I was recently contacted by Chase Bank on 3 mortgages they currently have and was offered refinancing throught the HARP Program. I have good credit and have never been late. Even though 2 of the proeprties were underwater they met the HARP guidelines and I was able to refinance 2 of them in a streamlined fashion which save me money and helps alot during these economic times.
To do this type of loan the second lien holder must acknowledge that they will stay in a subordinate position. One property I did was with Bank of America holding the second. It was a smooth process and they even sent back my application fee becuase it was HARP. Thank you Bank of America and thank you Chase for being professional and doing what you can for borrowers facing difficult times.
The third property has been approved by Chase and is waiting for PNC to sign the subordiantion agreement. This refi would save me over $400 a month which would put me in a better position to meet my other obligations. PNC vehemently refuses to sign the subordiantion, saying they are at greater risk if they do. How short sighted and pathetic of PNC. Instead of trying to help borrowers to get to a better financial situation they actually had the nerve to tell me call their short-sale department. I have great credit, and even though some of my properties are upside down, I have been diligent in meeting trying to stay current rather than strategically defaulting. Unfortunately it companies and attitudes like PNCs that make you wonder why good borrowers bother.
I WILL NEVER DO BUSINESS WITH PNC MORTGAGE. THEY ARE HORRIBLE, GREEDY, AND UNWILLING TO HELP THEIR GOOD CUSTOMERS. THEY ARE PART OF THE REASON OUR ECONOMY IS IN THE MESS THAT IT IS IN.