Mortgage Relief & Assistance

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(866) 545-9070

PennyMac customers:

PennyMac offers several mortgage relief programs aligned with the intent to keep people in their homes. Learn more about mortgage relief programs best suited to your personal needs. To find free or low-cost HUD-certified housing agencies in your area, please call (800) 569-4287 or TDD (800) 877-8339.

Options to Stay In Your Home

PennyMac offers several mortgage relief programs aligned with the intent to keep people in their homes.

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State-Funded Assistance

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Loan Modifications

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PennyMac Mortgage Assistance Application Checklist

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Impacted by a Natural Disaster?

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Many people believe lenders want to take back their homes through foreclosure. It’s not true. Lenders and servicers are not in the real estate business — they want you to keep making your monthly payments. When you can’t, they have programs to help you. Foreclosure only happens when other options haven’t worked.

Foreclosure Alternatives

These programs help you avoid foreclosure by relocating to a more affordable home.

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Short Sales

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Deed in Lieu

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Which Program Is Right For Me?

Take the First Step to Regain Control of Your Financial Future

Many Americans face a difficult decision. They have fallen behind on their mortgage payments, owe more on their homes than their homes are worth, and may not qualify for a loan modification. Foreclosure can be scary and stressful, and it can harm your credit for years to come. Fortunately, it doesn’t have to be your only option.

PennyMac specializes in helping our customers avoid foreclosure. Our mission is to help homeowners find the best solution given their current financial situation. Sometimes that includes staying in their home, and other times it means considering whether to start fresh in a more affordable home.

If you can’t afford reasonable mortgage payments, two alternatives are a Short Sale and a Deed-in-Lieu of Foreclosure. These options can offer you a fresh start and may allow you to reestablish your credit sooner than if your property were to go through foreclosure. Here’s how they work:

Short Sale: The owner or insurer of your mortgage allows you to sell your property for fair market value that’s less than the total amount you owe on the mortgage. Any remaining balance, including late fees, legal charges and past-due interest, won’t have to be repaid, which gives you a fresh start. The benefits of a short sale are:

  • You can sell your home at market value.
  • You can walk away from any remaining mortgage debt. Consult with your tax professional to see how this may impact you.
  • You may receive cash to assist you with expenses in relocating.
  • You avoid having a foreclosure on your credit report.
  • You avoid the costs and stress of public foreclosure.
  • You can work out a convenient move-out date.

The owner or insurer of your mortgage loan may require you to be reviewed for an option that will allow you to remain in your home (e.g., loan modification) prior to being reviewed for a short sale. One of our representatives can assist you with options that are available for your specific circumstance. Deed in Lieu of Foreclosure: You agree with your lender to transfer title to the property to the lender in exchange for forgiveness of your mortgage debt and all associated costs, such as late fees, legal charges, and past-due interest. The benefits of a deed in lieu are:

  • You can walk away from your mortgage debt. Consult with your tax professional to see how this may impact you.
  • You may receive cash to assist you with expenses in relocating.
  • You avoid having a foreclosure on your credit report.
  • You avoid the costs and stress of public foreclosure.
  • You can work out a convenient move-out date.

The owner or insurer of your mortgage loan may require you to be reviewed for an option that will allow you to remain in your home (e.g. loan modification), as well as a short sale of your property, prior to being reviewed for a deed in lieu. One of our representatives can assist you with options that are available for your specific circumstance.

If you are a PennyMac customer and are interested in these programs, please call us at (866) 545-9070 today. Our Resolution Specialists can review each option in detail with you to see which best fits your financial situation.

Counseling

The U.S. Department of Housing and Urban Development (HUD) funds housing counseling agencies throughout the country. These organizations can give you advice on renting, defaults, foreclosures, credit issues and more. To contact the agency nearest you, call (800) 569-4287 or visit www.hud.gov.

State Disclosure Language Access

For New York City Consumers

You may request language access services when you call us. If your primary language preference is Spanish, you may request our Spanish monthly billing statements by calling our Customer Service Department at 800-777-4001. You can also find translation and description of commonly-used debt collection terms in multiple languages on the New York City Department of Consumer Affairs’ website at www.nyc.gov/dca and at www1.nyc.gov/site/dca/consumers/Glossary-of-Common-Debt-Collection-Terms.page.

BE AWARE OF FORECLOSURE & LOAN SCAMS!

  • PennyMac does not charge fees for a modification or other loss mitigation plans when you are facing a delinquency
  • PennyMac does not accept payments from Money Gram
  • Funds are always payable to PennyMac and not to an individual

PennyMac will work with you to ensure every option possible is explored to retain home ownership. No fees. No strings.