I just think of a better plan. Do mod on the first, stop payment and after the mod file Chapter 13 and lien strip the HSBC HELOC. If they think the house is worth more than balance on the first they would foreclose on me but I don't think they will. That 's what they'll get for denying my mod request in the first place.
Opus and MoreTrouble, I understand the difficulty you're having. I called HSBC last night, as instructed, to follow up on faxing my documents again. The representative asked the same questions . . . when can you pay, when do you get paid, what is the problem? I asked for the status of my modification request. She said it takes 3-4 weeks, and they won't give me a modification without me making a payment. She also asked if I would like to voluntarily like to sign the house over to them. Or, she asked, why don't you try a short sale or a deed in lieu? I told her I won't do any of those, and they'll have to physically remove me from the house. She said, "Well, I'm going to turn this over to my manager!" I thanked her and hung up. Within a couple of hours, someone else called and asked if I could make a payment. I told her I had just talked to someone else, and she thanked me and said she'd make a note of that. I don't know what to do now.
HSBC called again last night asking for payment. She checked the notes and said my recent request for a modification was denied, but the notes indicate they may consider us for a different type of modification. I told her I don't know what to do now, and she suggested I retain a lawyer. When I asked what help an attorney would be, she couldn't answer. Then, this morning, HSBC called yet again. Before she could ask me to make a payment, she apologized for not seeing that we had just spoken with them last night. The autodialer rang me up. I asked her about the "different type" of modification we are being considered for, and she said our request was denied, and we are NOT being considered for any other modification. And, since she had me on the phone, she said, we need a payment on your account. That was that.
Wow Believe. I thought Skank was the winner of deceit and corruption. I do believe HSBC wins that prize. Since none of these people know what they are doing, there is a good chance the next call will say that you are "pre approved". There might be a chance the collections department is calling you to get a payment using any means possible. Perhaps their tactic is to tell you that you have been denied in hopes of getting money from you over the phone? Just a thought. NEVER, NEVER, NEVER give up!
I was thinking about the "behind the scenes" of these servicers. Probably a big dry erase board where the reps get credit, maybe a point system like 5 stars for getting money from a customer, 4 stars for making them cry, 3 stars for inducing shame or humiliation, 2 stars for getting someone to answer, 1 star for showing up to such a crappy place to work.
The next time HSBC calls I'll tell them they can can go ahead and foreclose but I know they won't since if they do they 'll be doing the first lien a favor, the proceed wont't cover the first. I tried to played fair a few months ago and they refused to help.
hi everyone, so glad to see I'm not crazy!!! I've been trying for 2 years to work with these people. Well Homeq is my servicer for HSBC. After being told my payment went down 1 cent a month so I didn't qualify for anything. I tried to stop updating them with my personal info, but I volunteered for the Licking County Ohio save the dream program and I kept telling all these people they really don't want to help us. I stopped making payments in August 09 this pass week I got the foreclosure papers from the court. The guy was great he lives around the corner from me and ask what I was going to do and suggested I contract the save the dream, I laughed and told him my story and then he said well you gonna fight them? I said I sure as you know what was going to. He told me that he shows up at house sees the people and they won't come to the door. He says I try to tell them they need to file an answer. Which is very true. I told him just send them to me I'll tell them where to find the papers online to file for an extension to file the answer. That alone usually gets you another 30 to answer the complaint. I also noticed in their complaint that they said I had not paid since July so I think I got them on a false statement there. Then the note and mortgage is just a copy I want them to bring the orginial into court not a copy off their computer. And the last page that was notarized has the day and month and no year on it. I can not believe that a notary would leave the year off of a notarized paper which makes me question if these are even the right papers. The papers show New Century and Mers HSBC isn't listed anywhere and I'm believing that because they say they own it and there no assignors list at Licking county records office, then anyone could walk in and say they own something without any kind of paper trail. Anyone here in Ohio dealing with New Century or HSBC, I'd love to talk to you. Oh yes the guy that brung me the papers told me to start looking up court cases and see what other that could afford an atty. was doing and filing to fight against the foreclosure, that is good advice I've already found a few cases that I've gotten copies of so that I can use there info too. Have a good night and prayers for everyone.
