HSBC/Beneficial/HFC

[Opus09]

We are coming to the end of our 6 month loan modification with Beneficial (primary mortage) and HFC (HELOC) and was wondering how others have fared with getting either getting the modification extended or a permanent modification - I know I've read at least one post here on the forum that got a permanent mod through HSBC. We haven't heard from them regarding this matter and will contacting them ourselves.

It seems lately that there is very little discussion here at LoanSafe about HSBC which I find disheartening since they are one of the more difficult lenders out there - not giving permanent mods, not participating in the MHA program etc.

[Evan Bedard]

Hi opus09,

We are coming to the end of our 6 month loan modification with Beneficial (primary mortage) and HFC (HELOC) and was wondering how others have fared with getting either getting the modification extended or a permanent modification - I know I've read at least one post here on the forum that got a permanent mod through HSBC. We haven't heard from them regarding this matter and will contacting them ourselves.

It seems lately that there is very little discussion here at LoanSafe about HSBC which I find disheartening since they are one of the more difficult lenders out there - not giving permanent mods, not participating in the MHA program etc.

Yes it does seem that HSBC is being very difficult to work with and not too many people are successfully achieving modifications through them. try posting in this thread, there is quite a few people here with HSBC loans:

HSBC/HFC

Stay strong and keep us posted!

[amyjeannine]

I was given a permanent mod with HFC/HSBC the first time around. Originally they told me I had a temp mod, but when the paperwork came, the agreement was for the life of the loan. In reading the other posts, I seem to be the only one on this site to have gotten a permanent mod first time around.

Good luck

[Evan Bedard]

Hi amyjeaninne congrats!

How long did it take you to accomplish, and did you go through NACA or did you do it on your own?

[amyjeannine]

I did it on my own. Your Dad moved my thread to the success stories where my posts outline what happened. (HFC Temporary Loan Mod Success)

I originally started in April. I made a good faith payment in June, payments at the new rate on June 10th and July 10th.

My payment was cut about $1000.00 and my interest rate was cut in half.

I had never been late and in better economic times paid extra on the premium. I am not upside down. My hardship was the death of my husband and I had been out of work for a year. I had used all of my savings and credit cards to stay afloat.

When I got the original call, the rep said it was a 6 mod, for which I was grateful. I called later to find out where my paperwork documentation was. When the rep looked up my file, she said a UPS packet was sent to me with the terms of my permanent mod. I told her that I was surprised so I had her read it to me again as I did not believe her.

The next day the UPS packet said my loan had been modified "for the life of the loan."

No one was a surprised as I was.

[gang3]

Glad Some Of You had good luck with hsbc Beneficial we did get a 6 month mod and made it thru that . When it was ending they Beneficial refused any more payments if we would not come up with 31,000.00 cash this was month 7 and we could not come up with the cash. now we are in forecloser with a sale date of nov 7 09
i offered then a total of 4 payments at once to get a fresh start but they will not accept any payments but the 31 grand and we have been in our home for 21 years and own more equity than we owe.

[Opus09]

Originally Posted by gang3

Glad Some Of You had good luck with hsbc Beneficial we did get a 6 month mod and made it thru that . When it was ending they Beneficial refused any more payments if we would not come up with 31,000.00 cash this was month 7 and we could not come up with the cash. now we are in forecloser with a sale date of nov 7 09
i offered then a total of 4 payments at once to get a fresh start but they will not accept any payments but the 31 grand and we have been in our home for 21 years and own more equity than we owe.

Gang3 - what did they give as a reason not to extend the modification? If you offered to give them 4 payments, what was the $31K for?

[gang3]

They Said they were extra charges I Know of a certain charge that we were 2 years behind on our property taxes but that only amounted to $3500.00 total and i had a agreement with the county that i was going to pay those with a refinance, That Beneficial also killed by raising the payoff on day of closing, They knew we were financing out from them.Because they furnished the amount we needed.
When the loan was closing they raised the amount by again 31,000.00 when the loan fell thru because of that.
They turned around the same week and paid the two years of taxes and charged us massive attorney fees on top of it.
I Filed a qualified written request for the life of the loan
as we never did get a yearly update. they ignored the QWR And 20 days later filed forecloser docs, I Did get a signed copy of the certified letter i sent the QWR IN
But without Knowing the origin of the charges for 31 k
I Am no way just going to just pay it even if I Had it.
This war with beneficial is taking its toll on us And We Stand to loose about 150,000.00 in equity, Because of their tactics and what they do to your credit once they put you on a hardship program. I Broke my neck in 2002 and lost my income as we know it. its a long long story with this crooked company and i have a great deal of bitterness towards this company. Because they lie & cheat to earn more money at anyones expense, I Could write a book about my dealings with them. But Will Not Right Here Thanks.

