This is an attempt to collect a debt and/or enforce our lien. Any information obtained will be used for that purpose unless prohibited by applicable law. However, if this debt has been discharged or if you are protected by the automatic stay in bankruptcy, we are not attempting to collect the debt from you personally, and if we have obtained relief from the automatic stay, we will only exercise our rights against any collateral. By providing this notice we do not waive any applicable exemptions from state or federal collection laws.
Your Home Equity Line of Credit draw period is ending soon.
We're here to answer any questions you may have.
Please call 1-855-744-2670. Your reference code is: MATR
The end of the borrowing period in this email, along with any optional one-time 30-day extension, was determined based on the date and terms of your credit agreement.
If you have a/any fixed-rate-option balance(s) and you do not payoff your account or refinance, your contract has been amended to allow you to continue to pay the current installment payment on each fixed-rate-lock balance(s) until it is paid in full. You can always make additional principal payments or pay balance in full at any time prior to the due date of the final installment. This change is only available for a/any fixed-rate-option balance(s) that you are currently paying. You must still pay the revolving or variable-rate balance(s), interest and other charges in full when the draw period ends.
At the end of the draw period, the full revolving or variable-rate balance will be billed once the draw period ends as well as the installment payment(s) on any fixed-rate-balance-option balances. You may receive a billing statement after the draw period ends and before this full balance statement and, if so, please make the monthly payment as required to avoid late charges. Interest continues to accrue until any balance owed is paid in full. Failure to pay the balance as required on the billing statements will be reported to the credit bureaus. If you have been making interest-only payments, you may want to start paying down principal now. Doing so will reduce the amount of your final payment.
If your payment is deducted from your checking or savings account each month and you are enrolled in the Automated Payment Program, your new payment amount will automatically be deducted from your account.
After the draw period ends, you will be billed the full revolving or variable-rate balance, including any fixed-rate-option payments(s).
- If you have a recurring payment set up in PNC's Online Banking, please be sure to update your payment instructions. Unless you have made the appropriate payment arrangements and have funds available in your account once the draw period ends, you could fail to make the required payment or overdraw your deposit account.
- If you have an automated payment arrangement on your account, the automated payment will be cancelled when the draw period ends and you will need to make other arrangements to your payment.
In order to determine if you meet the Bank’s lending standards to refinance into a new PNC Home Equity Line of Credit or other home loan product, we will need to obtain current information about your credit standing, including income verification and collateral information (including its value). Information checklist for a home equity line of credit application:
- Information about your property: purchase date and price, approximate market value, first mortgage balance and monthly payment.
- Each borrower’s annual income and any other income to be considered.
If your account is not refinanced at PNC Bank and has a zero balance at the close of business on the date the draw period ends, we will close the account and process a release of the mortgage or deed of trust securing the account.
If you are requesting modified payments or other loss mitigation, please note that normal collection activity, collection litigation and/or foreclosure activity may continue on your loan to the extent allowed by law while your request is being reviewed. Any information requested may be necessary to determine your eligibility for loss mitigation options.
PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.