If you are looking for a loan modification or short sale with HSBC to avoid foreclosure, then you may be in luck. Recent reports and new articles indicate that they are taking an active role to help borrowers that are in ARM mortgages that have adjusted and they can no longer afford the payment.
Recently they agreed to Senator Dodd’s plan that he introduced at the Home Preservation Summit in early May. Agreeing to actively work with their clients in performing loan workouts and loan modifications.
Here is the phone number that I have to HSBC’s loss mitigation department: 800-338-6441
Please share your stories or any information you may have in dealing with HSBC and let us no if you have any luck or need help!
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I have been trying to work with HSBC, My loan is with HFC . I am 8 months behind. I have been trying to modify my loan sent April of this year. I appeal to hardship rejection, I even went to Acron, I was told I made 75.00 over grid line in March 2007, I was 3 month behind then. I have been out of work for 3months . I register with HOPe 2 month ago. I have not hear anything from HSBC regarding my application to tried and modfy my loan. I ask hfc could they rewrite my loan. I was told by branch manager that the underwriter will not look at it until I pay at least 1 month morgtage which would be 1882.00. My taxes are behind . I ask if I paid that would my mortgage be rewriting. She told me that she could not promise that. What I am I to do I am in foreclosre. I am willing and trying to work something out. HSBC do not want to help me stay in my home. WHY? I have been working for the Department of Defense for 22 years. I have security on my job. I just ran into hard time. When I refin the loan with my daughter. She moved back with her husband. Now I am trying to manage on my own. My daughter is trying to help me the best she can, with 2 childeren of her own. All I am asking HSBC is to please modify my loan and include my back taxes into my new mortgage loan.
I want to save my home . I work to long to be able to get my dream home. My interest with hfC IS 11.6 % WITHOUT TAXES AND INSUR. i AM SUPPOSE TO PAID 1882.00 . I cannot paid back due amount. Please and someone help me. I have not equity in my home.
This is a disaster. This should be illegal. I am a victim of predatory lending. My rate adjusted already and is scheduled to adjust again in January. My lender-ASC says that it won’t adjust in January because of the new law that congress passed. Well, it already adjusted. How come the first rate adjustment qualify? My mortgage went from $1364.00 to $2240.20. I would have never agreed to pay $2240.20 as a mortgage payment. Had not congress stepped in my payments would have increased. Well, I am facing foreclosure now because i am four months behind. I am trying to remodify my loan. Has anyone ever heard of NACA? How are they? I am going to fight to keep my home-and not for $2245.20 per month either.
I have the same problem, my 2nd mortgage is with HSBC and the APR is 16%, I am trying to work out a deal with them so they can fixe my APR but they don’t want to, I also have no equity and my credit scores are in the law 400’s. The 1st mortgage payment is $1645 APR 7% and 2nd is $1590 and APR is 16%….any help will be appreciated.
I can’t believe what I am reading from the two guys above. Antonio I am in the exact situation, I had HSBC as my 2nd mortgage company, my house foreclosed on my first on January 2, last week, and I just got a call from an attorneys office today telling me that HSBC is sueing me for the amount owed on my second which is $81,000. When I was trying to set up arrangements back in October HSBC told me that if my home was to foreclose my 2nd would foreclose also and I would get a 1099 for the deficiency. Now they are trying to sue me and telling me that if I can’t come up with a certain amount down and some kind of monthly payment arrangement they will file a judgement on me and garnish mine and my husbands wages. I am sick to my stomach over this, and now I think the only thing that can save me it so file bankruptcy. My credit is ruined!! Any advice out ther would be greatly appreciated.
Dee, Antonio and Sam…try going to Loansafe.org and post your situations there it’s a great forum with a lot of information that borrowers can use to fight their lenders against foreclosure. There are a lot of people there that can offer you good advice and you may be able to save your home. Give it a shot….it can’t hurt.
I work for a company that acts as a consultant in negotiating with lenders that give their borrowers a hard time. I have a client that has a 2nd mortgage with HSBC. They owe $68,000 on the 2nd lien as of friday last week. I spoke with the assigned negotiator for 30 minutes and crunched numbers until we agreed on HSBC taking $1,000. Second mortgage liens on real property lose out all of their money if a client were to foreclose on the property from a first mortgage default. Anyone has any questions… feel free to email me: pdamiano@loanmodifications.net!!!!
I’m currently experiencing some of the same problems with HSBC while trying to get them to lower my payments back to what they were before the interest only adjustment in September 2007. I’m currently paying $2605.00 on my first and approximately $700.00 on my second with another company! Although, I’m not in forclosure I approaching a crash and burn period at the current pace!
I have worked with HFC on a short sale on behalf of my client. I began in January and in 3 months have had transfers to 4 new people “handling” the account. I have sent a completed offer and HUD estimate (signed contract) to a Demetra Spears whose phone message is that she is always away but she will return the call as soon as possible. Gee, if 3 weeks is as soon as possible (not that she has returned the call but that is where we are today), it is no wonder foreclosures are increasing. If the bank is really serious, they would at least stay in minimal contact, especially when they are in possession of a legal and ratified contract which would save them lots of money over the foreclosure option. And taxpayers are asked to bail out or partially bail out this sort of effort?
