• Report: #769345

Complaint Review: PNC Bank

  • Submitted: Thu, August 25, 2011
  • Updated: Mon, September 05, 2011

  • Reported By: Mark — Petoskey Michigan United States of America
PNC Bank
249 Fifth Ave., One PNC Plaza Pittsburgh, Pennsylvania United States of America

PNC Bank Formerly known as National City Bank We bought a house in 20034, borrowed the 20% down. My wife and I were never told it was a balloon loan. Now when we go to pay extra on the principal , it is nothing but a big hassle. Pittsburgh, Pennsylvania

*REBUTTAL Owner of company: 15 year ballon loan

*Consumer Comment: Not quite getting this

*Consumer Comment: pnc

*Consumer Comment: What does the contract you signed say about the balloon loan?

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

MY WIFE AND I BORROWED THE 20% DOWN TO BUY OUR HOME IN 2004.  WE WERE NEVER TOLD THAT THE LOAN WAS A 15 YEAR BALLOON LOAN.  WE HAVE ATTEMPTED TO PUT EXTRA ON THE PRINCIPAL.   IT TURNS INTO A BIG HASSLE. PNC BANK WILL FIGHT US TOOTH AND NAIL TO TAKE EXTRA OFF THE PRINCIPAL.  I AM FED UP FIGHTING WITH THEM.  HAVE ATTEMPTED TO REFINANCE OUR HOME LOAN THROUGH ANOTHER MORTGAGE COMPANY.  HAVE BEEN TOLD IT IS NOT AT THE BEST INTEREST OF PNC BANK TO REWRITE THE LOAN.  DISGUSTED WITH PNC BANK.

MARK,  PETOSKEY, MI

This report was posted on Ripoff Report on 08/25/2011 04:20 PM and is a permanent record located here: http://www.ripoffreport.com/r/PNC-Bank/Pittsburgh-Pennsylvania-15222/PNC-Bank-Formerly-known-as-National-City-Bank-We-bought-a-house-in-20034-borrowed-the-20-769345. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on PNC Bank

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 3Consumer 1Employee/Owner
Updates & Rebuttals

#1 REBUTTAL Owner of company

15 year ballon loan

AUTHOR: WILLIAM - (United States of America)

I can't understand what your issue is. I have taken out plenty of 1st and 2nd Mortgage loans with many different banks. At the closing they exlplain everything about the loan contract to you word for word before you sign. If you had any questions or conserns about prepaying, you should have asked about them then before you signed on the dotted line. Now that your stuck with this Loan and the Bank won't refinance you don't blame them. Most banks have a policy not to redo there loans within a specific time frame esspecially if the interest rate has moved in a direction that would benefit the customer. If your credit is good then go get another loan at another institution. But this time, tell them what you want upfront and pay close attention at closing making sure your going to get it.
Respond to this report!
What's this?

#2 Consumer Comment

Not quite getting this

AUTHOR: voiceofreason - (United States of America)

Is this a second mortgage, used to pay what should have been your own 20% down payment? I assume that to be the case, meaning you'd also have a primary mortgage on top of this for the other 80%. How could you not know the type of loan you're taking out? Is your 1st mortgage also with PNC? What type of mortgage is that? How could you not know the terms of such a loan? It just makes no sense. A balloon loan sounds like an interest only loan, where you're only paying interest until such a point arrives where you must pay off the actual principal. I'd think there wouldn't be provision in such a loan to nibble away at the principal short of a total payoff.
Respond to this report!
What's this?

#3 Consumer Comment

pnc

AUTHOR: mr rik - (USA)

sucks real bad.
Respond to this report!
What's this?

#4 Consumer Comment

What does the contract you signed say about the balloon loan?

AUTHOR: Ken - (USA)

It's probably too late, but you might consider reading it.  :(

You share culpability with the bank.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X