Help from HSBC Mortgage Svcs.

[Believe]

Hello all. I spoke to HSBC late last week and was told by HSBC that they didn't yet know if they were participating in Obama's Homes Affordable modification plan. Has anyone had any conversations with HSBC regarding this? Do you have any news from them indicating they may be stepping up their efforts to make lower interest permanent modifications? Any information would be appreciated. Thank you.

[cia90]

80 people look at this thread,, but no one knows a thing ( just like hsbc)

[Moe Bedard]

it is all right there on HSBC's website...........what their investors offer is listed on their site.........they have not changed it like other lenders have after the President's announcement...........note the word "temporary" is used................not the term fixed, or permanent, or long term, are used in describing their options.........it is very disheartening that such a large company offers so little to homeowners in distress...........

Options to Keep Your Home

Depending on your situation, we may be able to offer you options that can provide you with temporary financial relief and help you keep your home.

When should you consider these options?

You have suffered a temporary hardship situation that can be resolved
You need assistance getting back on track to get a fresh start

Below are the options:

Loan Modification OR Temporary Payment Modification

A loan modification is a formal written agreement between you and HSBC Mortgage Services, to reduce your monthly payments for a pre-determined period of time. (which is usually 3-6 months, we have yet to see a longer modification) Additional options may be considered at the end of your term if your situation persists. This would allow you to pay a lower payment for a period of time without refinancing or paying additional cost.


Repayment Plan

This option is a formal, written agreement between you and HSBC in which we accept your regular mortgage payment and a portion of your past due unpaid balance for a pre-determined period of time. This will help bring your account current over a period of time--avoiding or stopping foreclosure.


Restructure

A restructure is used to avoid foreclosure by allowing you to bring your account current by deferring payments. This is a mutual agreement between you and HSBC Mortgage Services and allows you to get caught up on late payments without having to come up with the money.


Reinstatement

This option will bring your account up to date, including all fees and cost. It stops the property from going into foreclosure.

For either a restructure or reinstatement, please call 800-395-3489 to speak to an HSBC Mortgage Servicing Professional.

Please note: You must contact HSBC for approval to participate in any of the above options. The initial review does not waive any remedies available to HSBC Mortgage Services under the terms of your note and mortgage. You will be responsible for any third party fees and costs that may be incurred during the collections and foreclosure process, as allowed in these documents.

[Believe]

Originally Posted by cia90

80 people look at this thread,, but no one knows a thing ( just like hsbc)

It's sad, isn't it? Most of us keep turning to LoanSafe, the news, the mailbox, etc., day after day, looking for some small glimmer of hope. Despite the offers of help on their web site, HSBC has no interest in helping any of us really. One of these days I'm just going to throw in the towel. I've had it with being held hostage by this company.

[jcallanan]

Has NACA had any luck with HSBC and a loan mod?

[Believe]

Is HSBC Mortgage Services changing their approach to mortgage loan modifications? I noticed that CEO Brendan McDonagh is no longer pictured under the Accountability Campaign on the NACA web site. I also received a letter today from HSBC saying they are currently evaluating the Making Home Affordable Plan. This was not an unsolicited letter, rather, it was in response to a complaint I filed with my state's Banking Superintendent. They aren't committing to anything, of course. Does anyone have any news regarding HSBC?

[browneyedgirl011]

I spoke with HSBC Loss mitigation department today, we are behind on our motrgage and they advised us that they are initiating forclosure proceedings. They told me that we need 5100.00 and then they will see what they can do to modify our loan (6months). I lost my job in April and we have been struggling, with 4 kids to feed. I specifically asked the agent on the phone, Sandra, if they were participating in the Making Home Affordable program that Obama initiated and I was told that they are NOT, and that they have options for homeowners facing forclosure. So far the only option they have given me is to come up with 5100.00, they have done nothing else. We have sent in financials and Hardship letters, but I dont think it is going to do any good. I am currently trying to get my state retirement fund turned over to me, and that takes 45 days or more, and they are not willing to give us more time, just say they will note our acount. I have gone around and around with HSBC for almost a year trying to get our interest rate (almost 11%) lowered, to no avail, and I just frankly dont know what to do anymore. I have spoken to 995-HOPE and they have been really nice, but really havnt been able to help with anything other than trying to set us up with a budget. We are low on funds, and want to save our home, but so far, nada! They have trashed our credit, and now we cant even refi through them. Anyone have any suggestions???

