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Mortgage Relief and Assistance

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 1-800-569-4287 or TDD 1-800-877-8339.

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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Government-Funded Assistance

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Loan Modifications

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PennyMac Checklist

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Impacted by a Natural Disaster?

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Many people have the misconception that the lender wants to take back your home through foreclosure. Untrue — the lender is most interested in ensuring that mortgage payments are made each month. Lenders only begin foreclosure when every other option has failed.

Forclosure Alternatives

Foreclosure appears inevitable, but the opportunity for a fresh start exists.

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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 Life

Many Americans face a difficult decision. They have fallen behind on their mortgage payments, owe more on their homes than they are worth, and may be ineligible to refinance or modify their mortgage. Foreclosure appears inevitable, but it doesn't have to be. The opportunity for a fresh start exists.

PennyMac is not a bank. We are a mortgage lender, debt collector and loan servicer specializing in foreclosure alternatives. 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 they’ll need to identify the next best option.

Don't Wait - Explore all your options

When borrowers are unable to make their required loan payments, foreclosure is the final action a mortgage company will pursue to recover its losses on the loan due to lack of payments or other defaults on the loan. Since foreclosure can seriously damage your credit, you should explore all other options. The first step is to contact your lender. Programs are available that may enable you to modify your loan to make your payments more affordable so you can stay in your home. Everyone's situation is different, however. Sometimes the best alternative for your financial future is to start fresh in a more affordable home.

If you simply cannot afford reasonable mortgage payments, two alternatives are a Short Sale and a Deed-in-Lieu. Either of these options may allow you to reestablish your credit sooner than if your property were to go through foreclosure. Here is a brief explanation of each:

Short Sale: The mortgage company allows you to sell the property for fair market value and use the proceeds to pay off the mortgage, even if the home sells for less than what you owe, and you won't have to repay any remaining balance.

Deed in Lieu: You can voluntarily transfer ownership of your home to the mortgage company, and you won't have to pay anything more towards your loan.

If you are a PennyMac customer who needs assistance, please call us at (888) 870-6328 today. Our Resolution Specialists can review each option in detail with you, so you can determine your best option. Because the short sale and deed in lieu options require you to move from your home, PennyMac may be able to offer you relocation assistance to help cover the costs associated with finding and moving to a new home. But don’t wait - the amount of money available to you decreases with time as the costs associated with the foreclosure increase. Making the phone call will allow you to pursue the option that best fits your financial situation.

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 and at

PennyMac customers:

  • PennyMac does not charge fees for a modification or other loss mitigation plans when you are facing a delinquency.
    • PennyMac will work with you to ensure every option possible is explored to retain homeownership. No fees. No strings.
  • PennyMac does not accept payments from Money Gram.
  • Funds are always payable to PennyMac and not to an individual.
  • PennyMac does not accept gift cards as payment and will not call you and ask for a gift card number.
    • Anyone who demands payment via gift card is always a scammer. Gift cards work like cash, once you’ve provided the number you will not be able to get your money back.
    • Don’t be fooled! To learn more about Gift Card Scams, read the Federal Trade Commission’s article.

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