251 S Lake Ave, Pasadena, CA 91101, USA
Not resolved
1.6
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8 comments

During the real estate crises my mortgage was sold 4 times and we eventually ended up with PennyMac. We have paid our mortgage dutifully and on time for over 10 years and we're still under water and struggling to make payments because of Pennymac's claims of escrow shortages .

Since PennyMac has been our mortgage lender I've encountered several problems with our escrow account. We were never late or missed a mortgage payment prior to PennyMac increasing our mortgage payments due to escrow shortages. We contacted PennyMac requesting a loan modification and was told there was nothing that they could do . The first time we received notice of an escrow shortage we took the payment increase, the second time it happened we eventually went into foreclosure.

We were working with a foreclosure prevention company and once PennyMac found out they offered us the loan modification we had previously requested. We've been back on track and making monthly payments on time for almost a year now and we've just received another letter of an escrow deficiency. If we take the additional payment option our monthly mortgage payments will be higher than it was before the loan modification. I spoke with a representative from HARP who was also confused about the escrow problems and mentioned that there may be a mishandling of our escrow account.

Millions of people are working hard to keep our homes due to the real estate crisis and PennyMac is not helping the situation at all. Something has to be done about PennyMac and it's business practices.

Product or Service Mentioned: Pennymac Loan Modification.

Reason of review: Poor customer service.

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Zarai
#1769999

I bought my house in august of 2018. October 2018 Pennymac took over our loan.

The original mortgage company estimated our property taxes around $700 so that's what we paid for the first year. after 1 year, our mortgage went up roughly $270. I called them and they said that our property taxes were actually $2100 and we underpaid for the year. they said I can make a payment of $1500 so I won't be behind anymore and then my payment will just increase for the $1500 for the year.

I made this payment before going back and looking at my old tax bill. My taxes were in fact only $657 last year and when I logged onto my pennymac account, it shows they made a payment of $657. So now they owe me the $1500 I paid them on top of over paying my mortgage the last 2 months. no where in my mortgage history was a $2100 payment made.

I have no clue where they even came up with this number. it seems they are very incompetent.

Anonymous
#1717320

YES! this is unbelievable! I'm having the same issue...

Anonymous
#1673719

My father is in the same situation with penny mac.

Anonymous
#1627060

Same issue here! My house payment went from 1104 to 1549! We can’t afford that I’m blown away!

Anonymous
#1588572

They already are screwing with my escrow. Takes about a year and they start messing around. I’m going to line a lawyer up I dont trust these ppl already after one year.

Emanuela
#1574875

I too have suffered greatly due to PennyMac's unethical consumer practices. Please contact https://www.consumerfinance.gov/ and file a complaint agaiInst them. I do hope this will help you.

Anonymous
#1624169
@Emanuela

We plan to file complaints with federal and state because even though taxes and insurance are included in the mortgage they claim an escrow shortage. They called my daughter and lied that our property assessment had changed to $230k when the city website and customer service verified the 2019 assessment at $184,200.

They are saying the escrow account is short of $7800 which is mathematically impossible. They've only had the mortgage for one year. In that year flood insurance has gone up by $50 and regular insurance by $61. City taxes are identical for 2018 and 2019.

The most we could be short of for the year is $111 because insurance is billed annually. We will be communicating with them through certified mail so they cannot say they didn't receive our dispute of their figures in writing.

Anonymous
#1558324

This is the exact thing that is happening to me. I received a modification and a year later they told me that there was an error on their part regarding the escrow. Instead of a property tax of 10,000 they only put in 2000 and now my mortgage is higher than before my modification.

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