I’m really depressed/aggravated b/c hsbc refuses to work with us why will they not help us?? I have spoken with several supervisors and they tell me theres nothing they can do. We are 3 months behind and don’t want to lose our house and need our loan reduced
HSBC will work with you if you work with them. If you make some kind of payment it is likely they will not foreclose, even if it does not meet the minimum. If they foreclose they lose way more money than if they can come to some kind of an agreement with you on a payment plan. You need to be patient and honest with them about what you need from them and what they can do for you. In the end, they are the lender and they gave you a home loan when you have a low credit score. You should be thankful to them for that. And the terms of said loan were given to you in writing, adjustable rate and all. The economy will get better this is part of a cycle!
The point is, if you work with them they will work with you. But if it’s been months already they are not going to wait months more. And they are going to need a guarantee. At least try to send them something. Really you are responsible for the whole payment but if you send them part that says a lot.
Can a lender foreclose non-judicialy in Virginia without the original note and a lost note affidavit, if no one knows who actually owns the note and if no one in the current lenders office ever saw or handled the note?
this process in Virginia seems to be almost theft, if not unconstitutional, it prevents people from effectively contesting and asserting their rights.
How can MERS be eliminated and defeatedin non judicial foreclosures in Virginia?, there seem to be agreat degree of ignorance about this subject in our Wonderful State, however Floridians cannot run an election but they were able to kick this company out of the state. Grat job Floridians, When are we going to do the same in all other 49 states?
I have a first mortgage at 12.9% and a second at 16%. with HFC I am in Chapter 13 if I could get them to renegotiate my loan to a descent rate I could get out of Ch.13 all together.
HSBC Mortgage Services is the worst of the worst. I fought with these people for months trying to work out a plan to keep my home. After ACORN (worthless), and then HOPE NOW (worthless), I was able to get some leverage after the NC Governors office put some teeth into the foreclosure assistance measure that was started in Nov. 2008. The NC Banking Commissioners office helped me to save my home from foreclosure. Also, contacting the major news network didn’t hurt my case either. They did a story about my situation and it finally woke HSBC up.
The moment people get into trouble, right away they want their mortgage company to bail them out. Would you ask your grocery store to let you pay half price for something or ask you hairdresser, car lender, baby sitters, to take half off because you have personal problems. Is it fair to any of them? Companies all over the country are giving breaks to everyone, but homeowners want more, greedy. Pay your mortgage, quit eating out, buying non-essential items and if you co-sign and that person moves out, get them to pay their half. Don’t blame the mortgage company for your relatives behaviors. Just pay your mortgage and quit putting the burden on others
to those of you who blame all borrowers for this mess need to wake up. not all of us set out to get a loan from hfc, beneficial knowing they had high interest rates and realizing later that they were not truthful and dishonest. my husband and i have never been late on our payments even though at times it was hard. now my husband received his 60 day notice from his company. we never dreamed when we signed those loan papers he would be out of a job! who do you think started this mess that led to my husband losing his construction position. people like us are not receiving a bailout to get by until we find another job like the banks. whats the big deal for hfc to lower there interest rate so you can get buy for awhile. its only fair since they had a huge hand in starting all this. this last post i read saying homeowners are greedy. you have it backwards. you need to think what if it was you who worked for years at the same company lived at the same home for 30 yrs, take out equity loans to improve your home and all “you no what” breaks lose. i am sure there are some out there who might be taking advantage but you, the one who thinks people like my husband and i are taking advantage of others need to walk a mile in our shoes.
judy, you go girl. there are people who are taking advantage but let me tell you, there are alot of us who have made our payments and have lost our jobs. NOT OUR FAULT!!! it was the banks and the goverment. so back off.
HSBC is a nightmare to work with. Hire a professioanl to get your Loan Modified. It is well worth the money, but make sure the company you work with is attorney backed and has a 100% money back guarentee. Unless you have 6-8 hours a day for the next 6 months to dedicate to fighting with HSBC hire someone. It worked for me.
Eric, who did you have your success with to modify our HSBC loan? My loan with HSBC is fixed and it is not my principal residence but I have several hardships that are temporary and some restructuring would make all the difference.
I got one bank on my own to cut my payments in half but so far have not had much progress elsewhere as I have not been late in my payments, having spent all my resources to protect my credit.
I have been reading all the Blogs concerning HSBC. I have the same problem with them not working with us on our loan. I have a suggestion to every one with a loan with them. Go to Whitehouse.org and send Mr Obama you comments directly to the White house. If enough of us do this maybe we will get the attention we deserve.
Thanks George NH
Kathleen-
Go on the HSBC website and find where it states “How to apply for help.” Fill out the form and send in the documents they ask for. You might need to make a full monthly payment first, however. Follow up in a few days if the docs were received then they can tell you if you need to make a payment and how much.
Please try this before making the expensive mistake that I did and hire a Loan Modification “so-and-so” who wanted nothing to do with me after taking my money. He is backed by a lawyer but so what! They did nothing too!
I have a loan with HSBC – Fannie Mae.
I am 3 months behind. I have applied for hardship assistance.
