Consumer complaint received 2017-04-30
Company: PENNYMAC LOAN SERVICES, LLC.
State: GA
Product: Mortgage
Sub-product: FHA mortgage
Issue: Struggling to pay mortgage

Complaint:
I am filing a complaint against the servicer of my FHA mortgage loan Penny Mac. I believe that Penny Mac has not properly handled my loan and denied me access to distressed homeowner programs that may be able to help me. Due to their mishandling of my loan I am now facing a foreclosure sale date of XXXX/XXXX/XXXX. You see, I had been in active review for loan modification with XXXX XXXX XXXX and was in the underwriting phase of the review when my loan was sold to Penny Mac. I was informed that Penny Mac would pick up where XXXX XXXX XXXX had left off and complete the review. However, this was not the case. Since that time I have been in limbo as I attempt to make progress with Penny Mac in order to save my home. I have an FHA mortgage loan which is insured by the government and backed by HUD. I have been told that Penny Mac is required to complete a review for all available programs when dealing with a borrower with an FHA loan, but this has not happened. <P/>I had a good job working as an XXXX for the last 15 years until I XXXX XXXX XXXX XXXX XXXX. Due to complications from this accident I have been unable to go back to work. This caused me to fall delinquent on my mortgage payment. I reached out to XXXX XXXX XXXX ( who held the loan at that time in XX/XX/XXXX ) in order to initiate a review. After many months of exchanging paperwork they finally put me into review for assistance options. My review had progressed to underwriting when the loan was sold to Penny Mac. I have tried repeatedly to engage with Penny Mac in order to get an active review moving. However, Penny Mac has continually transferred me from department to departmenthas changed my point of contact 4 or 5 times in a matter of a few months and has never actually reviewed my current financial information in order to determine what options are available to resolve this matter and instead set a sale date. <P/>While awaiting my XXXX hearing I have brought in a renter and my XXXX daughters that live with me are contributing as well to help make ends meet. I believe that if Penny Mac were to actually review my current situation they would realize that this is a true and legitimate hardship and that I qualify for assistance. I know that FHA loans have options such as loan modification, forbearance agreement, partial claim, repayment plan or restructured loan. I also know that there are government programs for people who are temporarily unemployed or out of work awaiting unemployment awards or disability awards. My question is why hasnt Penny Mac opened a review for any of these programs???? <P/>I am asking for the opportunity to resolve this issue with Penny Mac. I have owned my house for 20 years and always paid on time until I was XXXX. Once I begin to receive my XXXX XXXX I will have no problem making my loan paymentsI just need to address the missed payments and the current situation with the lower income. I believe that Penny Mac is not doing the things they are supposed to do to help me, and wanted to file this complaint against them

Company response to consumer: Closed with explanation