Comments on: Loan Modification with HSBC

By: Tom

Tom — Thu, 03 Nov 2011 18:23:42 +0000

HSBC took my mod info and claimed they LOST it.
Made payments for a year of loan mod, claimed they had NO record of payments.
No trust.
Goverment NO help.
tdrawdy@juno.com

By: DESPERATE

DESPERATE — Tue, 18 Oct 2011 02:57:27 +0000

I have been trying to modifiy my home for two years now with HSBC, it has been a nightmare. When I first started I was living with my boyfried of seven years, my mother was alive and I was 2 years younger, since my mother passed away, I broke up with my boyfriend that was helping me, lost my job that I had for 3 years, they went bankrupt and my world crumbled, HSBC new of my situation I even tried to pay half of my mortgage payment for 6 months while trying to get someone in HSBC to listen,but nothing was done, I eventually went to see a lawyer that has charged me thousands of dollars and nothing has been done, finally they denied the making home affordable because they said that I had more expenses than income, NOT TRUE!!! I sent them all my bills and proof of income, I have 2 rooms rented out and my garage and I am self employed making pretty good money, and still they have not modify my mortgage, I can’t understand why, can some tell me if you have been able to modify your mortgage with HSBC, I am a mess, I have been in therapy and antidepresant drugs since all of this modification mess, I think sometimes that I truly can die from this ordeal, I might sound like a drama queen, but is the truth, PLEASE SOMEONE, let me know if modification is possible with HSBC.

By: Jenny

Jenny — Wed, 31 Aug 2011 20:03:50 +0000

I purchased my investment property in 2005 for $2.1 million dollars. Recently, (over the past 18 months) I’ve had a tremendously high vacancy rate due to the poor economy and it began taking a toll on all my reserves just to maintain the property. I tried to negotiate with my lender (Bank of America) for a modification. I went round and round with the bank, submitting documents and so on and in the end, Bank of America denied me for a modification. I couldn’t understand why they wouldn’t modify my loan when it was clear that the economy hamstringed my ability to service the debt. The only thing that Bank of America could tell me was that the investor was the one who declined the modification. I asked who the investor was and they would not tell me. It was then that I began to look closer at my original loan and I saw on the Deed of Trust that MERS was listed as the Beneficiary. With all the information about MERS in the news I decided to talk to an attorney. My attorney had an auditing company called Lighthouse Consulting Group review my documents for both a forensic analysis of my original loan documents as well as a Mortgage Securitization Audit. It turned out that my loan was securitized in a trust called “Structured Asset Mortgage Investments II Trust 2005- 8. It was in this trust; there is a pooling and serving agreement, which governs the rules of the REMIC Trust. In my loans pooling and servicing agreement, it said specifically that any loan modified would require a buy-back from the servicer. Now, it was about this time that I began to default on my loan and was looking at ultimately losing my investment property. I was already 6 months in default at this point. The individual I talked to that is an attorney and real estate broker immediately ordered a forensic audit for predatory lending. Commercial properties do not have TILA and RESPA violations. The attorney also ordered a securitization audit to verify if the lender that filed the NOD was actually in proper standing. Both audits reveled several issues about my loan. First, the forensic audit proved that my lender had wrongfully calculated my payment it was overstated by $350 per month. Secondly, the loan itself was an adjustable loan based off the Libor Index, which was dropping, but the loan always adjusted up. This was a major development in a very positive way for me. Then, I had the securitization audit show that my loan was never securitized properly and the note and deed were not even with the same party. My attorney drafted a complaint, outlining everything I have mentioned. As soon as the lender was served, they contacted my attorney and settled without going to court. The settlement I got was a principal balance reduction of $400,000; my interest rate was reduced to 4.5% fixed for 30 years.

By: fustrated

fustrated — Mon, 20 Jun 2011 19:50:50 +0000

Been working with HSBC for the last three years got them do a modification for 18 mo.tbd. know they tell me I make too much. because they only look at house hold bills. Don’t care snout car payments or student loans. Told me the only way they will do a primate change is if one of u on the loans dies. Or u become disabled. They only option I have is to sell or let them foreclose on me. N I don’t want to do either.

By: erinp

erinp — Thu, 16 Jun 2011 16:47:06 +0000

I hope that everyone realizes that HSBC is NOT a lender. HSBC cannot own your loan. Our loan is currently owned by BofA but the processing was sold to HSBC. This is why it is impossible to get any kind of refinance option, only a modification. They really only manage the loan and the collection of payments.

By: MomZor

MomZor — Sun, 05 Jun 2011 18:16:58 +0000

NACA – I can tell you for me they were awesome! My home was 2 years in a rear when I went in person to NACA, I had 30 days left before I had to leave my home. My house payment went from $3,800.00 to $1,153,09 a month. They made half of my loan interest free and the other half went from 7.5% to 2%. I then took my disabled Aunt there just this month and she went from $928.00 to $279.00 2% interest. Both cases are PITI, yes Payment Interest, Taxes and Insurance. I swear by them. However, both of us had B of A as a lender. We still don’t know about my cousin, as she is with HSBC and they refuse to work with NACA. Lender makes a big differance.

