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CitiMortgage loan on repayment plan sold to Pennymac

Discussion in 'CitiMortgage' started by rams2010, Jun 5, 2012.

  1. rams2010

    rams2010 LoanSafe Member

    In September 2011 I received a letter stating CitiMortgage sold my loan to Pennymac and to make any payments due after Sept 30[SUP]th[/SUP] to Pennymac. I was on a 12 month repayment plan with CitiMortgage to pay back past due mortgage payments. Each payment was due on the 25[SUP]th[/SUP] of the month, so I sent my Sept. 25[SUP]th[/SUP] payment to CitiMortgage. I called Pennymac and they agreed to continue the repayment plan and I would be all caught up by May 25. I made every payment on time and my final repayment on May 25[SUP]th[/SUP]; a week later I get a Notice of Default and Intent to accelerate from Pennymac stating I am 3 months in arrears! I called CitiMortgage and they inform me that the last Sept Payment and some overage payments where sent to PennyMac after the loan closed, but my PennyMac online loan history does not show this money attributed at all. There seems to be only one person at PennyMac looking into this for me, and he is avoiding my calls and will not call back. We are talking over $4K of my payments missing. I am at a loss of where to turn besides a lawyer, and I am trying to avoid that due to what they will charge me.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    I would try to get Citi to send proof to Pennymac that these payments were made and should be applied to your account. Here are some good contacts you can use that may be able to assist you with this, both Michael and Frank are also members here in the forum as well.

    Executive team:

    1-718-248-0847

    Michael Cardace
    michael.cardace@citi.com

    Frank Eliason
    frank.eliason@citi.com
  3. PennyMac Loan Services

    PennyMac Loan Services LoanSafe Member

    PennyMac is committed to preserving homeownership and strives to provide a high level of service for all of our customers. If you are not satisfied with the level of service you have received please contact us at Service@PennyMacUSA.com , and allow us to work with you on any issues you are experiencing with your home loan. Issues that involve your prior servicer can take several weeks to investigate, so we appreciate your patience while we research and resolve your case. However, we encourage you to contact us to ensure that your concern is being addressed.

    -PennyMac Loan Services
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thanks you for joining the community.

    Are you a Penny Mac representative? If so, we appreciate you joining the forum and reaching out to homeowners struggling to keep up on their mortgage payments.
  5. PennyMac Loan Services

    PennyMac Loan Services LoanSafe Member

    Response

    Yes. We will continue to monitor your site to address issues reported by our borrowers.

  6. rams2010

    rams2010 LoanSafe Member

    Update

    Even though PennyMac's representatives are polite and try to be helpful they can't explain how I could still be 3 months behind after making all my repayments on time. I get transfered and leave messages but so far no call back.

    I took Evan's advice and contacted Michael Cardace from CitiMortgage. He responded almost immediately and started his team looking into the issue on their side, and even reaching out to PennyMac. When the loan was sold from Citi to Penny one of my payments and some overage was wired after the sold date to PennyMac. I believe those funds where not attributed to my account as payments. Citi has been in constant contact with me even though I am no longer their customer, yet I still haven’t heard one thing from PennyMac, at least someone could contact me and tell me they are looking into it.

    Even though this isn't resolved yet I have nothing but praise for Michael and Robert from CitiMortgage. Hopefully PennyMac will step up soon to help resolve this issue.
  7. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    That is awesome news Michael and the Citi reps you have been working with have been so due diligent even though they no longer service your account. Hopefully the rep who joined here in the forum will look into your case shortly and help you get these payments applied to your account.
  8. rams2010

    rams2010 LoanSafe Member

    Two weeks later and still no reply from PennyMac. The reps from Citi are doing all they can to get PennyMac to respond but they won't talk to me. When I call PennyMac I can't get past the first level of phone Customer Service. They told me the researchers don't speak to customers and I just have to wait till someone contacts me. I almost feel I need attorney involvement but I fear that will cost more then the missing payments (aprox. $4,500). I also work for the parent company of a fairly large newspaper and have eaten lunch next to a very popular Real Estate Blogger from that paper, curious what he would think of this struggle and if he would be willing to publish something on the newspaper website about this.
  9. Cat Damiano

    Cat Damiano Mortgage Wars

    Well it is good that Michael and Frank from Citi are trying to help, but it is pretty disheartening that a rep from PennyMac would specifically join the forum to post a reply on this thread that they are "committed to preserving homeownership and strives to provide a high level of service for all of our customers." And then not post to try to help you. I hope your co-worker can write the article of your struggles in addition to all of the other articles out there that are not favorable for PennyMac.
  10. JustSharon

    JustSharon LoanSafe Member

    Will a QWR force PennyMac to respond?
  11. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Good suggestion JustSharon. Yes they are required to respond to the QWR within 20 days, but not necessarily with the information in regards to the missing payments Rams2010 is looking for.
  12. berber

    berber LoanSafe Member

    I am new to the thread and am extremely impressed with the solid advise and information posted here (EVAN BEDARD). I have a few questions and would appreciate a "knowledgable answer". I attempted three times to modify my citimortgage (FHA) loan and was denied twice. first time was because "i was not late" and second time was, "my income was too high" (don't think that's true $3400/month NET and a $2400 mortgage FAMILY OF 4). All I would like is a a couple hundred shaved off (lower rate) so I can afford it. I recently resubmitted my hardship package and is awaiting underwriting. I know I don't make enough and feel as if no one is lookin ghard enough. I feel they just tell me "denied" and I should figure it out. My mortgage support specialist is a waste of time. appears to just read from a screen and is no help.

    (1) Are FHA guidlines posted anywhere for the HAMP?
    (2) Is there no one that helps you get this modification?
    (3) Does CITIMORTGAGE have accountability in the underwriting process?
    (4) IS it actually true that because my mortgage is FHA CITI... must follow there guidlines?
    (5) My package was submitted to underwriting almost a month now, is slow news a good thing?
    (6) Once denied by underwriting is that it....I'm done; is there an appeal process?

    Any insight would be greatly appreciated.
  13. rams2010

    rams2010 LoanSafe Member

    So legally PennyMac doesn't have to respond to me? They don't have to explain where the payments went? What does a QWR require them to disclose?

    Thanks
  14. PennyMac Loan Services

    PennyMac Loan Services LoanSafe Member

    I apologize for the delay in response to your inquiry. I have personally escalated your case to our loan research department. You will be contacted by someone in this department no later than tomorrow. Thank you for your persistence.



    -PennyMac Loan Services
  15. rams2010

    rams2010 LoanSafe Member

    Well I am ecstatic to announce that PennyMac came through and credited me the missing funds as payments! They are also correcting my credit report. This has been such an emotional burden I have been dealing with and am so relived it is done.
    <o:p> </o:p>
    PennyMac called me this morning to inform me of the credits, and it reflects on my online loan activity.
    <o:p> </o:p>
    An extra special thank you to Robert from CitiMorgage. He continually worked for me and communicated with PennyMac since I was having difficulties getting answers from them. I truly feel that his work and this LoanSafe forum tremendously helped.
    <o:p> </o:p>
    Good luck to all other homeowners getting your issues resolved.
  16. Cat Damiano

    Cat Damiano Mortgage Wars

    Well, I am glad that PennyMac was finally able to help, after you fought so hard and had to escalate your case. It is nice to know that CitiMortgage has reps that do go the extra mile in trying to help such as Robert, Frank and Michael.

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