PennyMac Mortgage Deed In Lieu Of Foreclosure

PennyMac Deed In Lieu of Foreclosure Process

If you are using loan services of PennyMac and you want to apply for Deed In Lieu of Foreclosure then we at ACG will make sure that our customers go through a process that is similar to most companies:

1. As a first step, one of our team members places a call to PennyMac and sometimes we have to follow up after placing an appointment.
2. Request for Mortgage Assistance Paperwork is also required for the process.
3. You may have to go through a review for Loan Modification before the DIL process.
4. Sometimes You may be required to sell your property to someone else deeding it back to PennyMac. This is done by PennyMac to protect themselves from the liability of the property.
5. You will have to get your property’s title checked as the next step of the process.
6. A valuation will be completed on your property by PennyMac on behalf of the investor.
7. Terms of relocation and timeframes will be negotiated by us with PennyMac.
8. Lastly, your lender (PennyMac Mortgage) provides a response to the deed in lieu of foreclosure made to them.

The process with PennyMac is never easy and anyone who has been through the process will know this. It’s sometimes very typical to repeat the same steps again and again. But you don’t have to worry ACG can help customers facing difficulties with their mortgage. To get the job done for you we will have to run around from department to department. Maybe you have been going through a loan modification process with PennyMac for a long time and maybe they have to close the file or review it. Maybe the short sale department has your file because their trying to push you to sell the home first. We are here to do everything for you and most importantly you should be able to figure out when they are sending you in the wrong direction. Often clients come to us after submitting the wrong information on their deed in lieu application, getting denied, and not being able to figure out what happened. We can help you through the process of doing a deed in lieu of foreclosure even if that means reviewing a decline made by PennyMac.

PennyMac Loan Deed In Lieu Timeline

Similarly to any company of its size timeline of Deed In Lieu Process varies greatly. Sometimes it varies due to obvious reasons and sometimes it is not clear what is going on. These are just a few of the hoops we jump through when dealing with a deed in lieu with PennyMac.

• To begin with,   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. Due to these set of rules, PennyMac cannot always make a decision themselves and for the decision that they are not allowed to make they will have to get approval 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 bureaucracy you’re going to deal with.
• Additionally, TThe 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. The sale dates even in the coming week are not worked on urgently as a company like PennyMac has sale dates for every working day of the week. 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 were created equally. This goes for both sides which is what makes the process so tricky. At such a large level of this type, miscommunication can lead to certain failure. It is a very specialized skill to represent a homeowner in this niche of Deed In Lieu of Foreclosure process that can be learned only through experience. Often you will be put through the multiple levels of management including approval from an investor as mentioned above depending on what their total losses are for the banking institution who owns the interest in the loan.

PennyMac Loan Deed In Lieu Timeline Conclusion: The timeline of the PennyMac Deed In Lieu Of Foreclosure depends on a very broad range of factors and not only limited to the ones mentioned above. A decision will be made a lot quicker if PennyMac can make it themselves. What the lender perceives as the value of the property will also affect the timeline. If you have other liens this is also likely to limit your ability to complete a deed in lieu. How fast PennyMac’s Loss Mitigation department receives the PennyMac Deed In Lieu Forms to apply for mortgage assistance are received (readable) and other factors will come together to affect how long it will take for your PennyMac Deed In Lieu application will take to be Approved.

How To Fix A PennyMac Deed In Lieu Decline?

Often dealing with PennyMac and the reason as to why your application was denied can often be very confusing. Mostly we have seen miscommunication as the most important reason for the decline. 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 deed in lieu offer was rejected. Have us review your declined deed in lieu for free by calling us at 888-934-3444.

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