This is a letter I just sent to PNC ... I'm not the best writer, but it should be self explanatory. I will try to answer any questions.
To whom it may concern,
I am writing this letter to let you know that I would NEVER open an account at a PNC bank and I actively discourage anyone that I know of from doing the same. The reason for my actions lies in the way that you have treated my elderly parents with trying to go after all of their assets.
My brother and his wife bought a property (using my parents as co-signers) at 110 Adams Street in Villa Park, IL several years ago. Throughout this time his family were going through a very difficult period, which ultimately led up to his wife divorcing him sometime around 2010. Now in Feb. 2012 my brother unexpectedly passed away. As a family, not only do we have to deal with the immense grief of the untimely passing of a sibling/son, we need to be concerned about his assets and liabilities.
My parents and with the help of my brother’s ex-wife tried to make the monthly payments of the house, but were soon overcome by that extra burden of debt. Eventually, due to non-payment on the mortgage, the house was put up for a ‘short sale’ and was on the market for a brief time. Three offers that I know of were received on the property - but PNC in it’s grand wisdom decided not to take any of the offers and instead decided to go after the assets of my elderly parents who live on a fixed income. The house was bought for around $212k and was appraised (before his death) at around $190k - the offers received on the house were around the $160k range. PNC is going after my parents for $270k + legal fees … your lawyers are threatening my parents in taking the house that they have lived in for some 40 years and raised me and all my siblings. PNC could have easily sold the house and only taken a very small financial hit on the property - I’m sure with PNC’s estimated $271 BILLION in assets, you could afford to write this off. Now I don’t know alot about finances, but wouldn’t getting that property off of your books would be more advantageous to you than keeping it and pursuing litigation in this matter???
Now my parent’s knew full well what they were doing in agreeing to be co-signors on the loan - and I fault them for that. They should have never agreed to do so, and I realize that in them being co-signors on the mortgage, that they are ultimately responsible for balance of payment. I don’t think that the mortgage company should have allowed for my elderly parents, living on a meager fixed income to cosign for a loan of this size in the first place. But that is neither here nor there and what done is done.
The worry and uncertainty of the state of this litigation against my parents is killing them - will you take their home and throw them to the street?? Will they lose what’s left of their life savings to PNC? You should be ashamed of yourselves.
I am amazed and shocked at the cold-heartedness of a large financial institution such as PNC. I will never do business with you. I hope this litigation helps your bottom line and makes you sleep comfortably at night.
That is absolutely horrible!! I agree with you, it does not make any sense not to take one of the offers on the house. Also, everything that will now have to be done with the lawyers and everyting else involved. I admit,I don't know alot about this, but everything you said makes alot more sense than to do what they are trying to do do your parents. I don't blame you for being extremely angry. God luck to your parents and God Bless all of you...........Shame on PNC
I am heart-broken in reading this story. I realize it was written a while ago, but I would really like to know the out-come of this sad situation and if PNC got away with this EVIL BUSINESS. If the good son that wrote this doesn't mind, would you please let all of that were rooting for at the time, let us know if your parents were able to win this?
GOD BLESS YOU AND PNC , you are horrible human beings