[amyjeannine]

I did get a permanent loan modification from HFC. The official documents that I got were written on HSBC Mortgage Services letterhead. They cut my interest rate from 11.25% to 5.25% for the life of the loan. Things are really changing over there.

When I originally applied for a hardship modification and was told I was approved for a temp 6 month mod. On later conversations, one of the agents started talking about my permanent mod. I could not believe it. When the papers came today, it was right there in black and white.

The big thing I found was to keep pressing to get through to get to someone in the mod department and not being stuck with customer service reps.

On several conversations when I finally got to the "real" people and not the pure debt collectors, I started hearing stories about how they were training more folks in how to help with the situation. I have only had a few conversations with truly rude reps. My original screener for the hardship program acted like I was imposing on her time. Once I faxed my documents to the number on the website, things started happening.

KEEP TRYING until you get to the right people. Things are changing oveer there.

Check out my thread on HFC Temporary Loan Mod Success.

GOOD LUCK...

[Irish Gal]

I have an HSBC 2nd that I stopped paying mos ago. I'm going the short sale or foreclosure route as the 1st only offered crappy mods (CW/BofA) and I'm $100K underwater (so cal). Well, a few weeks ago I got an unsolicited settlement offer (10%; in writing) from HSBC ! I couldn't believe it as HSBC is so customer unfriendly and it's been one of the worst in what it offers re mods. They finally got that they were not going to get their $$$ (non-recourse loans), that they will not get much re short sale and/or nothing with a foreclosure.

[Irish Gal]

Originally Posted by browneyedgirl011

I spoke with HSBC Loss mitigation department today, we are behind on our motrgage and they advised us that they are initiating forclosure proceedings. They told me that we need 5100.00 and then they will see what they can do to modify our loan (6months). I lost my job in April and we have been struggling, with 4 kids to feed. I specifically asked the agent on the phone, Sandra, if they were participating in the Making Home Affordable program that Obama initiated and I was told that they are NOT, and that they have options for homeowners facing forclosure. So far the only option they have given me is to come up with 5100.00, they have done nothing else. We have sent in financials and Hardship letters, but I dont think it is going to do any good. I am currently trying to get my state retirement fund turned over to me, and that takes 45 days or more, and they are not willing to give us more time, just say they will note our acount. I have gone around and around with HSBC for almost a year trying to get our interest rate (almost 11%) lowered, to no avail, and I just frankly dont know what to do anymore. I have spoken to 995-HOPE and they have been really nice, but really havnt been able to help with anything other than trying to set us up with a budget. We are low on funds, and want to save our home, but so far, nada! They have trashed our credit, and now we cant even refi through them. Anyone have any suggestions???

