Experiencing Financial Trouble?

Home Equity Hardship Assistance

Unexpected events may impact your ability to make your monthly payments. We understand and we are ready to help discuss how you can get back on track.

Not acting could result in the loss of your home, a negative impact on your credit score and keep you from obtaining financing in the future. We can help determine which solution is best in a time of hardship, whether it is short-term or long-term circumstances.

To initiate hardship assistance options, please complete the Hardship Application form online. By completing the Hardship Application, you will enable us to consider all available options to help you find the best solution for your situation. If you have any questions, please call 1-866-622-2657 ext. 44700. If you are in an active bankruptcy, these options may not be available.

Your hardship assistance options may include:

Forbearance/Partial Pay Forbearance Plan

• Make reduced payments or no payments for a specific period of time.

• Allows you time to improve your financial situation and get back on your feet; however, the missed payments are not forgiven and must be repaid after the forbearance plan ends.

Reinstatement

• Pay the total amount you owe in a lump-sum payment by a specific date. This may follow a forbearance plan as described above.

• Allows you to avoid foreclosure by bringing your loan current when you can show you have funds that will become available on a specific date.

Modification

• You may be required to complete a “trial period” (i.e., a 3-month test period to see if the payments can be made).

• Permanently modifies your loan so that your payments or other terms are more manageable as a solution to a long-term or lasting hardship.

If you aren’t interested in maintaining ownership of the property and need debt relief, your options may include:

Pre-foreclosure Sales (Short Sale)

• If you can no longer afford to keep your home, a short sale may be an option to avoid foreclosure. This allows you to sell your home for less than the outstanding balance of your loan and may satisfy your debt (though not always).

Deed in Lieu

• With a deed in lieu of foreclosure, you'd transfer ownership of your home to PNC voluntarily to avoid foreclosure. 

Consider More Affordable Housing

• If you are not able to continue making your monthly payment, your best option may be to find more affordable housing. As an alternative to foreclosure, you may be able to sell your home and use the proceeds to pay off your current loan.

Mortgage Hardship Assistance

Unexpected events may impact your ability to make your monthly payments. We understand and we are ready to help discuss how you can get back on track.

Not acting could result in the loss of your home, a negative impact on your credit score and keep you from obtaining financing in the future. We can help determine which solution is best in a time of hardship, whether it is short-term or long-term circumstances.

To initiate a short-term hardship assistance option or if you are an FHA or VA borrower and are experiencing a hardship, the request must be made by calling 1-800-523-8654. There is no documentation or form required to initiate this payment assistance option, but you must call us to request and determine eligibility. If you are in an active bankruptcy, these options may not be available.

Your hardship assistance options may include:

Forbearance Plan

• Make reduced payments or no payments for a specific period of time.

•  Allows you time to improve your financial situation and get back on your feet; however, the missed payments are not forgiven and must be repaid after the forbearance plan ends.

Reinstatement

• Pay the total amount you owe in a lump-sum payment by a specific date. This may follow a forbearance plan as described above.

•  Allows you to avoid foreclosure by bringing your loan current when you can show you have funds that will become available on a specific date.

Repayment Plan

• Provides a defined period of time to reinstate your loan by making regular payments, plus an additional agreed-upon amount in repayment of the delinquency.

• Allows you time to catch up on late payments without having to pay a lump sum.

To initiate the long-term hardship assistance option listed below, please complete the Hardship Application form online. By completing the Hardship Application, you will enable us to consider all available options to help you find the best solution for your situation. If you have any questions, please call 1-800-523-8654. If you are in active bankruptcy, these options may not be available.

Payment Deferral

• A payment deferral is offered based on investor guidelines, and brings your mortgage current, delays repayment of certain past-due monthly principal and interest payments, as well as other amounts we paid on your behalf related to the past-due monthly payments. You will be responsible for paying the past-due amounts upon the maturity date of the mortgage or earlier upon the sale or transfer of the property, refinance of the mortgage loan, or payoff of the interest-bearing principal balance.

Modification

• Changes the terms of your loan to make it more affordable or manageable. You may be required to complete a “trial period” (i.e., a 3-month test period to see if the payments can be made).

• Permanently modifies your loan so that your payments or other terms are more manageable as a solution to a long-term or lasting hardship.

If you aren’t interested in maintaining ownership of the property and need debt relief, your options may include:

Pre-foreclosure Sales (Short Sale)

• If you can no longer afford to keep your home, a short sale may be an option to avoid foreclosure. This allows you to sell your home for less than the outstanding balance of your loan and may satisfy your debt (though not always).

Deed in Lieu

• With a deed in lieu of foreclosure, you'd transfer ownership of your home to PNC voluntarily to avoid foreclosure. 

Consider More Affordable Housing

• If you are not able to continue making your monthly payment, your best option may be to find more affordable housing. As an alternative to foreclosure, you may be able to sell your home and use the proceeds to pay off your current loan.
• The owner or insurer of your loan may have additional options available for hardship assistance. Please call us to discuss what options may be available for you.