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I did a streamlined refinance of my FHA mortgage in the Fall of 2012 and I was told that all elements would remain the same, including the impound account with taxes and “walls in” homeowners insurance (I have a condo). Pennymac bought the loan and in July of 2013 I received a notice that my homeowners insurance was about to be cancelled. I immediately called Pennymac to alert them and find out why the insurance was never paid. Pennymac told me that they do not require “walls in” insurance and therefore did not have it set up. I confirmed that it was supposed to be coming out of my impound account and they said that I just needed to call a specific division within Pennymac to authorize the insurance payment out of the impound account. I did that and was assured that everything was taken care of.

In February of 2014 I was logged on to my insurance company website to pay my auto insurance and discovered that I literally did not have homeowners insurance because Pennymac had not paid it. I immediately called Pennymac to find out what had happened and literally no one could help me. Their only response, despite my repeated explanation of speaking with the insurance division and authorizing the payment, was that they do not handle or require “walls in” insurance. Frustrated, I just paid the insurance out of pocket and restarted my account.

In March I received notification that my impound account did not have enough money in it and I was going to start being charged extra. Some of this was for property taxes and some of this was for insurance! I called and they told me that based upon my call in February they had set up my insurance and I had double paid on the homeowners insurance by paying out of pocket. I insisted on a conference call with my insurance company, who confirmed that Pennymac had not paid the insurance and the only payment they had was my personal payment.

Since then I have been trying to get them to remove the extra $519 from my payment bill. I have been told on several occasions that this was in process. I have also occasionally been told that I could not remove this insurance since it was “required,” which is in direct opposition to what I was told when my insurance was never paid. Several customer service people have told me they were escalating the issue and would have it resolved within a few days. I then never hear from them again. Here are three of those people: Kimberly at ext. 7669, Albert at ext. 7744, Wade at ext. 5125. I then finally got ahold of Brett Wright, Customer Service Supervisor at ext. 5162. He assured me that he was personally working on this and would have it resolved prior to the May 1 payment date. He stopped responding to me on April 24, despite multiple emails and voicemails left for him.

My homeowners insurance is paid for. I do not want to pay double for this, especially since Pennymac has not actually paid for the insurance despite their claims. How do I resolve this?

Review about: Pennymac Refinance.

Monetary Loss: $519.

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Anonymous
#814388

I subscribe to a nationwide organization called "legal shield." It is for people who can't keep an attorney on retainer 24/7 like rich people. They will answer your questions on legal matters.

They will write letters on your behalf. If you are named in a civil suit, the longer you've been with them, the more free trial time hours you have and free pre trial hours. I've been with them three years and have called with countless questions. The wait time is up to 8 business hours before they call you back to help you.

I am usually called within an hour or so. I have had them help me over land disputes, creditor harassment, and they would help you with this. They will read up to ten pages of documents or papers for free. In your case, they will write a letter for you and once you have an attorney behind you, doors are opened.

They are even available for emergencies, 24/7, 365 days a year. There is so much more. I pay 26.00 a month and it has saved me lots of anguish and even money. Free advice on any subject of the law.

Every person who sells these subscriptions is licensed by the state. So you know it's not a scam. All you need to do is visit the website. Legalshield.com.

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The only thing is, you need a checking account and authorize them to deduct the fee each month. No problem for me. I forget to mail payments anyway and I love it. YOU DONT HAVE ANY RIGHTS IF YOU DONT KNOW WHAT THEY ARE.

Prepaid will tell you your rights. You are being led in circles and with your subscription, they will put an end to that. Call with ANY question, no limits on how many . You can be signed up and within a week, have an attorney on their backs.

I say a week because it takes a couple days. You get a membership card and also a card with a number for after hours emergencies. You don't wait eight hours in an emergency. Your associate will explain it all and I hope you take advantage of this.

Companies pull this stuff because they can get away with it but an attorney will put a stop to that. Good luck! Oh, I'm considering doing a re-if like the one you did. I am going to call legal shield and they will advise me what to ask and will read my agreements and documents and advise me all the way.

If it's a bad deal, they'll know. We were offered a deal to pay off a bad debt.

I called legal shield, he told me what to ask and what to demand. We paid it off and it went well.

Anonymous
#812467

EASY!!

Go finance with a mortgage you are comfortable with...save your sanity.

B.A.C and Chase mortgages requires a minimum 640 fico score to be eligable(including medical debt). Im working on my credit of 604 to get to 700.

5 mo time at most should do it. Then good bye P.MAC, although P.MAC has been without challenge for me, I look for stable grounds to ensure security for all my investments.

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