We have a second mortgage on our home and have been trying to negotiate a lower interest rate on both of the loans on our home. CLC is a loan servicing company that is owned by the same entity that owns PNC Bank. We sent a letter at the beginning of Oct. to CLC.
After about 3 weeks, we received a call from John Littlejohn at PNC Bank, who said they could refinance the loan. We said that was not an option because the value of our home had fallen and we simply wanted to modify the loan. He asked my husband for some financial information (the same items we were asked for from our first lender), so he gave it thinking they were going to look at the loan modification. We came to find out about a week later that our refinance had been denied! We didn't want to apply for a refinance.
We continue to phone CLC Consumer Services, asking who actually holds the note to our second, since it was sold to someone. It has taken us 6 weeks to find out the name of that mortgage company, but they refuse to give us any contact information for them.
CLC refuses to contact our lender, so we must now track them down, (which has not proven to be easy, even with the internet). In the meantime, CLC phones us on a daily basis and forwarded our original letter to another person at PNC Bank, who is, surprise, surprise, a loan officer so we can refinance. We are not looking to reduce the loan amounts, simply to lower the interest rate so we can afford both the payments without losing our home. Our reserve resources are gone!
CLC and PNC Bank are both very deceptive and secretive. They continue to give us the runaround while being very rude! Every person we speak to (Cheryl, Robin, Dagny, Kristy, Judy, Amber, Kathleen) all continue to withold information even though we are the payors and are simply asking where our payment goes. If they foreclose, the lender WILL lose their entire loan amount because the loan to value ratio and they should know it, but CLC is probably not informing them of the situation either.