Mortgage -- Trouble during payment process -- Complaint #4502798
Complaint Overview
Complaint ID: 4502798
Company: Pennymac Loan Services, LLC.
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Trouble during payment process
State: Kansas
ZIP Code: 661XX
Date Received: 2021-06-29T12:00:00-05:00
Date Sent to Company: 2021-06-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I reuested a forebareance period for Covid reasons beginning XX/XX/21. I was approved and used the entire period, making a full mortgage payment on XX/XX/21. Prior to emgering from forbarence the lender electronically offered me a loan modification, to deal with the missed payments during the forebareance, and offered to lower my interest rate and extend the lenghth of my loan. Under the CARES act it was my impression that the lender was required not to report negative information to the credit bureaus during my forbareance period. Now, after the offer of modification, I have found that in fact my credit has been adversly affected throughout this entire process. The full payment I made at the end of my forbareance period has been placed in suspense. I am going to be reported as paying late. Also my load modification itself will lower my credit rating, even though I paid a full, unmodified payment at the conclusion of my forbarence period. Even the way the forbareance was reported, during the forbareance period negatively impacted my credit, as the bureau used the lack of a payment in the prior cycle as evidence of a lack of credit worthiness. I have not missed a payment on any loan of credit instrument in over ten years. I have also taken steps to improve my credit worthiness by paying off and closing over half my credit accounts in the past year. In spite of this, I have a credit score ( on most bureaus and instances ) of below 600, making me ineligable for most types of credit. In XXXX I was hospitalized for two months, and missed three months of work. I paid every bill durning that period, and only took the forbareance with the understanding that my credit would not be affected by Federal Law. Because of this issue, I am unable to refinance my home, even though I have over {$85000.00} in equity. I can, however, sell my home, and use the profit as a way to pay off all my debts, and right my credit. So I have decided I will sell my home.
Frequently Asked Questions
What is Complaint #4502798 about?
Complaint #4502798 was filed against Pennymac Loan Services, LLC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-06-29T12:00:00-05:00.
How did Pennymac Loan Services, LLC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Pennymac Loan Services, LLC.?
Yes, visit the Pennymac Loan Services, LLC. company profile at readthecomplaint.com/company/pennymac-loan-services-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.