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RobtF

Registered: Feb 2007
Posts: 205

01-14-12 02:18 PM

Trying to rebuild house after destroyed by tree in Hurricane Irene. Insurance co. has guaranteed funds but PNC Bank wants to recall a mortgage for half that amount. There is a deterioration of property clause but this was an Act of God. Anybody knowledgeable on this?

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athlonmank8

Registered: May 2007
Posts: 3023

01-14-12 04:16 PM

The second you mentioned PNC I had a feeling this wasn't going to be good. Any company that acquires National City has lost all respect in my book.

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mgookin

Registered: Jan 2008
Posts: 1388

01-14-12 05:41 PM

Quote from RobtF:

Trying to rebuild house after destroyed by tree in Hurricane Irene. Insurance co. has guaranteed funds but PNC Bank wants to recall a mortgage for half that amount. There is a deterioration of property clause but this was an Act of God. Anybody knowledgeable on this?

Are they saying they want half the money the insurance company is paying and then you have clear title to the property? And if so, how does that compare to the balance on the mortgage?

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Swan Noir

Registered: Jun 2009
Posts: 1707

01-14-12 05:45 PM

Hire a kid to stand outside your branch or better yet their headquarters or regional headquarters with a sign headlining in under 15 words how you are getting screwed.

It works wonders. Social media can get a result as well. I know longer deal with big $$ customer service issues in life any other way. They end up paying your expenses as well. They simply cannot take the heat.

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RobtF

Registered: Feb 2007
Posts: 205

01-15-12 03:54 PM

Quote from mgookin:

Are they saying they want half the money the insurance company is paying and then you have clear title to the property? And if so, how does that compare to the balance on the mortgage?

Right, about 1/2, but that leaves me with less $ than is needed to rebuild house. Can they legally do this ( I have reached out to attorney's), waiting for answer.
Is a mortgage legally binding between both parties or can they nullify their side?

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Swan Noir

Registered: Jun 2009
Posts: 1707

01-15-12 04:00 PM

If you want to win this next year continue to approach it as YOUR legal problem. If you want to win this next week make it THEIR public relations problem.

I sympathize with the bind your in that is why I have said essentially the same thing twice. I won't bore you with a third post. Good luck!!

Quote from RobtF:

Right, about 1/2, but that leaves me with less $ than is needed to rebuild house. Can they legally do this ( I have reached out to attorney's), waiting for answer.
Is a mortgage legally binding between both parties or can they nullify their side?

Edit/Delete • Quote • Complain

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