Does PennyMac honor modifications?

MavisM

LoanSafe Member
May 21, 2010
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I got a call from my Aunt (she is in her sixties) and she said that her loan was sold to PennyMac in May (the loan is on a rental property). She received a letter from her previous loan servicer stating as much. The letter gave provided her with her new loan number and the telephone number for PM. She has not received anything from PM, not a coupon book or a welcome letter. Nothing.

My Aunt was never more than a month delinquent on her loan and her servicer modified her loan because she had been, up until the economic downturn, a very responsible client. It was a temporary modification that would end in three years. She had a difficult year in 2009 with tenants losing their jobs and it taking several months to evict them because the Sheriff was backed up with so many home foreclosures and evictions.

She called PM in late May and was told to call back on June 1, 2010 because they do not have her information in their system. She was also told by the customer service agent that she would be given two weeks grace even though her mortgage payment is due on June 1, 2010.

She called back on June 2, 2010 and was told that they would not have her information in their system until June 7, 2010. This time the customer service agent told her that she had "sixty days to start paying" her mortgage. This agent also told her that she could pay her mortgage using a coupon/statement from her previous servicer.

I told my Aunt to pay her mortgage and send them a copy of the notification of mortgage sale letter provided by her previous servicer. I also told her to send the payment with a delivery confirmation so that she will have proof of sent payment.

Is anyone else experiencing anything else like this? I have heard horror stories from a few people that I know whose mortgages were sold to some kind of foreclosure outfit and they ALL eventually lost their homes.
 

MavisM

LoanSafe Member
May 21, 2010
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UPDATE: My Aunt still has not received any kind of written communication from PennyMac. Even worse, she sent her mortgage payment with a delivery confirmation, but PM has yet to cash her check. I have never heard of a mortgage being sold and the new mortgage holder never contacting the mortgagee or cashing the payment.

Has anyone here had any kind of experience with PennyMac?
 

MavisM

LoanSafe Member
May 21, 2010
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Forgive me, but I am not sure if posts can be edited or how to edit a post...

I also wanted to add that when my Aunt's mortgage was sold she was current and had been for five months.

She did call PM on June 8th and was told that her information was not in their system yet. I find this hard to believe. Has anyone had any experience with a lender refusing payment?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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San Diego, California
www.LoanSafe.org
Welcome and thank you for joining the community. Sorry we did not get to you sooner.

It is quite typical for a loan to be sold to another servicer at least once or twice throughout the term of the loan. The bad thing about this is often times it does take about a month or a little more before her loan will be fully updated in their systems and she will be able to make a payment. Here is some info I found from a legal blog about making the first payment to the new servicer:

"Grant a grace period during the transfer of the loan servicing.
After the transfer, there is a 60-day grace period. During this time you cannot be charged a late fee if you mistakenly send your mortgage payment to the old mortgage servicer instead of the new one. In addition, the fact that your new servicer may have received your payment late cannot be reported to a credit bureau."

Below is a contact I found for PennyMac and also a couple threads that contain a few members here who are currently dealing with them as well. Please feel free to join other discussions around the forum as well.


PennyMac Loan Services, LLChttp://www.pnmac.com/index.php 1-866-545-9070

http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/29324-mers-investor-database-live.html

http://www.loansafe.org/forum/stop-foreclosure-tell-us-your-story/26762-wtf-first-mort-says-balance-zero-credit-report.html

http://www.loansafe.org/forum/deed-lieu-foreclosure-do-you-need-help-walk-away/19662-lender-offer-repackage-underwater-loan.html
 

MavisM

LoanSafe Member
May 21, 2010
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Thank you very much for the warm welcome and the helpful information.

Update: My aunt did receive a statement from PennyMac, unfortunately it states that her mortgage is behind. When she spoke to them on the phone they said that they did not receive any modification papers from her previous loan servicer. She now has to fax/mail this documents to them so that they can "research" the matter.