Hi browneyedgirl,

I'm sorry you've had such a hard time getting the help you need. But, I'm not surprised. As I'm sure you know, HSBC is one of the worst to deal w/ and pretty much offer nothing good (long-term) re mods. With 4 children, I really feel for you. I am no expert here, but I have heard over and over and over again to never raid your retirement account for any reason, and my personal opinion is ESP not to pay toward a predatory mortgage or unsustaining, predatory loan mod. These lenders will say and do just about anything to exploit desperate homeowners into taking any ole (bad) loan mod they offer. They will promise anything to get your $$$$$ (like $5100) and often times, not follow through. People have raided their savings, retirements, borrowed from relatives, etc. "to save their home' and ultimately ended up walking away anyways because their "homes" and loan mods were not sustainable (long-term) and were financially killing them and any realistic hope for a true financial future. I suggest you consider ALL your options and not just a crappy loan mod from HSBC. I know a home is a very emotional thing, but once one starts to view it as purely a business decision, solutions begin to become more clear. The unemployment situation does not look good for next year either. I suggest you check out the Foreclosure/Walk Away thread also. Read others' Walkaway and Short Sale stories too. YOU HAVE OPTIONS other than your current predatory mortgage or a predatory loan mod offer from HSBC. Some folks who never dreamed of walking away or short selling, after crunching their numbers, and realistically assessing their situations, ultimately decided they could rent a bigger, nicer home for much less, and begin to start saving again for a real financial future for their families. So, please read up (here) on ALL your options before you allow HSBC to continue to mess with you. You might also want to check out the "Anything Goes" thread too where's there's other mothers there, like you, trying to get through all this with kids to consider too. Good luck! Keep us posted.

[Moe Bedard]

Irish Gal,


HSBC/HFC Loan Mod SUCCESS!!!!

5.25% fixed for life of loan..........and it is about time.

[browneyedgirl011]

We are thinking of going ahead pand getting the 5100 to them and puttingt he house on the market and possible moving out of state. HSBC has left such a bad taste in my mouth everytime I try to talk to them. Thier Loss Mitigation department is a joke, and so far they have pretty much refused to help us. We probably wont get a temp mod (6 months) once we pay the money they want. we were on a 6 mo temp mod when I lost my job and were unable to make the last payment, so they will probably deny us. Loss Mitigation have told us again and again that they dont do perm mods, though the first rep I talked to advised us to req a mod of at least 10 years in our hardship letter. TOld us that our interest rate is crazy! But we will see what happens. the last rep I talked to when I told her we couldnt come up with the 5100, asked how much I could pay that day, and I told her 1000, and she rudely told me that it was not enough, and may she remind us that though there is no sale date as of yet, we ARE in forclosure.... Who the heck do you have to talk to to get some help from these people?? After talking to the first rep about a week ago, we got a letter yesterday stating that they were unable to assist us with making payments (WTF??) and that was before we sent in the hardship letter and financials. I am beginning to think they just want to get rid of us, and are offering us no solutions or alternatives. I dont think that we are asking for the moon when asking for a inst rate reduction that will last a little longer than it takes paint to dry. I am still actively looking for wmployment, and in the meantime, we are trying to decide if we pay the light bill or the car note......

[browneyedgirl011]

Has anyone had any success with Acorn Housing doing a mod with HSBC? We got a letter from the attorney yesterday, notice to accelerate, and now have a sale date of 7/21! I sent in the paperwork to Acorn, do they stop the forclosure until we get a modification or something? If not I dont have the 30 days to 3-4 months!! Also, what about NACA? We are doing everything we can to come up with funds, but I dont know if we will have them in time!

[amyjeannine]

Doesn't NACA have an emergency number for homeowners closer to foreclosure? Check their front page of the website

[Irish Gal]

Originally Posted by *** Damiano

Irish Gal,


HSBC/HFC Loan Mod SUCCESS!!!!

5.25% fixed for life of loan..........and it is about time.

That's great, ***! I am glad to see that HSBC is "getting with it" and offering decent mods to folks who want to stay. I am all for that, if the mods are not predatory and short term in nature. I also like to remind folks to seek out all of their options, not just short term solutions. It seems sometimes that in the frenzy, confusion and desperation of trying to save their homes, some folks dig bigger financial holes for themselves.

[Zman0112]

Originally Posted by Irish Gal

I have an HSBC 2nd that I stopped paying mos ago. I'm going the short sale or foreclosure route as the 1st only offered crappy mods (CW/BofA) and I'm $100K underwater (so cal). Well, a few weeks ago I got an unsolicited settlement offer (10%; in writing) from HSBC ! I couldn't believe it as HSBC is so customer unfriendly and it's been one of the worst in what it offers re mods. They finally got that they were not going to get their $$$ (non-recourse loans), that they will not get much re short sale and/or nothing with a foreclosure.