Jade, I'm sorry to hear of the trouble you're having with HSBC. Did Homeq tell you that HSBC is unwilling to modify your mortgage?
It's time to update my situation with HSBC, also. We've missed the payments due 10/1, 11/1, and 12/1, and we've been getting regular collections calls. At the suggestion of an HSBC representative and a fellow loansafe member, we contacted a HUD-approved counseling agency within the past two weeks. The counselor placed a 3-way call with us, the counselor, and HSBC on the line. In a nutshell, HSBC told the counselor that they do not lower rates and make it permanent. That would be a "re-finance", and HSBC stopped doing re-finances. They do not participate in HAMP, and they did not receive bailout money. She did also say that if we would pay two months worth of payments, we would be eligible for a restructure that would defer two months worth of payments to the end of the loan. When I explained that I don't have the money to get caught up, she suggested I get a loan. Who on earth does she think is going to give me a loan? And who would be so stupid to try to get a loan to pay past due payments on a toxic loan to a predatory lender? Not me! The HUD counselor laughed at the suggestion. They agreed not to contact me for a few days while I ponder the situation.
Then, two days ago, HSBC resumed calling. She asked the usual questions. When I asked about the "restructure", she said I would need to make two payments before the end of the month, then they would SUBMIT a request for a restructure 1/1/10 - no guarantees - just pay, then we'll submit a request, but we can't submit until you pay, but I can't pay until I get a modification, blah, blah, blah. Same old sh!t. HSBC Mortgage Services does not have a mortgage modification program in place, despite the fraud of global proportions they created. They have a temporary hardship program in place - that's it. And, they aren't accountable to anyone.
Yes, Believe they have told me for 2 yrs. that they do not do mods. I think they did take some of that bailout money. I remember talking to one of those collector ladies for Homeq Services and she said that HSBC was doing mods under Hamp and that you could only apply once and never again, she said get everything together then call us back. I've done those financial updates with them for 2 years. One of our local counseling services told me she had been working with them for 9 months and nothing was getting done.
I'll check into the getting money, I seen a place last night where you can look these things up.
By the way I believe I also had an inflated appraisal. I'm going to start looking into that too.
Thanks for the reply have a great evening.
I have the same problem with HSBC. Our original loan was with Accredited Home Lenders, Inc. HSBC is the servicer. We thought we had a modification with them in January of 2009. We made the required payment of $897.00 and sign the agreement and sent it back in time. On the 29th of February we received a call from a Justin. He wanted the full payment of $1197.00. I explained that we had a modification and that our payments were $897.00. He stated that we do not have a modification. We went back and forth. I told him that I would send my monthhy payment of $897.00. He stated that he would send it back. (They have done that before). We did not send the payment because of this threat.
We have gone back and for with HSBC. They sent bills with the original amounts and then with the modification amounts. When we call on those we are told that there is no modification. They called my husband in October at work asking why we did not pay on our modification and that they wanted $18000.00. On November 25, they served my 8 year old son with papers to forclose. (I guess he is consider an Adult). We are filling our reply tomorrow. It will go over that that they broke the agreement of the modification. We are looking for a lawyer to help us fight them. So if anybody knows of one in Kansas City, Kansas, please let me know. They don't want the house but they don't want to work with us either. I have signed the petition, I have called my congressman and wrote the President of the United States. I will continue to fight this nightmare.
Kimberly I don't know any attys in Kansas City just some info you could look on line and see what other foreclosure cases there is and see if any of them are open cases. Once I found open ones I went to reading what was in the file then decided which ones I would get copies of. Once I had the copies I decided what defenses their atty had used and checked to see if I could use them as my defenses too. Hope this helps. But HSBC is doing so many diferent things one minute they do HAMP then the next they do nothing. Good Luck. Keep us posted as to what's going on.
I made the decision to take HSBC at their word and give them a chance to defer a couple of payments and work with me. I am now 90 days past due. I made one full payment on 12/15, and I will make another full payment on 12/31. That will leave December's payment unpaid. We will be unable to pay any other bills this month. If HSBC delivers on their pseudo-promise to defer December and January's payments, I will have a payment due on February 1st. The ARM has actually adjusted DOWN 1% for the next six months, so we will attempt to make the payments on time IF we get the deferral. If we don't get the deferral, we absolutely will not be able to continue to pay because all of our other bills will be past due by then. Call me stupid, but I'm giving them one last chance to help me out a little bit while I wait for the attitude in Washington to change.
