The PNC Financial Services Group Inc. has announced a moratorium on new and pending mortgage foreclosures.
PNC’s moratorium on the start of foreclosures on mortgage loans owned and serviced by PNC and National City Mortgage, now a part of PNC, is effective immediately through March 13, 2009, or upon the start of the anticipated US government’s loan modification program.
“PNC wants to help as many customers as possible to remain in their homes,” says Joseph C. Guyaux, president, PNC.
PNC and National City Mortgage will not initiate or complete any new foreclosures on eligible customers during this period. In addition, PNC is being very aggressive in providing loan modification programs to help distressed customers. This includes reduced rate options, extended payback terms, forbearance agreements and payment plans for borrowers who struggle to make payments. PNC has more than doubled the number of employees devoted to these programs in the past few months.
D.C.