Hi IrishGal
My situation is very similar to yours so I thought I would get your thoughts. I have a first with CW/BOA that is reasonable. It is for 280K at 5.5 fixed. I have a second with HSBC that is 90K at around 6%. The house is worth about 245K in nocal. I have tried to call HSBC for help but some people suggested to start with the holder of the first. I have heard that since my house is under water that HSBC has no lien if I stop paying. I would love to get an offer like you did and am not sure how to go about it. I am a divorced single dad and just barely making it. I am also a military reservist facing a deployment next year which would turn my finances upside down.

Your opinion is much appreciated.

G

[Irish Gal]

Originally Posted by Zman0112

Hi IrishGal
My situation is very similar to yours so I thought I would get your thoughts. I have a first with CW/BOA that is reasonable. It is for 280K at 5.5 fixed. I have a second with HSBC that is 90K at around 6%. The house is worth about 245K in nocal. I have tried to call HSBC for help but some people suggested to start with the holder of the first. I have heard that since my house is under water that HSBC has no lien if I stop paying. I would love to get an offer like you did and am not sure how to go about it. I am a divorced single dad and just barely making it. I am also a military reservist facing a deployment next year which would turn my finances upside down.

Your opinion is much appreciated.

G

Hi Zman,

Welcome! I most likely rec'd that (decent) offer to settle my 2nd (HSBC) due to the fact that they finally got that the property will either short sell or eventually foreclose, if a short sale doesn't pan out. Meaning, I have the leverage and not HSBC. My notes are non-recourse also. Meaning, if I foreclose, HSBC gets nothing and they can't pursue me for the loss. So, I have more leverage than someone like you who wants to stay and either is ok w/ 1st's terms or wants to mod 1st. I think if they know you want to stay, they play more hard ball w/ folks. They rely on playing on homeowner's (who want to stay) emotions to their best advantage. So, playing "blase" w/ them (no matter how much you hope to stay) is a good approach to start. Many, many folks are settling for crappy mods because they are still much too emotional about their homes. So, don't let them know how much you hope to be able to stay (by settling)! There are many factors that play into possible outcomes with these lenders. Being in CA is great if your 2nd is non-recourse. Is it? If so, you have the leverage of suggesting you will walk away, if they don't play fair. How far underwater are you? Also, IF HSBC offered you a 10% settlement offer today (on 90K), do you have the $9K (or more) to settle now? IF you have the cash to settle now, that's leverage too. The problem w/ these (late) settlement offers on the part of lenders is that as the econ worsens, and folks lose jobs and have a harder time getting new jobs (usually at much less pay ), even if one gets a decent offer, folks now, often times, do not have lump sums of cash, sitting around, to settle. HSBC is in a lose-lose situation in my case. So, that's why they offered me that settlement - to try and gain something $$$ in their lose-lose position (before I foreclose and they get nothing). There are many posts on this site about trying to settle seconds. Keep reading and educating yourself. I'm not sure about all the specifics of your particular situation. Many folks consult w/ qualified attys to verify their liabilities and the recourse/non-recourse nature of their loans before they do anything. All I know (thus far) is that the lenders have to "get" that you are serious about walking away (that is, if your loans are non-recourse in nature, which mine are) when they continue to take silly (hard ball) stances in attempts to continue to rip you off w/ lousy mod offers, etc. You need to analyze your specific situation to discover what leverage you have (and liabilities) to see what's the best method and realistic approach w/ HSBC. I've heard HSBC has been getting "better" re mods but not sure re settlements in general. You could also post in the "ask the atty" (CA) section and get some feedback there too. Basically, you need to find out exactly what leverage you have and the best and most realistic approach to take re HSBC. Good luck and keep us posted!