Does anyone know if HSBC comes after you once you and they approve the short sale? I am already in the hole and i can’t pay the remaining balance after short sale.
KATHLEEN,PLZ. LET ME KNOW IF ERIC GOT BK. W/ YOU. I AM IN THE SAME EXACT BOAT.ERIC, PLZ ANSWER HER. GOD BLESS TX MANUEL
man after reading all of these comments it really is funny. I have a fix rate with HSBC and ended up losing my job. Asked them to help with a modification to my loans since i was afraid that i might not be able to make my payments of $2024 a month. After 4 months of sending and resending bank statements, unemployment statements they still denied my claim stating that I am able to make my payments. Well of course i am able to make them but its draining my savings away. I was trying to be proactive about the situation but they were not willing to help me at all. HSBC is a horrid company.
I work for HSBC in Loss Mitigation. I can tell you that we do work with people. we are very good to our customers and I cant believe that people are really having a hard time with the company. ofcourse nocompany is perfect but my gosh customer really comes at HSBC. If I ever had a mortgage, it will be with HSBC. Not everyone qualifies for a loan modification, there are guidlines and rules that customers have to follow. Someone mentioned that HSBC required him to make a single pmt to continue the mod process. well it is one of guidelines to show good faith. We can not process anything without that single pmt. we really do cut pmts in half and it is amazing how we help customers. On my accounts that I worked, we cut pmts in half and then restructred the loan, where we put pmts at the end of the month. the other day I took a guy from 9 months past due to a Zero past due and 50 precent less pmt for the next six month. You are also able to make as many pmts as you can or want inthose six months at the lowered rate. if you make six pmts in six months, then they will consider you for an 18months mod and then possibly for a perm mod. So definitely make that qualifying pmt and you will get the mod if you really need it. many people apply and they have acrazy surplus. and there are many with thosuends in the red. Also let me tell you about those third party companies. they cant do anything for you. You are just slowing down the process. if you want something done call HSBC yourself. At hsbc those companies dont do anything to convince or make us do anything. They dont even know what they are talking about most of the time. Just call HSBC and tell them your hardship and be sincere, and always remamber that there is a human living in the USA on the other line who is probably going through the same thing as you. HSBC had many lay offs and people that work there have the same problems as everyone else too, they feel you. I feel customers when they tell me they are having trouble making ends meet with this economy. I believe them and I help them cuz we are all humans and things happen. so guys call them and be proactice about your accounts and dont let it go. Dont give up.
to what Ronald posted:
i guess you were not working when we called because the lady on the other end of the line at HSBC was rude. asking questions in a sarcastic voice: why are you losing your job, you have a job still so you can make your payments, when you get unemployment benefits send the certificate. knowing how long that takes they make you late in the mean time so they can charge more fees to tack on to the end of the loan. we have called HSBC several times trying to get something done before the layoff next month. if they really wanted to get a handle on these foreclosures they should just lower the interest rate. with these hard times, job losses, whats the big deal to lower interest. it’s greed. money hungry greed. why are there so many people not being helped by this bank. i will tell you it is greed from the top. i am tired of hearing employee’s from HSBC acting so shocked as if we are making this up. try pretending you have a loan with them and see how far you get.
Ronald,
I believe you, but maybe its just the hoops they make us jump through before we can get to you. I have been trying to speak to someone for months knowing the I was about to exhaust the last of my savings. I got no where. I was told that they are NOT rewriting the mortgage notes. At that time I was up to date. Now I am behind. Not quite 30 days yet, but still behind. I am trying again tomorrow.
BTW: I am also working with a Non Profit Counseling Agency and they too told me that HSBC is not being pro active in these situations.
I bet if you posted yoru e-mail, you’d have a thousand people at your feet.
I just got my loan modified through Acorn Housing Help.org. I have my home loan through HSBC and it only took three weeks to get my paper work done. I can attest that HSBC will work with you, but you have to stay on it. I was approaching 8 months behind in mortgage payments, but they did definitely save my home. I say kudos to Acornhousing help.org and HSBC. They both put a smile on my face. It can work for you just keep trying and keep the faith.
My mortgage is with HSBC have called a couple of times about modification.
Not behind on my mortgage yet, but we have medical issue and my husband will be off work (3) months.HSBC does not seem interest in helping. Also I asked to have my home refiance, was told they no longer handle refiances.So I called HOPE was told they worked with HSBC but need 1995.00 sent by certified check or western union first.
Has anyone dealt with HOPE-Home Owner Protection Economics?
Thanks
Dear Ronald.. you and all your people in HSBC and nothing but a bunch of liars. I went through your 6 month payment modification. NEVER LATE. I paid your loan over 2-1/2 years NEVER LATE.. I was told the exact same thing you told the previous poster. Pay 6 months and then we will give you a more permanent solution. Well Ronald, I paid your six month mod.. and then guess what.. When I asked about the long term solution. I was told HSBC doesn’t do that and was offered.. guess what? Another 6 month modification. I tried to get HSBC to lift the prepay penalty before the real estate market folded in Florida so I could refinace when it was still possible. HSBC was even too greedy to look at reducing it. A Manager in January this year told me that HSBC would take me into consideration for a Short Sale Refinance IE H4H if I found an outside lender.. Ha… Like I can find an outside lender after you destroyed my credit I am now upside down 200K. Not to mention that H4H is a complete joke. I went back to HSBC this past week to tell them that no outside lender is available. I was then told to call back later this week.. I did.. and was told guess what no short sale refinance.. JUST 6 Month modication.
