hsbc loan modification help

[jeepron]

so here is my question, i have hsbc , i am told they are out of bussiness now, has anyone had good luck with loan mods with them and if so what have they done for you. i have a friend that is a mortgage broker and she is referred me to a loan mod lawyer friend of hers.she says it takes about 3-6weeks and it will be 1500 up front and 1000 in 2-3 weeks.i was also told that they can usually get some real money knocked off the, any advice or info. would help, thanks.Ron

[Moe Bedard]

HI jeepron,


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

I am not sure where you had heard that HSBC is out of business, that has not happened..........they are the largest banking group in the world......they wouldn't be going anywhere anytime soon.

The modifications given are up to the investors on the loans and so far we have only seen the HSBC investors offering 6 month modifications at a time and then asking the homeowner to apply again at the end of the 6 months...............also if this is a first lien we have not seen any principal reductions.............sometimes on the second we have seen some taken off, but not a significant amount............
this is something that you can do for yourself for free..........

[jeepron]

so you think the lawyer would be a waste of money then?, it is on a single fixed rate loan

[Moe Bedard]

That would be a decision that you would need to make...........I am just letting you know that you have free options that are very effective as well........ you can either do it yourself...........or there are alternatives that do the same thing for free if you need the added help............such as NACA............if you meet their criteria......which would be only owning the one property and occupying it..............they work out fixed low rate modifications and negotiate with you servicer and investor just like the attorney would..............click on the link for info if you think you may need to help with the modification..........
https://www.naca.com/refinance/refinanceTenStep.jsp

[heidi79]

Hi Jeepron, have you been able to complete a modification with HSBC? If so, what terms did you get? I have a first with them also.