If you sustain damage or loss to the property that secures your mortgage loan, you need to contact your insurance carrier to file a claim.
This analysis is available to you in the Statements & Documents section of your online account and by mail if you have not elected paperless only delivery.
An annual escrow analysis details amounts collected, payments made, and anticipated payments for the coming year. Discrepancies should be reported to Pennymac immediately. You should review this statement to make sure that Pennymac is scheduled to pay your taxes and/or insurance premiums at the correct time and for the correct amount. The annual escrow analysis determines if any adjustments need to be made to your escrow payments based on projected payments for the coming year. If your taxes and insurance are serviced by Pennymac, we will analyze your escrow account at least once every twelve months to ensure there are sufficient funds being collected to make all scheduled payments. These programs usually include relocation assistance payments to help you move to a more affordable home.Īn escrow analysis statement will show you what is projected to be paid over the next twelve months to ensure that your property taxes and insurance premiums are kept current. If your home is currently worth less than the amount remaining on your loan, you may be able to either sell your house through a short sale or sign over title to your home to your lender through a deed in lieu of foreclosure.
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If you're unable to successfully complete the Trial Period Plan to receive a permanent modification of your mortgage, you may need to consider options that involve relocation to a more affordable home. If your original loan payment doesn't include amounts to pay your property taxes and/or homeowners insurance, an escrow account will be created and those amounts will be added to your monthly payment. You must make each Trial Period Plan payment in a timely manner, in the amount specified in the notice, in order to receive a permanent modification. Payments can be made online using the One-Time Payment option on this website. Your Trial Period Plan becomes effective when you make your first trial plan payment. It will be based on our estimate of what your monthly payments would be with a permanently modified loan. If you qualify, we'll send you a Trial Period Plan Notice explaining the terms and amount of your payments. The trial period lasts a minimum of three months. The purpose of the Trial Period Plan is to show that you're willing and able to make the modified monthly payments.
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