I dont know your whole story since I am new. My home is financed with HSBC and we were 5 months behind and had a forclosure date of 12/15. We got on the computer signed up with NACA and within 2 days our sale date was moved to 2/12. Granted I sent 5-10 emails daily to NACA, some nice, some not so nice. Then we attened one of the information sessions on a saturday and was told to come to the office on that Monday. We went on Monday (got there at 7:30 am) and by 11 am our proposal was sent to a negoitatior. Yesterday we had a offer of 3 % fixed for the life of the loan on our first.
I am sure you have tried everything just wanted to let you know what happened with me since I also have HSBC.
More than likely we will take the offer, stay in the house for another 6 months and then walk away. We are upside down over $240,000 and my husband is telling me we would be stuid to stay here.
Anyway. Thats were we are with HSBC. Maybe it will provide you with some help.
This is very helpful, SicknTired, and very interesting. I have been told repeatedly that HSBC hasn't signed a contract with NACA and does not work with third parties. I have been told that by HSBC, as well as by NACA. Therefore, I have never fully completed the NACA application and submittals. I will do that as soon as possible. Thank you for the information.
No problem. Hope the information help.
As agreed, I made a mortgage payment on 12/15 and another one on 12/31, with hopes that HSBC would defer two payments as they said they would. Sure enough, I called today and was told they had deferred two payments and we are now current. Our next payment is due on February 1st, although it is the same old predatory loan. In the mean time, I received a phone call on Saturday from HSBC Card Services about my closed credit card account, which is still past due. I told her I'd make a payment when I have the money, but I don't have it now, and I don't know when I will. She asked why I don't have the money for the umteenth time, and I told her the same thing - HSBC Mortgage Services won't modify my mortgage. She suggested I contact HSBC and ask about the Obama plan. CAN YOU BELIEVE IT? I had to tell the lady that HSBC has elected NOT to participate in the "Obama" plan, nor are they participating in any so-called plans. It's in their script to suggest the Obama plan, and their own company isn't participating. What a freak show that place is. The only thing they have down to a science is the auto-dialer. Everything else is freak show. That is the latest update on my two-year effort to obtain a loan modification from HSBC.
Believe, I'm glad to read that they deferred two payments for you. I'm still in hell with them. My only hope now is to find some bank to take pity on us and refinance my loan. What a joke, huh? I'm fed up. I don't know what to do. Contacted Acorn today and they emailed me telling me that they are not excepting new clients and that they are helping their current clients stay in their homes...isn't that nice of them? Sorry, I'm bitter. NACA was a joke for me, after contacting them over and over and even getting a client number or whatever they call it, I've not heard a word from them. HSBC keeps giving me all the hotline numbers and even passing on the makinghomeaffordable.gov links as part of that freak show you mentioned.
But how do I just give up and walk away....where do we go? We have no savings, our credit is still horrible, probably even worse then the first time I posted here.
I'm almost tempted to allow the house to get as near foreclosure as possible just to see what happens? I mean, what do I have to lose??? And if it goes to foreclosure, I'm going to the judge with every documented piece of evidence I have and I have a lot...showing the dates, times, people I've talked to and the blatant lies and coverups they've perpetrated. Wonder what would happen? The judge would probably laugh me out of court. Oh well...I'm angry and getting angrier...the fight is still on.
Mom2jps, thank you for the comments. I'm sorry you haven't been able to make much progress with HSBC. On another thread, I suggested that you write letters to the HSBC Board of Directors, and I clicked on the link you provided in response. Now I realize how foolish I was to suggest that. I should have known that most of the Directors of the Hong Kong Shanghai Banking Corporation are located overseas. It appears that few of the Directors on that list are actually in the United States. I just tried using a free on-line translator to translate my hardship letter from English to Chinese, and it didn't work. And even if it did, how do I know what I wrote was translated correctly? Not to mention what the postage cost would be . . .
But, I was able to find another list with additional names. If you'd like to mail letters to the Directors you're able to communicate with in English, I'd suggest writing to the Directors listed below, and at their respective businesses (for non-insiders) whenever possible. That's what I'm going to do.
