Loans, Debt & Credit - View Single Post - HSBC Mortgage Svs- 1st Mortgage

guzmane · 03-02-2009, 05:04 PM

We currently have our 1st loan through HSBC Mortgage Svs and our 2nd through EMC Corp. We defaulted on our 1st mortgage in November 2008 because our loan kept adjusting every 6 months. It first adjusted in May 2007 and right now it got to a point when we found ourselves cutting corners to keep up with the payment. We requested assistance prior to falling behind, but we were denied because our loan was current. A year later (Nov 2008) we decided that we can no longer keep up with the payments and decided to fall behind with the hopes that HSBC will now be able to assist.
Early February of this year, we began the process of a loan modification through HSBC Mortgage Svs. Since the start of this process, HSBC kept asking us for a "qualifying payment", which we did not know why and thought of it as buying our way into a loan modification. The qualifying payment was a one-time payment of the amount we could not afford, but we decided that we should give the "qualifying payment" since it was the only way HSBC would approve us for the loan modification. Well, HSBC got their payment and the next day after the payment was received, they notified us that our request for a loan modification was DENIED! So unfair....to make us believe that they are willing to help and at the end they turn around and say "sorry". Has anyone experienced this?? Any feedback would be greatly appreciated.
By the way, EMC Corp was able to assist with a loan modification without a "qualifying payment".

03-02-2009, 05:04 PM	#1 (permalink)
guzmane Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	HSBC Mortgage Svs- 1st Mortgage We currently have our 1st loan through HSBC Mortgage Svs and our 2nd through EMC Corp. We defaulted on our 1st mortgage in November 2008 because our loan kept adjusting every 6 months. It first adjusted in May 2007 and right now it got to a point when we found ourselves cutting corners to keep up with the payment. We requested assistance prior to falling behind, but we were denied because our loan was current. A year later (Nov 2008) we decided that we can no longer keep up with the payments and decided to fall behind with the hopes that HSBC will now be able to assist. Early February of this year, we began the process of a loan modification through HSBC Mortgage Svs. Since the start of this process, HSBC kept asking us for a "qualifying payment", which we did not know why and thought of it as buying our way into a loan modification. The qualifying payment was a one-time payment of the amount we could not afford, but we decided that we should give the "qualifying payment" since it was the only way HSBC would approve us for the loan modification. Well, HSBC got their payment and the next day after the payment was received, they notified us that our request for a loan modification was DENIED! So unfair....to make us believe that they are willing to help and at the end they turn around and say "sorry". Has anyone experienced this?? Any feedback would be greatly appreciated. By the way, EMC Corp was able to assist with a loan modification without a "qualifying payment".