including: foreclosure, short sale, deed in lieu of foreclosure, and loan modification. The lender is then actually bound by the option that shows the least amount of loss for them under treasury guidelines. They simply may not deny the loan modification if it is in their financial best interest to offer it.
REST Report and Loan Modification Attorneys
McFarlin LLP was one of the few law firms to have negotiated a license to run the REST Report for homeowners. More importantly, if your lender refuses to abide by the REST Report results, we are fully able to file suit on your behalf. Our attorneys handle all aspects of PNC Bank loan modification and mortgage litigation for borrowers in Los Angeles, San Diego, Long Beach, Orange County, Riverside, San Francisco, San Jose and throughout California.
Our attorneys are available to provide you with honest reliable loan modification and mortgage litigation advice at our Irvine office or over the phone. With a matter as important as loan modification and foreclosure, it is a very good idea to consider hiring a qualified California loan modification attorney to represent you and protect your interests.