Good luck to you, Mom2jps. Let us know how you're doing.
BOARD OF DIRECTORS AT HSBC HOLDINGS PLC
Name Title Age Stephen Green Group Chairman, Chairman of HSBC Bank PLC, Chairman of HSBC Bank Middle East Limited, Chairman of HSBC Bank USA N A, Chairman of HSBC Group Investment Businesses Limited, Chairman of HSBC Private Banking Holdings (Suisse) A, Chairman of HSBC USA Inc and Director of HSBC North America Holdings Inc 60 Michael Geoghegan CBE Chairman of Group Management Board, Group Chief Executive Officer, Group Managing Director, Head of UK Operation, Executive Director, Chairman of HSBC Bank USA NA, Chairman of HSBC Bank Canada, Chairman of HSBC Latin America Holdings (UK) Limited, Chairman of HSBC USA Inc, Deputy Chairman of HSBC Bank Plc, Director of HSBC France and Director of HSBC Private Banking Holdings (Suisse) SA 55 Douglas Flint Group Finance Director, Group Managing Director, Deputy Head of Global Markets, Group Treasurer, Member of Group Management Board, Executive Director, Non-Executive Chairman of HSBC Finance Corporation, Chief Executive of Global Asset Management Arm and Director of HSBC Bank Malaysia Berhad 53 Youssef Nasr Group Managing Director of Strategic Investments, Group General Manager of South America, Member of Group Management Board, Chairman of HSBC Bank Middle East Limited and Chief Executive Officer of HSBC Bank Middle East Limited 54 Vincent Cheng GBS, OBE, JP Group Managing Director, Chairman of China & Asia Operations, Member of Group Management Board, Executive Director, Chairman of Hong Kong & Shanghai Banking Corporation Limited, Acting Regional Chief Executive and Director of Hang Seng Bank Limited 60 Alexander Andrew CBE Group Managing Director, Global Head of Commercial Banking, Member of Group Management Board, Executive Director, Chairman of Grupo Financiero HSBC S A de C V, Chairman of HSBC México S A, Chief Executive Officer of Grupo Financiero HSBC S A de C V, Chief Executive Officer of Asia Pacific, Chief Executive Officer of The Hongkong and Shanghai Banking Corporation Limited, President of Latin America & Caribbean and Group Managing Director of Latin America & Caribbean 57 D. Budd Group General Manager, Chairman of HFC Bank Limited, Chief Operating Officer of HSBC Bank plc and Executive Director of HSBC Bank plc 55 Alex Hungate Group Managing Director, Global Head of Personal Financial Services & Marketing, Member of Group Management Board and Chairman of HSBC Bank A S 42 A. Anwar Group General Manager, Chairman of Egypt S A and Chief Executive Officer of Egypt S A 62 Zarir Cama Group General Manager of International, Deputy Chairman of HSBC Bank Malaysia Berhad and Chief Executive Officer of HSBC Bank Malaysia Berhad 61 Ching Fai Or JP Group General Manager, Vice Chairman of Hang Seng Bank Limited, Chief Executive of Hang Seng Bank Limited, Executive Director of Hongkong & Shanghai Banking Corporation and Director of Hang Seng Bank Limited 59 Stuart Gulliver Group Managing Director, Head of Group Investment Businesses, Head of Corporate, Investment Banking & Markets, Member of Group Management Board, Executive Director and Chief Executive of Global Banking & Markets & HSBC Global Asset Management 50 Peter Wong Group General Manager, Executive Director of Hong Kong & Shanghai Banking Corporation and Executive Director of Hong Kong & Mainland China 58 David Shaw Advisor, Director of HSBC Investment Bank Holdings Plc and Director of HSBC Private Banking Holdings (Suisse) SA 62
Other Board Members on Board of Directors*
Name Primary Company Age John Thornton Laura Ashley Holdings plc 55 William Fung Ph.D. Li & Fung Limited 60 Dyfrig John HSBC Bank Malta plc 59 Jennifer Lai HSBC Holdings plc -- Abhinav Joshi HSBC Holdings plc -- M. Cheung GBS, OBE HSBC Holdings plc 61 Brian Williamson C.B.E. Climate Exchange Plc 64 Mark Moody-Stuart KCMG, Ph.D., MA, FGS Accenture plc 68 Rona Fairhead Pearson plc 47 Digby Jones LLB(Hons) Harvey Nash Group plc 53 James Hughes-Hallett SBS HSBC Holdings plc 59 Simon Robertson Rolls Royce Group plc 67 Gwyn Morgan SNC Lavalin Group Inc. 63 John Coombe Hogg Robinson Group plc. 63 William Laidlaw HSBC Holdings plc 53 Jose Duran Aigle International 43 Safra Catz Oracle Corp. 47 N. Murthy CBE Infosys Technologies Ltd. 62 Janis Lomax HSBC Holdings plc 63 Kin Tung Cheung DBA (Hon), GBS, SBS, OBE, JP Hong Kong Exchanges & Clearing Ltd.
