FAQs

I've made all my payments during the trial period; what happens next?

To be approved for a permanent loan modification, you must successfully complete your Trial Period Plan, complete housing counseling if you have been asked to do so and return any additional required documentation in a timely manner. After you’re approved, you’ll receive a letter and Modification Agreement defining the changes to your home loan. You will need to sign the Modification Agreement in front of a notary and return the notarized executed agreement as soon as possible, but no later than the deadline date listed on your documents.

Your modification only becomes permanent after Pennymac receives the executed agreement and verifies accurate signatures and notary. Until then, we strongly encourage you to continue making payments in the same amount you paid during your trial period. Please note: Once your loan is permanently modified, your new monthly payments could be higher than your Trial Period Plan payments.