Anyone reading this. Don’t waste your time. Like I mentioned I am going on three years and nowhere. File chapter 13, Get a lawyer, contact your governors offices.
Talk to the local news.. We need to force our Hand.
I have a mortgage loan with HSBC and this year have to refinance due to a 5 year fixed rate. My house is now worth 130,000 dollars less that what I bought it for and no bank will refinance because it depreciated in price. I was told that only your current bank will work with you which in this case is HSBC and have been for more than 20 years…including my previous home that I owned in New York for 14 years. I’m not behind on my mortgage and never have been, I called them explained my situation and have tossed around from people to people as well as been given excuses such as we are “still reading the stimilous package because we don’t understand it” another is we are “not ready to process any claims as of yet call back in two weeks” so on and so forth. I have to refinance because I don’t wan’t to end up with an adjustable rate. I do qualify for the loan modification (2nd part of it) but thatey are just ignoring there clients. The last time I called the representive from HSBC was apologizing to me because she couldn’t transfer me to the loan modification department because she was instructed to take name and e-mails from callers to then send them a letter but she didn’t know what kind of letter she was completely lost and couldn’t answer any of my questions. I have decided that I will e-mail the President of the United States as well as called the local news and see if someone will hear me. Good luck to of you guys hope something good comes out of all this.
Everytime I call HSBC they tell me to call acorn? Cant they do this temselves? we are one month behind since last sept. They dont seem to push that issue, why? we filed chapter 7 a little over a year ago and did not Re-affirm the loan with them, they wanted us to but we did not, now we owe the first $220K and we owe HSBC $39k We just had an apraisel done, the hous is now worth $160 K Tops, we dont have enough to even pay off the first? Since HSBC will not work with us I am just going to stop paying, They would never ever be crazy enough to foreclose when there isnt enough to pay off the first…so now they get nothing, Since the BK was discharged they cannot come after us personally either..so they lose…The first Mort is acually giving us a loan mod we will continue to pay that but HSBC…Is absolutly terrible to work with
Kudos to all of you with complaints of HSBC’s tactics. I too have both a 1st and 2nd mortgage with this company and have had nothing but trouble from them for almost 8 months now.
In October of 2008 I was able to get them to reduce my payments under a so-called hardship payment for six months (and for that I am grateful). However, I have gotten constant harassment calls from them nearly every single day since they approved me for the hardship on 10/31/2008. The reason for the calls is because, even though they approved me and I have made the payments every month, they keep telling me I owe them the difference between the hardship payment and my original monthly payment. This is now up to more than $2500 because the Loss Mitigation Dept doesn’t know how to talk with the main branch.
I can’t even tell you how many different people I have spoke with, screamed at, and threatened to get them to straighten the mess out. I have been promised every single time that I would not get any more calls but sure enough a couple days later the calls begin again. The incompentance of this company is so profound it is no wonder banks are in the trouble they are in.
If I didn’t have responsibility for others in my home I would have just let the house rot. It is about time us consumers who pay all their bills revolt.
HSBC are the biggest bunch of crooks. They lie and lie. Our loan was sold to these jerks, six months after we brought our house. It has been one nightmare after another with them. We feel behind when I lost my job. I got another job and started trying to catch up. No not possible with them it was all or nothing. We went to NACA to get help. NACA wanted to HSBC to restructure the loan so that the payments would be reasonable and we could afford them. HSBC gave us a 2 year modification but then want us to go back to the original rate of 1600.00 a month on a loan of $79,000.00. When we were trying to deal with them on our own we were told that they are a foreign owned bank and don’t have to abide be USA lending laws. I hate this company and wish to find a way to get away from them. Even though I have a modification I get calls every day and hate mail all of the time. When I answer the phone and talk to the jerk in India and tell them that I have a modicfication with them the don’t understand and try to tell me that I owe them more money. This is one bank that needs to fail.
I agree with all of your comments about HSBC. They have made no effort to be a responsible corporate citizen and do their part to fix the mortgage mess. All they do is give temporary 6-month rate reductions in random cases. They do not have any type of workable modification program. Go to the NACA web site, http://www.naca.com, and you’ll see photos of CEO Brendan McDonagh and Board Member Safra Catz front and center, because they are targets of NACA’s accountability campaign. HSBC is a mortgage lending and servicing predator. File a complaint with your state banking regulator and the Federal Trade Commission, as I have. HSBC, including McDonagh and Catz, is laughing in the faces of all Americans as they send our hard-earned money overseas. Karma is a bad thing.
