PennyMac Corp. Short Sale

PennyMac Short Sale Process

Sometimes your investor will require you to first apply for PennyMac Loan Modification but once you have been denied for it the PennyMac Short sale process is pretty basic:

1. We place a call to PennyMac Corp. and talk to their councellor to initiate the process.
2. You will be required to complete and submit the PennyMac Request for Mortgage Assistance.
3. Property valuation will have to be scheduled and completed using a Broker’s Proce Opinion (Certain Investors Require Two Interior Inspections)
4. Negotiate Terms With PennyMac About Short Sale Fees And Costs To Be Paid Out Of The Seller’s Proceeds.
5. Lender (PennyMac) A Response To Short Sale Offer Made.

If you have been through the short sale process with PennyMac you will have noticed that it is never easy with them. A lot of turmoils have been faced. Repeating the same steps over and over again is typical during PennyMac short sale. It’s part of the process to know that we will have to run around from department to department at PennyMac Corp. The Loan Modifiation Department maybe needs to close it out, or the short sale department doesn’t have someone assigned to PennyMac Customers Service Department; Above all you need to know better when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened. We can help you review any declines.

PennyMac Short Sale Timeline

When dealing with PennyMac Loan’s Short Sale timelines vary on some very basic and other not so basic elements. These are just a few of the hoops we jump through when dealing with a short sale.

• For one, PennyMac only works as servicer of mortgage notes. Therefore, PennyMac’s mortgage division has to abide by the PSA or Pooling and Servicing Agreement that governs the loans. This contract is directly between servicer and investor. PennyMac Corp does not always have the option to make the decisions themselves. The investor for which they are serviving the loan for has only delegated permission to PennyMac for some of the cases so for the cases the investor has not delegated PennyMac to make a decision they have to get permission from the investor. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from many servicers. As always the greater the number of hands in the put the more layers of burueacracy you’re going to deal with.
• Additionally, The fact that whether your PennyMac loan has a sale date or not greatly effects the short sale timeline. If it comes to stopping the sale so that the PennyMac short sale process can be completed, they can be very difficult to deal with. Your chances of getting bumped up in the process improve greatly if you can get a value completed. A company of PennyMac Corp. size has homes being sold at auction every day. Sale dates even for the coming week are not working with ugency. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Finally, not all negotiators are good negotiators. This goes for both sides. Often miscomunication In the banking world can lead to certain failure. People become very specialized in this niche of representing homeowners infront of PennyMac Corp. in these financial application processes to find mortgage assistance. Often you will be put though the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are.

PennyMac Short Sale Timeline Conclusion: Your PennyMac Short Sale Timeline will vary based on many different factors. Decisions can be made in house will clearly be quicker than those that have to be sent out for appoval., what the value comes back at from the appraisal completed by PennyMac’s Short Sale Department compared to what the offer is that is being made to them, how fast PennyMac’s Loss Mitigation department received the PennyMac Short Sale Application documents are received (readble) and other factors will come together to effect how long it will take for your PennyMac Short Sale to be Approved.

How To Fix A PennyMac Short Sale Decline?

Often dealing with PennyMac Corp. and how they deal with short sale buyers offers being declined may be confusing. Often they will not be clear not only as to why but if there is anything that can be done to fix it.  Here at ACG we review dozens of points in order to understand why your PennyMac short sale offer was rejected. Have us review your declined short sale for free by calling us at 888-934-3444.

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