Believe- I just saw your IM on ustream from yesterday about sending me an email. I'm very sorry I receive hundreds of emails a day and I somehow must have missed yours, I do my best trying to get back to everyone. Please resend the email you are referring to and I'll be more than happy to respond..
LoanSafe.org Support Team
Oh you are so welcome Believe! Please if you remember just let me know
It's awesome members like yourself that keep us going!!
LoanSafe.org Support Team
Okay Believe I am learning about HSBC now.
So it, like Deutsche, is a non-American organization that holds mortgages. There is a weird question here about whether or not they participate with NACA, since that one person got NACA to pinch-hit for them.
This is nuts. Are they your servicer and your lender?
Like many others here we have been on the HSBC merry go round for about 9 mos now. We first applied and were given a hardship temp Mod that has since expired and were told that we had to re apply in December after they reset our payment with out notifying us. We quickly called them and resubmitted for an extension and they reluctantly said ok but this might be our last one. I told them that I still need a permanent mod and they just said the same old story around here "We only do 6 mos temp mods".
Well we made the January payment but have since decided enough is enough. We Can either play there game 6 mos at a time at the expense of not paying other bill including taxes or call there bluff and just quit paying until we get a permanent mod or work out a settlement for no more than 10% of the balance.
A little history , Our home is currently worth 122k according to zillow. We owe 113k 1st with Citi mortgage that has already been permanently modded and we are current. HSBC is a 2nd Home Improvement loan and we owe 107k on it. So we are about 98k upside down. We are only interested in a permanent mod a significant principal reduction and an interest rate of maybe 3% for the first 5yrs. Even that probably will not work for our budget long term. As I said I am more likely tojust to force a debt settlement and be done with it or walk away. I am almost 100% certain that HSBC will not even try to foreclose on the 2nd because there is nothing left after the 1st gets paid. Also just for the record I did not want to take out this large of a loan originally but they (HSBC) insisted I had to pay of many other smaller debts to qualify and told me I nothing to worry about because at the time of the loan I still had 100k equity after the loan.(Ya Right!)
Dave In SoCal
They can kiss my ass, too. Next week will be my third non-payment on my HSBC HELOC. They 've already written off my HSBC credit card balance. With the new HAMP directive I won't even bother to apply for HAMP till June 1st; therfore, every month I am late BAC will add another 2K to my first mort balance making HSBC HELOC more junior and easier to be stripped when I file chapter 13 eventually.
MoreTrouble, I'm curious to know how long it took for HSBC to charge off your credit card. Also, did they offer to settle the account for less, or reduce your interest rate? I also have two HSBC credit cards - both of which I closed, and both are past due. Do you have any experience with Capital One credit cards?
DaveFred, I was also told that my re-finance had to pay off a small balance on a credit card in order to be approved for the loan. I wonder why that is. I didn't want to include it, either.
Believe, It only took 3 months for them to charge off and sent it over a collection agency. Mine is small balance 3K. On Capital OneI I owe 10K got one or more automated calls every day " Hi, this is Wanda, we have a program for you , please call 1-800-xxx-xxxx- to discuss. I am about 3 months late.
MoreTrouble, I need to avoid bankruptcy because I could get fired from my job. Do you know if it's better to try to make payment arrangements before or after a credit card gets charged off to a collection agency? I will try to make payments - they just need to be much lower than what they are now.