We have also been trying to work with HSBC since Decemer 2008. Knowing that we would be heading for a hardship by February 2009, we notified HSBC prior to being late for a possible hardship modification. Our fixed rate since the beginning of the loan in 2006, 9.0. When we tried to refinance in 2007, we were told that we had a 3 year prepayment penalty of 5 percent, which was added on at the last minute before closing. Our loan was sold to HSBC prior to making the first payment. We have sent all of the documents 3 times since January 2009, due to them saying that it was the wrong fax number, even after verifying that the received the paperwork each time. We have made several QUALIFING PAYMENTS! since this process started. We are now 60 days past due, which we knew would happen. Hence the reason why we contacted them in the first place. We are now able to make our monthly payment, but will always be behind 60 days. At this point we do not believe anything that HSBC says to us, because we contact them several times a week and we get the same answers over and over again, in review, in negotiation and the best one call at the end of the week you will have a GUARANTEED ANSWER!. HSBC IS DEFINATELY STAFFED BY A BUNCH OR LIARS!!! THEY TRAIN THEM WELL!! OH AND DON’T FORGET THAT YOU NEED TO BE 60 DAYS BEHIND TO SPEAK TO SOMEONE WHO CAN SPEAK ENGLISH!!!
To all who have complaints regarding HSBC, yes you are right, well most of you anyway. I cannot begin to tell you of some people complaining for no reason and getting a modification and then people who genuinally need it and not getting it. Yes, not everyone needs a loan mod.
And to Ronald, you might be one of the many few people who do help but most don not, believe me. I used to listen to most of my coworkers around me and they were rude and nasty to a lot of these customers that used to call in. Now I wasn’t able to hear the customers at the other end but most of the time there was really no reason for them to be like that. Like you I did try to help everyone that I spoke with but sometimes when you go the extra mile to help your hands are often tied by lazy mngmnt who just care about the bottom line and guidlines. Yes customers must follow giudlines but more than often there are people who followed their guidlines nad got nowhere. And as for 3rd party companies most af them are clueless but not all. There are some that actually know the programs and guidlines better than reps working there. That is why I have left HSBC and started doing my own modifications just with HSBC, because my hands aren’t tied by management and I can pretty much guarantee results. They often do permanent modifications but you have to go through their 6mnth, 18mnth process first. I can go on and on. Eric hit it on the head about hiring a 3rd prty company to do the work for you if you have the money and don’t have the time because it is tedious and time consuming faxing and calling but make sure they are not blowing smoke up your a#@ and telling you that they can do what HSBC can’t. You can’t get a permanent modification right away, only if in extreme circumstances and if the situation makes sense. I have seen some pretty unbelievable mods but they are far and few in between.
I have had the worst experience with HSBC. I have 2 houses and unfortunately it was just my luck that both of the loans originally with 2 seperate investors ended up being sold to HSBC. I have been the perfect customer for over 4yrs and am being penalized because of it with a big fat NO on both my modification requests on both loans. I have been as tranparent financially as I can be without them knowing my blood type. I am experiancing such a finc’l hardship and they see that but still say “sorry Mr. on paper it looks like I’m doing fine which is such B.S. I had to relocate from on part of the state to another about 300 miles away due to employment reasons and family and was about 2 days from closing on the sale of my former home before closing on the new one I live in now and it didn’t do through so I got stuck renting it and the rent is $300/mnth less than servicing the full mtg. Now work has slowed down and in danger of not being able to make my payment on my primary now. My pay has decreased about 30% which they see. So long story short after 2mnth of faxing and calling I was told last week that because I have a rental property despite my reduction of income I should still be able to manage ok and don’t fit the criteria. Earlier this week I signed up with a loan mod company on a recommendation from a good neighbor and friend that also has a mtg with HSBC and has had success with them and they have 100% money back guarantee. They say turnaround time is 2-3wks so I’ll update my situation as it progresses.
We have a 1st and 2nd mortgage with HSBC. I cannot begin to list all the complaints that I have with HSBC. In Nov 2008 we tried to be proactive with them about our employment and income situation that we knew was coming in the next coming months. They said they couldn’t do anything because we were current. I will say that they locked in our current ARM rate for a year. Yippee… But when I got laid off and my spouse had to take a substantial pay cut at the beginning of the year that’s when the unbelievable hoop jumping started with HSBC. We faxed, refaxed, refaxed again, and again…, made numerous phone calls, all to be constantly told that we were denied for a modification. At the end of April we went to an Avoid Foreclosure Forum put on by our State ATTNY General. Most banks were there and kudos for the ATTNY GNRL for putting this event on. We went just wanting to see someone from HSBC in person because we were not getting anywhere on the phone. We got in right away and sat down with a helpful guy from HSBC. We came heavely armed with all our communications and faxes that we had with HSBC for the past several months. This guy said we would be able to find out if we could get the modification application submitted and approved all while we waited. Which we did. It was like a breath of fresh air after the nightmare we’d been having. The HSBC guy (while we sat there and observed all of this) got the modification approved. We were so thankful to this guy and thought we were all set. He sent us home with a form that had the new rate and monthly payments filled out for the 6 month modification. So come May 1st we made the new payment amounts thinking all was good. 2 days ago we get a call from the main HSBC #(800-395-3489) (collections) saying that we owed more $. After getting passed around, Joel from the mod. dept. told me that the application that the helpful guy put in was denied. Well, you can imagine how far through the roof I went with that. I explained that we were sitting there in front of the guy when it was approved, so how does an application that was submitted and approved then not get approved. All he kept saying to me was that the application was denied. And now we are getting constant phone calls from them about the extra $ they say we owe. So here we go again with HSBC. Tomorrow I will call the State Attny. General’s office to file a complaint against HSBC. This company is the worst to work with and is filled with incompetance. You’d think with all the unemployed qualified people out there that HSBC could actually hire some quality people, because I haven’t found one that works for them yet. I will also begin the vigilant phone calling and letter writing to the CEO of HSBC. I’m sure it won’t do anything, but at least they will get a taste of what constant nagging phone calls feels like. I’ll let you all know what happens. Good luck to all of you dealing with these liars, I feel your pain.