By: V. Homeless

V. Homeless — Thu, 30 Sep 2010 05:28:25 +0000

I have sent 22 faxes and have called daily for the last 5 weeks. Kecia McPherson is in charged of the restructure. My last 10 faxes pleaded with her to please call me. The call centers are no help. The people only tell me what I have told them the day before. Honestly, I do not believe Kecia McPherson exists. If she does, I would be ashamed of the work she is NOT doing. Returning a call to someone is not difficult, I do it daily. I was told the only way to reach her is by fax. If anyone has her direct line phone number, please post it. I, too, have been lied to. At the time I received my first certified letter of possible foreclosure, I was 56 days late and has been working on the hardship agreement for 5 of those weeks. It’s almost like they started foreclosure early because I had for the agreement. Strange things going on with this company and no one talks to each other. There are 7 homes for sale on my street. It is not to their benefit to foreclose on a home that would never resale. My story is a long one, but I have never asked for help from anyone in 25 years. I have never worked with a company who would not allow you to talk to a specific person.

By: lowelisamarie

lowelisamarie — Wed, 11 Aug 2010 13:20:12 +0000

HSBC does NOT want to work out anything even remotely resembling a modification for anybody. Now they will eventually want to work something out with you when you ask them to produce your original loan paperwork and they cant. Alot of the ‘loans’ they are claiming they own after 2006 they don’t. They have no legal proof of ownership because the docs are ‘lost’ in a”pool” SOMEWHERE. They will work with you when this happens.

By: Bill

Bill — Tue, 03 Aug 2010 01:27:36 +0000

My first Mortage is with Countrywide (now BofA) for $355,000 @ 6.75%. My second Mortgage is for $54,000 @10.6 %with HFC. My payments are
$2500 and $600. both are 30 year loans. So I owe $409,000 and now my house is only worth $189,000. Yes everything is tight right now but I am NOT behind in my payments. I am told that my DTI does not qualify for HAMP and that I make too much money (too funny). The thought of continueing pay for a house only half the value does not appeal to me. What are my Options? B13 would get rid of the 2nd but I would have to pay the entire sum back (I make too much money). Is there any way to ask the Both Lenders to lower my interest? Will They? Is my best option a short sale? then rent? I would like any input thanks.

By: Angry American

Angry American — Sat, 29 May 2010 00:18:58 +0000

HSBC does not work with you – even with serious hardship. What a joke! Who are these people who work there saying this? None of their plans are set up for today’s recession demands. And they do not care if you have a loan owned by Freddie Mac or secured with FHA… which is my story.

I went into default shortly after my divorce because my ex decided not to pay support as scheduled and on top of that – I get laid off. I can afford my payments on unemployment and support, but with not support – I defaulted. So… HSBC offers 3 months forebearance
(best they can do, she said) and if my hardship continues, they’ll keep working me, no problem! Great – right? Not so much. All forebearance does is put you more behind but at a slower pace. Once you hit 4 months behind – they will foreclose on you regardless of your deal. Make no mistake and realize, my friend, that they are not helping you when you need it most!

Fast forward 10 months… still unemployed but got the ex enrolled in state collections and back on track. Absolutely can make payments but what do I do with the arrears? I do not qualify for a modification to address my arrears anymore because my unemployment income does not count (but my child support does – nice, huh?) because the government can’t get their heads of their *ss and extend unemployment benefits to atleast 6 months – which is what it takes to use UI for a mod. Evidently, modification is my only option to deal with my arrears since they’ve already started the foreclosure process. What really angers me is that I did qualify for a modification when they put me into forebearance – but what’s done is now done. I’ve been rejected for modification twice – which delayed the sheriff sale by two months. Then I filed with my state to extend it again by 5 months. Next stop – lawyers office. You know what he’s gonna say. Keep your cash, keep filing for the mod’s, find a damn job, and then we’ll file bankruptcy at the last minute and force HSBC to restructure as you’ve requested, but now it’s on your terms.

How stupid is HSBC? They are a servicer in this scenerio. Which means they only get paid servicing loans. Why would they throw away this income by foreclosing on everyone and making the loans go away? Not to mention – Chapter 13 can restructure your payments. AND if HSBC is the 2nd mortgage holder and you are underwater by atleast that amount – it can be converted to unsecured debt just like a credit card and completely wiped out.

MY FELLOW AMERICANS – YOU HAVE RIGHTS! Screw HSBC, get a lawyer and get it done right the first time. Hardship happens. What money you have left – use it wisely. Bankruptcy can cost under $1000 and when it comes to HSBC, it’s worth it! Just saying…