[Opus09]

Originally Posted by gang3

They Said they were extra charges I Know of a certain charge that we were 2 years behind on our property taxes but that only amounted to $3500.00 total and i had a agreement with the county that i was going to pay those with a refinance, That Beneficial also killed by raising the payoff on day of closing, They knew we were financing out from them.Because they furnished the amount we needed.
When the loan was closing they raised the amount by again 31,000.00 when the loan fell thru because of that.
They turned around the same week and paid the two years of taxes and charged us massive attorney fees on top of it.
I Filed a qualified written request for the life of the loan
as we never did get a yearly update. they ignored the QWR And 20 days later filed forecloser docs, I Did get a signed copy of the certified letter i sent the QWR IN
But without Knowing the origin of the charges for 31 k
I Am no way just going to just pay it even if I Had it.
This war with beneficial is taking its toll on us And We Stand to loose about 150,000.00 in equity, Because of their tactics and what they do to your credit once they put you on a hardship program. I Broke my neck in 2002 and lost my income as we know it. its a long long story with this crooked company and i have a great deal of bitterness towards this company. Because they lie & cheat to earn more money at anyones expense, I Could write a book about my dealings with them. But Will Not Right Here Thanks.

My wife and I could co-author that book with you, Gang3. I rue the day we ever signed with Beneficial. We originally had an ARM with them and they said it should be no problem re-financing for a low rate after 2 years...NOT. At the time of refinancing we were struggling already (our credit score suffering) and we were forced to sign an 8.9% mortgage, increasing our monthly payments by $800. We figured we could handle the new mortgage until we could refinance again but our property value plummeted, we had a loss of income, a couple of major car repairs, dental bills, property taxes and insurance (Beneficial would not include these in the refinancing) and there you have it. After falling two months behind in November, we applied to the hardship program

[gang3]

I ONLY WISH I would have never walked into their office. I f I only would have known my house would be free and clear right now.
Instead I`m losing my home to these theives and dont know how i can stop them.They have ruined my credit to no end with the hardship program they put you on that keeps you in default for the life of your loan, and pays not a dime to your principlal and actually does not even cover simple interest with a full payment each month.That way you owe more every month than you did last month even though you made your payments, And soon these charges will eat you equity, untill they own more than you. then they take it. and you are left with nothing. This should be a crime but try to get someone to help you, They say its your fault.This is the way these companies opperate and the laws in this country must protect them because they get away with it daily.

[Believe]

Hello Opus, I'm writing in reply to your above post. I too have a HSBC loan, and have been trying for a permanent loan mod for quite some time. I received one six month mod, then it was extended for another six months. After that, it was denied. I'm still applying for mods, writing letters to government officials, filing complaints with banking agencies, etc., all to no avail. We've sold everything we can sell, and I haven't had a day off in six months. I'm a senior citizen - I don't know how much longer I can hold out. I'm thankful to have a job. I haven't posted here in awhile, because there hasn't been any helpful information to come out in quite some time for those of us with HSBC loans. I feel like I'm fighting a losing battle, and it depresses me to even read someone else's success story. Sorry to be so unhelpful, I just wanted to let you know you're not alone.

[amyjeannine]

I am wondering why the government is not getting involved with these companies that re not participating. I know they can't push these folks into submission, but I thought that they should have certain guidelines that should be followed for those of us who need assistance.

If I had never found this site I would have had no idea how to proceed.

[Opus09]

Originally Posted by Believe

Hello Opus, I'm writing in reply to your above post. I too have a HSBC loan, and have been trying for a permanent loan mod for quite some time. I received one six month mod, then it was extended for another six months. After that, it was denied. I'm still applying for mods, writing letters to government officials, filing complaints with banking agencies, etc., all to no avail. We've sold everything we can sell, and I haven't had a day off in six months. I'm a senior citizen - I don't know how much longer I can hold out. I'm thankful to have a job. I haven't posted here in awhile, because there hasn't been any helpful information to come out in quite some time for those of us with HSBC loans. I feel like I'm fighting a losing battle, and it depresses me to even read someone else's success story. Sorry to be so unhelpful, I just wanted to let you know you're not alone.

Thanks, Believe. I think it stinks that we have to struggle so much. For 9 years, we were never behind in our mortgage, ever. Yes, we refinanced a few times, took out from our equity but never for anything frivolous just necessary home improvements. It doesn't take much in a crazy economy for something to go very wrong.

Yes, we're at our wits end, too but does help to commiserate here at the forum with others in the same HSBC boat.

Amyjeans - congrats. I hope some of us can post our own success stories soon.