WHERE ARE THE LOCAL BANKS THAT ARE WILLING TO HELP THEIR NEIGHBORS????
They are out there. Just far and few in between.
We have our mortgage through HSBC, and have an ARM that was set to adjust in Feb 2007, they sent us a notice that they were extending our rate for one more year, so it adjusted in Feb 2008. Couldnt keep up with the payments (went to almost 11%!!) and tried to get a mod, they restructured instead, and we tried but kept getting behind. We got out of forclosure in Nov. 2008, and got a 6 month mod at 5.25% (huge difference!!). Lost my job in April, and now we are behind, we show 3 months, they are saying 5!! they are now telling us that they need 5100.00 to keep us from forclosure again then they can mod our loan again to a better interest rate. that will probably last 6 months as well. Was told to send in a hardship letter asking for a 10 year mod (like thats gonna happen!!) and fax paystubs. Our income has been cut in half, and I have asked about the Obama modification plan and they say they are participating, but I have to pay 5100.00 first. If I had 5100.00 I wouldnt be behind in the first place! We have 4 kids and cannot afford to lose our home. I really dont know what to do anymore, they go in circles when you call, and offer no solutions at all except to send them the money. We dont have it, as it is, our payment now is about 75% of our total monthly income! ANy suggestions???? I have called HOPE NOW and they really havnt done too much to help, and I am really scared that we are going to lose our home!
Here is what everyone needs to understand if you no longer have equity in your home you have nothing to lose especially with a Bank in a second position. If you purchased your home from 2002 to 2006 for more than 80% LTV or less than 20% down payment you owe more than your home is worth. Since your home is most likely your largest asset you have no assets for the Banks to go after. Do not let them intimidate you all they have is threats. You could live in your house for at least 1 year before they can send your home to auction, so you can live for free for at least that long. In an Auction sale the muinicpality gets paid back taxes first then the first lien mortgage holder and then what is ever left goes to the second mortgage holder. Mostly likely if your home is in a negitive equity situation your 2nd mortgage holder will receive nothing from the proceeds of the sale. The courts wont even let the Banks foreclose unless they have attempted to conduct a loan modification with you. That is why you could live in your home for at least 1 year before anything will happen. The Banks have so many loans in a similar situation as yours plus they have decreased their employees and the courts are backed up with other cases how long do you think it will take for them to get you? The fact is we all need to survive right now dont worry about tomorrow. Do not look at this as you own your home; you are renting your home from the Bank as you have no equity left. What are you willing to pay in rent to live in your home? Last if you are already past due 60 or 90 days your credit is destroyed, so dont worry about your credit score.
So my husband and I are looking into a 3rd party for modification. They have been around since 2007 and have a 97% possitave rate. They are needing 3000 to work with us, and for us to pay that we will need to stop paying our mortgage. this is such a scarry thing. Now that I am checking to see how HSBC is it sounds as though they don’t want to work with Obama’s plan and this is such a frustrating thing. So I sounds to me that I don’t want to give my money to the 3rd party only to not have saved any money if the best they can do is get me 6 months reduced pmnt and then it goes back up. The other frustrating part is that we have always been current, the reasons we would qualify with obama’s plan is due to I had a son in 2008 I then went to part time, my employers were having issues with money coming in and halted any changes so I couldn’t go up to full time. I now work for myself but don’t bring in nearly what I did working full time. And if I was to work full time the money I would be working for would be my son’s daycare since that would cost so much. My husband already works a 10-12 hr day and he can’t get a second job to bring more in. Also we are under by 40000 and its on the cheaper side of town and homes. The sense of the market going back up atleast in our area is a laugh within the next year or two. But due to be paid up all the time HSBC wont even look at us. this is such a frustrating thing. If anyone is interested there is a website to petition against HSBC and hope they get their act together. Thanks
I work for HSBC Mod. Very simple to get a modification if one is truly in a hardship.
It may seem like hoops when it comes to having to refax something more than once but it’s not that hard. Just LISTEN to what the reps are telling you. If eligible we will NOT deny you. Stop saying that HSBC won’t work with you. That’s a lie. If you’re not qualified, you’re not qualified point blank! It’s just maybe the time to think of exit strategies if you can’t pay the contractual terms. Don’t blame it on the Mortgage Company if the ARM increases; blame it on the Market and the Index. They control what your rate will be.
