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Collections FAQ's

Collections Information

When are my payments due?

Your payment due date is established when you originated your loan and is stated in your Note. Most Notes state that payment is due by the first day of the month. However, some borrowers have due dates other than the first of the month, so it is a good idea to look at your Note to see which day your payment is due.

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If my payment is due on the 1st and I have a 15-day "grace" period, when would a late charge be assessed?

Late charges are assessed after the close of business on the 16th day of each month. If the 16th falls on a weekend or holiday, late charges are assessed after close of business on the next business day.

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If my due date is different than the 1st of the month, when would a late charge be assessed?

Please refer to your Note to determine how many days you have between your due date and the late charge assessment date. Add the number of days allowed to your due date and that is the date payment must be received to avoid a late charge.

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How much time should I allow for my payment to reach PNC Mortgage?

It is a good idea to allow seven to 10 days for receipt of payment, particularly during holidays when mail volumes are heavy.

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What if I start having financial problems and can't make my payment in a timely manner?

If you are having financial difficulties, it is always best to make us aware of your situation. We may have a payment program available to help you through your financial hardship. To learn more, click here, or call 1-800-523-8654 to speak with Customer Assistance.

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Will you accept less than the total amount due?

Rather than making a partial payment, please call 1-800-523-8654 to speak to a customer counselor, or click here to review your options. We may have a program available to you that permits a period of forbearance.

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What if my loan is in foreclosure and I want to reinstate my mortgage?

You can reinstate your mortgage at any time up to the confirmation of foreclosure sale date if you pay all past due payments plus any fees and costs associated with the foreclosure. There are a few states, such as Michigan, where the mortgagor can redeem the property after the Sheriff sale date. Redemption involves a total due payment to a court official, for the amount that was established by the foreclosure action.

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What if I can no longer afford my home or don't want to keep it?

We have a number of options available. To review some of these options, click here, or please call 1-800-523-8654 to speak with Customer Assistance.

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My spouse is obligated to make the mortgage payments under our Divorce Agreement. Am I still liable?

If you signed the Note and Mortgage, you are still liable for the payments. A divorce agreement does not alter your obligation to make payments.

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If I deeded my interest in the property to my spouse or someone else, does this remove my liability?

No. Deeding your interest in the property to someone else only means that you no longer own the home. You are still obligated to make payments, as stated in your Note and Mortgage.

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Do I have a "grace period"?

Although payments are considered past due if not received by the due date, most Notes provide a period of time after the due date for payments to be received before a late charge is assessed. To avoid the risk of damage to your credit or the assessment of a late charge, it is recommended that every effort be made to ensure your payment is received by the due date.

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What is a loan assumption?

An assumption is a transaction in which a person takes over responsibility for the loan exactly as it is. The terms, interest rate, principal balance and monthly payments do not change. The monthly payments are made without lapse.

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