Complaint / review text:
We were contacted by PNC to refinance our mortgage at a lower interest rate with no cost to us for being a good customer (no late payments). Our settlement date was Aug 2012. Three months later (November), we were notified that our escrow account was short by $10,000.00! We found out that instead of rolling over our escrow money to our new account, they were using it towards settlement costs. Little did they realize that our escrow money was depleted to pay taxes, therefore leaving our account at zero dollars.instead of lowering our mortgage payment by $350.00 per month, it has now increased by $750.00, because they want to lend us the money for our escrow account. What a ripoff. If I could refinance again with another lender, I would, but I would still have to pay for another title search, appraisal and other fees. It's no wonder people are losing their homes today with outfits like this in operation.