Here are the steps:
1. Make a payment. Stop lying to the reps saying you can’t pay if you know you can. If you don’t then it will delay the process and you’ll end up getting denied because you’re not contributing to the cause. Many people get denied because their playing hardball with the company but it doesn’t work that way. We will not work on the mod and give you an answer to what the price could be reduced to if you’re not maintaining your account TO THE BEST OF YOUR ABILITY. We know you’re in a hardship. Just do exactly what the reps say and you will succeed. If you skip a step then you will fail and spend your time on these blogs because you refuse to pay your mortgage and just are trying to wait to see what the answer will be. Just try your best and make arrangements over the phone so we will have it in the system that we will be expecting funds sooner or later.
2. Once you pay we’ll update your financial situation in our. If you have a surplus then it shows that financially you can maintain payments so you might not get approved. So if you are making enough money, don’t get mad, good chance you will not get approved.
3. Just fax in the documentation as soon as possible. Make sure your HSBC account # is on the top OF EVERY SINGLE PAGE! People try to wait 3 weeks before they fax it and blame it on us later on after the application expires. Fax in full most recent 30 day bank statement with names for everyone on loan, 1 paystub for both mortgagers (within last 30 days), and unemployment or social security award letters if you receive it. Once faxed it will take 3 to 4 days for us to see it on our cpu’s then another week to process and provide a decision (assuming you’ve made at least a full payment within the last 30 days.) Trust me. If you do it ASAP you can get a solid answer in a total of 2-3 weeks.
3. Once we’re done with the paperwork we will probably ask for a qualifying payment (if the account is behind and we need you to catch up a little) to show good faith on the account which is pretty much what the payments will be on our 6 month modification. Don’t argue with us. If you have it, then just pay it so we can get you on some type of program. If you’re not able to afford the modified amount and have an even further legitimate hardship (death of spouse, serious disability) we may be able to lower it further but you still have to make the payments for what we set it at first. We will not send anything in writing unless you’re on the mod and actually approved/denied for it. Just make your qualifying payment. We’re not asking for anything extra money to get on mod at all, just what is probably already due (if account is behind).
4. STOP PLAYING THE WAITING GAME! Just pay what you can and then we will try to work with you. That’s pretty much it. No papers to sign.
5. Once you’ve made at least two consistent payments in a row (within 60 days) we may be able to restructure your account and bring the account current (if it was behind) and if you haven’t had a restructure in the past 365 days.
That’s it. I process over 21 loans a day and gone through it long enough people they know what the deal is. If you can show future ability to pay and you are in a true hardship you can pretty much guarantee that you can get you payments lowered.
P.S. No we don’t change loans to fixed conventional rate, no we don’t refinance, no it is not permanent, (only if you can pay for the first 6 pmts, then possibly get 18 month extension , then possibly permanent, but you can’t skip any payments). Everything revolves around payments. You may be laid off or have a reduction of income but as long as you can afford to make a payment or two throughout this entire process there is no reason you should get denied. Just follow the rules.
Listen to what the other guy who works there said above me. Don’t waste your time with those 3rd party scam mod agencies. They do not convince us of sh*t. Just call in yourself and update your financials by yourself and save yourself the money. We do all the work for you. All we need are your financial figures verbally, then the physical income documents faxed with loan #’s on each page and that’s it. They don’t negotiate the terms, we do. They CANNOT promise you an imaginary rate under 4% because we don’t even go that low and our decisions come from the financial #’s and possibly the hardship letter if you feel the need to write one (we don’t really need one), so don’t waste your time with the scams you see on the commercials. TRUST ME.
No mods under 4%?!?!?!
Well looks like I’m screwed! I’m on my second round of the crappy 5.25% 6 month MOD with HSBC. Not happy. Can’t afford food and other household bills. I really like what Nicholas S Marra said in her post. Really puts it into perspective. HSBC can have this crappy house. They already screwed up my credit. I was making payments while they were reviewing my second mod and they weren’t applying the payments so it looks like I had gone 60 day delinquent. Nothing to lose now!
Moe, are you able to confirm whether or not “Worker” submitted his post from an HSBC IP address, or give any credibility to this person’s claim he/she is a loan modification worker at HSBC? His message is very disturbing.
Do not ever deal with HOPE-Home Owner Protection Economics company.. I dealt with them I they do nothing but steal my money, they say if they cannot get the approve of the application of the mortgage bank they will refund the money.. but that’s a lie, I have been trying to contact them for last 10 days and they just do not answer my calls, left a lot of voice mails and nothing.. they just stole my money..