I am soooo sorry about the stupid, mindless and deceitful games HSBC has been playing with you all this time... it's about time that they got on their groveling hands and knees and kissed your azz! Have you even consulted with an attorney about your situation? Maybe he or she could give you some much-needed and valuable insight into what you can do to get some real and long overdue relief. i wish I could say the same for myself but I've had the misfortune to end up with incompetent lawyers, and as a result didn't get a fair shake in the legal system
My prayers are with you. Please keep up the good fight and know that you are in the right and HSBC is clearly in the wrong! Hugs to you and everyone else here on Loansafe!
Thanks, Sally. You are right in that I need some sort of relief soon. But, there are many people in worse situations that I am right now; at least I have a job - two jobs as a matter of fact. You and I started this fight about the same time, I think. I started applying for a modification in July or August of 2007. But for the grace of God, I have been able to work my butt off and keep the mortgage current, for most of the time. You haven't been so lucky, and I'm so sorry for that. I'm praying that Hayseed will be the answer to your prayers. Where does your case stand now, Sally? Did the kind person who read the news article put you in touch with an attorney?
Believe, I don't have experience with settlement but from what I know from friends in same situation you'll get better deal after the CC cos charge of but ist's worse for for credit reporting. My friend settled at 10% on the dollar with the threat of bankuptcy (not really did file).
MoreTrouble, thanks. I will try to settle for less if I can come up with the money. I don't really care too much about my credit score. It's in the gutter anyway. I get those same calls from Capital One. I used to, that is, until I unplugged my phones last week. I'm thinking of calling them to see what their programs are about.
I have has some experience settling accounts. I have settled several accounts for 50% or less of the balance. My experience has been they won't really work with you until you have been 180 days or more late.
The trick is to avoid judgements in the process. We were trying to wait for our tav refund to settle our last account with Capitol one and they sent us a warrant in debt. We went to court and told the judge we wanted to dipute the debt and our case was continued until April. So our plan is to still offer the settlement. I spoke to an attorney because I was/am considering Chap 13 especially if I cannot get my heloc to modify the loan and I will strip the heloc and add the Capitol one as well as some other debt I have. The attorney told us Capitol one is one of the creditors that are "sue happy" so be careful I hope they don't sue you. The attorney advised me to tell Capitol one I am intending to file if they don't settle. I don't want to file the 13 but if Wachovia won't modify the heloc and Capitol one won't settle, I won't have a choice.
One thing to keep in mind though, it will also depend on how much you owe, I owe 7,000, if you only owe 1or 2,000 you probably don't have as much to worry about.
Crewof5, thank you very much for that information. I am approx. 60 days late on the credit cards. If I call them, what kind of program are they likely to offer? I can't do a lump sum payment, and I'm not interested in paying them $50 per month for the rest of my life, either. Do they ever lower the interest rate? What I need is a workable solution. Well, I guess that's what we all need.
Believe - any chance you can send me an email at firstname.lastname@example.org ?
In response to one of my e-mail campaigns, I received an e-mail message from the office of Senator Charles Grassley (R-IA) indicating a willingness to assist me with my modification efforts. I corresponded back and forth with his representative, and I have now received his official response.
It states, "I am writing to forward a copy of the letter I received from HSBC Mortgage Services. This is in response to my inquiry regarding your efforts for home loan mortgage modifications. Also enclosed is the Borrower's Financial Statement as referenced in the letter. I hope that this information proves to be helpful to you. Please feel free to contact my office if I may be of further service. Please keep in touch."
The letter from HSBC to Senator Grassley says they are unable to offer us a modification.
The letter from HSBC also states, "HSBC Mortgage Services understands that life can be unpredictable at times and we are committed to providing our customers with flexible options whenever possible. In addition, HSBC Mortgage Services supports programs that promote the preservation of affordable housing, as well as foreclosure avoidance and consumer rescue programs. Accommodations are routinely made when there is evidence of hardship." . . . "HSBC Mortgage Services is proud to be a part of a financial services organization that has provided superior products and services to our customers in nearly 80 countries and territories around the globe since 1865. It is the policy of HSBC to conduct its business in full compliance with the laws and regulations of every community in which it operates and to adhere to the highest ethical standards. HSBC does not participate in, support or condone predatory lending."
