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A loan modification is a permanent change in the terms of an existing loan, resulting in a more affordable monthly payment for a borrower in default or in imminent danger of default.
If you are behind on your loan payments, your first step is to contact your lender. Do not ignore letters and phone calls. Communication is necessary to show that you are interested in working with us on a solution to keep your home. All you have to do is call us at (866) 545-9070 and say that you would like to discuss a loan modification. The information below will help you prepare.
To apply for a modification, you need to complete the Pennymac Modification Checklist.
Borrowers who have trouble paying their mortgage because of financial hardship can request a loan modification. Reasons for hardship can include:
Typically, the lender can do a combination of the following to help the borrower stay in their home:
In the case of a substantial loss of household income (permanent job loss, rental property vacant for a long period of time, significant reduction in income), the reality is that the lender will likely not be able to modify a loan because you may no longer be able to afford reasonable monthly payments on the loan. But no matter what your financial situation, you should still contact your lender to explore all options to avoid a foreclosure and the damage it can cause to your credit rating.
Most government agencies strongly recommend against hiring a for-profit loan modification company. You run the risk that:
Instead, speak to your lender directly as soon as possible. If you want additional help, a counselor with a housing agency can help you prepare for discussions with your mortgage company.
Pennymac will work with you to ensure every option possible is explored to retain home ownership. No fees. No strings.
Pennymac Correspondent Group specializes in the acquisition of newly originated U.S. residential home loans from independent mortgage bankers, banks and credit unions.
Pennymac TPO is committed to the wholesale channel, supporting Broker and Non-Delegated Correspondent Partners through our long-standing industry expertise and resources.
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