If you are having legitimate problems paying your mortgage and totally frustrated dealing with your lender and the Obama plan, go to NACA.com It’s the real deal and there is no charge for their help
La Dee Da La Dee Da,
HSBC took my home and I didnt even know it. They kept modifying my loan every friggin 6 months and after two years I asked hey, cant I get at least 18 months, or can we do the H.A.M.P. program something anything. Before you know it, I got a letter on the door stating that the house was owned by HSBC, they didnt even renotice the Notice of Sale Date, they dont have to, The first one is good for a year, I had to find out the hard way, and guess what I am a mortgage broker and I save peoples homes daily and i couldnt even save my own, did I want to probably not, when I told them I was done playing games for two years they took it, oh well, cant complain when your dealing with incomptenence in todays market you get what you pay for, I paid nothing and thats what I go NOTHING……………… iLL BE OPURCHASING AGAIN IN 2 YEARS BUT NOT WITH HSBC guranteed……………
I have been in default since November 2008 I have tried every possible avenue with HSBC, Hoep Now, Accorn. The truth is this if you dont pay and they forclose the government will back the loan plain and simple so why would they work with you. Calling HSBC or help all you get is sent over to as retention department this not helping……… I was actually told if I made my payment they would look into modifing my loan but would not give me anything in writing at all verbal…. What the hell is that. So now I filed Bankruptcy still trying to get there attention somehow to keep my home that is worth 85,000.00 less than what I owe on it. And becuase I filed bankruptcy it is hard to rent a home is there any agency that is willing to help!!!
I am curious…we are exploring BK. We’ve been approved for the 6 mos. “hardship” by HFC Beneficial, but like others here, have not received anything in writing. If we do file a Chapter 7 in CA, will they cancel our Hardship? Will they even consider another 6 or 18 month Hardship in future? We are making considerably less than when we got the loan (at least we are now working – both of us were laid off last yera). Any advice for us?
Thanks,
HSBC – Frustrated Borrower
We have just been approved for a 6-mos “hardship” with HFC Beneficial. We are making less than what we made when originally approved for the loan, and are behind on payments. We are considering Chapter 7 in CA, but before we do, I am curious if HFC will cancel our hardship if we file. Will they even consider an extension if we file?
I have been trying for months to get ahold of someone at HSBC. I have records from my phone company that shows I have contacted them everyday. Also, I have letters, and faxes and still no answer. I have non hodkins lymphoma, as well as breast cancer. This is why we fell behind on our payments. I have even offered my lofe insurance policy that will pay off the house if need be. We are just a working class family, and all the medical costs have killed us. It is hard enough on my family knowing that I am going to pass. Now they are faced with losing the only home we have ever known. Believe you me I would have made my house payment on time then to fall behind. Does anyone know of any thing I can do to save my home?
Has anyone tried to get there principal balance through HFC reduced to refinance with another company. I have another company willing to refinance my first mortgage but the the house is $5,400 upside down. Just didn’t know if they knew there loan would be payed off if they would be more willing to modify the loan?
I am two months behind on our mortgage. I have completed the required paperwork to see if we qualify for assistance. We have had alot of expenses, and hours had been cut. Beneficial told us that we made too much money and there is no reason why we could not make our payments. I would make small payments when I could. It was not like several months went by and no payments were made. The people are so rude and nasty. They continue to add late fees and it seems like one will never catch up. They lie when they tell people on their website, if you are having difficulties please call. Why call, you will just get berated and ridiculed.
Nasty, nasty people.
HSBC Strains While It Tries To Help Out Homeowners
HSBC’s Mr. Booker said. “HSBC is also reaching out to customers who aren’t delinquent but who soocould fall behind”.
“The bank then contacted borrowers who weren’t yet delinquent and modified their loans”, says Tom Detelich, president of consumer and mortgage lending at HSBC Finance.
This article is a bunch of crap. I had a liver transplant and was off of work for 1 1/2 years. I chose to pay my house payment ($1800 per month) on time but had to let other payments go.
Now I am back to work and using a debt settlement firm to negotiate my debt. I am trying to catch up on $20,000 worth of debt. I did not take the easy way out and file bankruptcy.
I applied to HSBC for loan modification and was denied because I make too much money monthly. They will not count what I pay for my additional debt since it is unsecured.
I have been at my job for 29 years. I had impeccable credit without a late or missed payment on anything in 20 years. I was living within my means. FYI – You have to pay $315,000 up front to be put on the liver transplant list. My BCBS insurance covers $100,000 per transplant. I had to use all of my 401k and life savings just to stay alive.
I was only asking for some help to get back on my feet and not lose my home. The way I see it now; I should have paid my other bills and let my mortgage go and maybe they would have helped. Or, when I get sued by everyone else and they start taking my wages, I won’t be able to make my house payments. I could either re-apply, hire a modification lawyer or file bankruptcy!
All I can say is I dispise HSBC/HFC Beneficial and all their stupid policy. I will not recommend them to anyone ever. They made my life a hell. I have never been late with my payment for 10yrs and paying a very high interst. Husband and I lost my job but has enough savings to get by for my 3 kids. Tried to work with HSBC/HFC Beneficial and saw how much money we have in savings….denied our loan modification request. We are still jobless for about 6 months and savings are draining fast. Screw HSBC/HFC beneficial they don’t care about anyone. All is this for is what benefit they can get out of you and they are like talking to a brick wall.. FUCK YOU HSBC!!
It is amazing how a company can come into a country and treat it’s citizens with such disrespect. I have so many friend that I have found a longthe way and I have started a support group on fb 1, Million strong on Facebooj My goal is to get 1 million stories and get as mnay victims (YES VICTIMS) of hsbc together maybe together we can make a difference I am Dottwell@ hotmail.com you can either email me or find the group by my email.