HSBC question

[tyingsohard]

we've had our home loan with hsbc for over 3 years. so far, we have not had any problems with them working with us when we need help. last may, they started foreclosure proceedings because we were over 6 months behind. we owed over $6,ooo in payments and late charges. we called them as soon as we got the letter and they told us to pay $3600 by june 1, to cover some of the back payments and attorney's fees. my husband withdrew the money from his 401k and sent the money the next week. after they received the money, they deferred our next payment to july 15, which gave us over a month to get the next payment in, plus they will start the loan with a clean slate. which i knew that they will tack the rest to the back of the loan. well, in the meantime , our payment went up (adjustable rate loan) to more than we could afford. we had gone from two incomes to one. we could not make the new payment in july and told them when they called. in october they told us that we were almost in pre-foreclosure and needed to pay $1300.00 to prevent it. i told them that we didn't have it. every day, someone would call with the same and i gave them the same response. ask for a mod and one person told us to send in info, plus the money and i told them that the money was impossible. well one day i called and talked to someone who was so nice. she took the info needed over the phone and told us that the chances of getting the mod didn't look good but will submit it. about a week later, i received a call from hsbc telling us that the mod had been approved for 6 months and our payment had been reduced about 250 a month and they was going back to july with the new payment. we didn't have to pay the 1300. we just had to start the first of the month with our new payment which would be manageable. they told us after 6 months of a good payment history and if our income is no better, the mod would be continue for another 6 months. a few days later received a letter verifying everything. we have made our payments on time each month, and the mod expires in about 2 months. i'm hopeful that they will extend it, even though we are struggling each month to make the payments because income has been reduced some more, but if they do not, our payments will double what we are paying now and then there's no doubt about it, we will lose our home. when i ask them whether or not they were participating in any gov. programs, they said that they were not but working on programs that was better or the same just haven't got final approval from the higher ups yet and for me to call back. as of yet, i haven't called and have not seen anything online, so i guess we will have to wait and see what happens. as of yet, no major problems and after reading stories about hsbc, i feel like an minority.

[Moe Bedard]

Hi tyingsohard,


Welcome to the forum and thank you for joining..........


Your definately not alone with HSBC..........that is the only program that they have given anyone.............the good old do nothing to help 6 month modification.

[Believe]

Tryingsohard, I also have an ARM with HSBC, so I can sympathize with your frustration. I called them over the weekend and was again told they aren't doing Making Home Affordable modifications, but that they have their own modification program. I've been playing that game for almost two years now. To date, I have had two six-month modifications that reduced my interest rate by only one percent. After that, they told me I don't qualify for their program. Since then, they have adjusted my rate upwards twice - even during these tough economic times. HSBC doesn't care about its customers. Nor do they care about being responsible corporate citizens. I've complained to everyone I can think of in Washington, and so far it has fallen on deaf ears.

[jcallanan]

Just on the end of my 1st 6 mos. "MOD"HSBC looks like they don't care although they just laid off 1450 people in UK
Ive Heard about forensic audits
I wonder if that would be worth looking into
My Mortgage was orginated thru Accredited(out of business)
But I know for sure my appraisal was reviewed and they cut the value
But the Loan Officer assured me one of the upper mgmt would sign off on it
and everything would be fine. But i guess that would be hard to prove

Do these audits actually work?

[tyingsohard]

well, we are the end of our six month modification and is trying to extend the modification. i talked to one agent about getting an extension and he was very rude. i called on monday and he told me that the current mod would be over on thursday and that we need to make a payment by then. i told him that it would be impossible to make the payment on that date. (now the date is the actual due date, but we always make the payment during the grace period) i told him that we would make the payment the next week and he told me that it would be too late. i told him that i would get my husband to call as soon as he got home. when my husband got home, he called and talked to another rep who told him that he could make the payment the next week and afterwards request for a extension on mod. i was totally confused at the different answers told to us, so the next day i called back and talked to another rep who told me the same as the rep that talked to my husband. so next week we are western union our payment and applying for an extension and hope that we get it. the rep told me that we may get an 18 month mod. i asked about a permanent mod and she said that it goes on a case by case basis. now we were behind by $3500. and she said that they would tack the arrears to the back of the loan. i hate to do this because our balance was finally going down and now its going back up again. so i hope that we can work things out.

[jcallanan]

hearing the same thing all over about HSBC
It doesn't make sense

I wonder how much of their business is mortgage based?

I know they are over in the UK but they have to be taking a hugh hit on delinquent mortgages

I need to get some goods news one of these days

[tyingsohard]

got a letter from hsbc today and found out they restructured our loan to make the loan current. Even though the past due balance is added on to the end of the loan, it will help our credit rating so that in the future, we hope to refinance the loan to a fixed rate. the good thing is our next payment is not due until next month. that took a load off our shoulders this month from making the payment and hopefully we will get an extension on the modification, which was told should be for 18 to 24 months. keeping fingers crossed!

[newbaby08]

they extended our mod from 6 mo to 18 months however we never got a letter, i pay all on line and looked to see what next payment amount was due next month (month 7) and it was still the reduced amount and then i called and they said ohh it has been extended.. nice to send out letter hmmmm.