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Originally Posted by mbanks21
Obligatory "nobody reads those" however recasting is possible and allowed PNC still needs to make this right. I'll keep you guys updated as I'm sure you're all enthralled
Also it wasn't just the "sales" guy. After they had our mortgage numerous people including supervisors and whatever they call their "resolution/escalation" team all said it was possible and sent us paperwork to do it and gladly took our $200k principal payment.
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While many don't, some do, maybe not every word.
But I was concerned about pre-payments and early pay off fees or terms against either of those, so I made sure I read those sections carefully.
If you were considered about recasting, perhaps you should have read that section, or ask questions, have it pointed out where what they said was written or explained to you, or have a lawyer review it.
Looks like they didn't understand what you were asking them to do, or you didn't use the right terms when asking for it. The pre-payment is allowed and of course they took it, but you can do a pre-payment without a recasting. Perhaps they thought you were asking to change the interest rate or other terms of the mortgage also. If you knew in the mortgage contract the "recasting" was allowed and that was what you wanted to do, you could have pointed it out and avoided the confusion.
Looks like they have a recasting fee which is normal, not sure if you were expecting it done for free or what the issue is now. But looks like you are getting it sorted out.
Just saying in the future, "nobody reads those" is not a great defense.