Question on Mortgage Status?
A letter comes in the mail certified that I signed for.
I have NO idea what it means.
This letter serves as notice that pursuant to investor approval, PNC Bank has been authorized to discontinue collection and foreclosure activity with respect to the property located at:XXX XXX XXX XXXX.
This means that we will no longer carry your loan on our books as an active account. This decision is a result of our loan review and:
1. your delinquency and your failure to enter into a satisfactory repayment agreement with us to cure the delinquency or payoff the loan.
2. the lack of collateral value
This does not release you from your obligation to payoff your loan, we may however release our lien against the property if the forst mortgage/lien holder has taken the property to foreclosure sale.
The following is a report of your account balance as of February 3, 2010 – $ 98,437.11
PNC will no longer be responsible for maintaining and active account relationship. The following is a report of your account status at time of write-off:
Non-Escrow account – National City Mortgage Co. Has not been responsible for an escrow impound account at the time of write-off.
PNC will report this decision to the Credit Bureau as a code 97 (unpaid balance reported as a loss by credit grantor). You may resolve this issue by contacting PNC to arrange payment in full.
If you need to discuss alternatives, please contact PNC at XXX-XXX-XXXX
WHAT DOES THIS MEAN??? What are they doing exactly with our loan? Are we in collections?? If we eventually sell this money pit what will happen with the $ 76k we owe??
I am in Illinois if that matters