FAQs

What is a Successor in Interest?

A “Successor in Interest” is someone who has received an ownership interest in a property—usually through inheritance, a divorce decree, or a living trust—but is not an original borrower on the mortgage.

Once Pennymac confirms your status through legal documentation, becoming a recognized Successor in Interest offers several benefits:

• Account Access: You gain the authority to request detailed loan information, make payments, and (if no original borrowers remain) receive billing statements and legal notices.
• Credit Protection: You are not personally liable for the debt, meaning the mortgage will not appear on your personal credit report. (Please note: The monthly mortgage payments must still be made to prevent foreclosure on the property).
• Future Options: If you eventually want to take over the mortgage entirely, you have the right to apply for a loan assumption to become the primary, financially responsible borrower.

How to confirm your status:

Because this involves legal ownership, you will need to provide specific documentation (such as a death certificate, divorce decree, or quitclaim deed) for our team to officially update the account.