And Senator Grassley hopes this information proves to be helpful to me?
Same old crock of crap.
HSBC has no intentions of doing anything but sitting on there hands when it come to meaningful assistance to any of us. I believe the only way to get there attention is to just say "NO THAT'S NOT GOOD ENOUGH" and refuse any kind of temporary band aid solutions. For those of us who have come hear we all have the proof that they will just string us out as far as they can and collect every penny in temp hardship programs only to refuse any permanent solution in the end. So just don't play there game and refuse to pay anything. Sure we might loose out homes in the end but that might turn out to be the best decision for most of us in the end anyways. Why keep chasing after a dead asset that will take the rest of our lives to recover. Play hardball force them into settlements or walk away. Life is to short to put up with all the stress of false hopes.
subbing to follow this thread. I have written in the past about our experience with HSBC. Each month has gone by with our modification and it continues. But for how long? I would love to refi- but we own 50k more than its worth. With 4 kids, I fear so much, but will not give up.
The Short sale option has been presented to us, but I also know there is no provision stopping the lender from collecting the lost balance from the original homeowners. Watching the news the other night, a woman was delighted to do a short sale- but had no idea the loophole the lender would take advantage of. The govt recommends this, but they don't even know (or do they???) collections would start for the remaining balances, forcing those who no longer own their home, into bankruptcy. (or am I way off base?)
Keep on keepin on...
charity begins at home
Hello everyone from HSBC Hades!
I too have been following the threads on these forums, looking for similarly situated folks as I, who have been lied to and bamboozled by HSBC/HFC. Briefly, my story began this past January, when I was in the process of catching up on payments from December. In mid January I received my February statement, which included an additional $200.00 per month, and an "Advance" for $2600.00. When I contacted HFC to ask what this "advance" was, I was told that my taxing authority had placed a tax lien on my home for back taxes. I immediately told them that was a lie, and although I am behind on my county property taxes, it is my practice, and has been for the 12 years I have been in my home, to wait until I receive my federal tax return to pay the property taxes.
I contacted my county, and i got a wonderful person on the phone, who agreed to call HFC with me on a three way call, at which time she informed HFC that no tax lien or sale was ever contemplated for my home, and the county had not received any payments from HFC for the taxes. This did not end my nightmare, however, it was just beginning. HFC refused to take this "advance" off of my bill, even though I do not escrow taxes or insurance. Because I knew that if I made the February payment with the inflated "advance" on it that HFC would view it as an agreement to pay the "advance," I told the countless HSBC reps, who would never explain to me under whose authority HFC acted to burden me with $2600, that i was not going to pay anything on the mortgage until this was resolved.
Anyway, fast forward to the present. I have never received any explanation from HFC/HSBC, I was sent a Notice of Default letter via certified mail last week, and I am sure that i am headed to foreclosure. I will not pay these leeches anything now, my line is drawn in the sand. My mortgage is not too burdensome, but because they refuse to remove the advance, because each person you talk to is a practiced liar, and because my house, or I should say, HFC's house, is $55K underwater (HSBC has 1st and 2nd), I have decided to leave it to them.
Ohio is a judicial foreclosure state, and my county has been one of the hardest hit in the state with devalued property and a glut of foreclosures. However, the judicial foreclosure process has been streamlined, and from start to finish takes about 6 - 9 months. I have already put a deposit on a rental, and this nightmare has only been going since January of 2010. I feel like I'm on a fast track out of my home, but in a way I feel relieved to be done.
Sorry about the long post. I will keep you guys up on what happens next. I just cannot justify paying these bottom dwellers anything now. Its just too late.
Hi all, back again, though its been a while. We gota temp mod back in June 09, and paid on time for the 6 months. Then note jumped from 760 (mod note) to over 1200 a month and. Was charging us for homeowners insurance even though we have it thru a private company. Needless to say, we have not paid since January, and got notice of foreclosure in the mail today. I an so tired of dealing with HSBC. It's always something with these people. They are the rudest most unhelpful people I have ever dealt with. Want to refi but since they have ruined our credit, no hope for that there.This is the 3rd time they have put us in forclosure in the past 18 months. Open to any advice. Anyone know of where ee may be able to refi and get away from these azzholes for good?!?!