Can NACA help with PENNYMAC?

[kmn022002]

Does NACA has any contract with PENNYMAC? Can NACA help in getting loan modification with Pennymac?

[Cat Damiano]

Hi kmn022002,


Have you tried to contact NACA and ask this question? They work with the servicers advocacy department and it would be up to the investor on your loan whether or not to accept but it would be worth a try if you want to keep your home. See if there is a Save the Dream Tour near you where you can go in person.

https://www.naca.com/index_main.jsp

[kmn022002]

Yes , I called 1800 number, they told me that don't have any contract with pennymac.

[Cat Damiano]

Have you already gone through the modification process with PennyMac? If so were you denied and what was the reason?
PennyMac Home Loan Solutions

It looks like they will work with HUD counselors or you can go through HOPE if you need help with the process:
HUD/U.S.

Stop Foreclosure - Foreclosure Help - Homeownership Preservation Foundation

[kmn022002]

Actually, the modification terms offered by them is not affordable. Their response is either take it or walk out...was wondering if NACA can help me negotiating permanent affordable solution.

[Cat Damiano]

NACA can only go as far as an investor will allow. You can try the process through them but be prepared because it may take a while of back and forth negotiation to get to a workout plan that PennyMac will accept.

[kmn022002]

Pennymac is the investor. So no hope there I guess. Actually, NaCa did get a affordable modification when my loan was with CITI. Unfortunately CiTi sold the loan to Pennymac the same day. Pennymac refuses to honor that. Should I get legal help?

[Cat Damiano]

You can try contacting NACA supervisor Kevin Winn and see if he may be able to open the file with PennyMac.

Kevin Winn
1-617-250-6222 ext 1254
kwinn@naca.com

[Renoira]

Pennymac, Piggyback, Kickback, It's A Federal Fact-Let's Play Some Racketeering Ball! - Social Apocalypse

PennyMac is priding themselves on making money hand over fist. Wonder how they are doing it? Could it be by buying up "bad" mortgages at pennies on the dollar then foreclosing? Where does that leave us?