starting loan mod w/ HSBC

[jcallanan]

I went thru the posts here on HSBC and sounds to me like they aren't too esy to deal with.
On their website they want you to fill out their form along with recent bank statement and a year to date profit and loss (I am self employed). Is that all the paperwork needed? or will they ask for more? Also (for those who are self-employed and went thru this) will they deny you because of too much disposable income, how much is to much? or will they deny you for not enough income? I am trying to figure how put together my profit and loss statement. Right now I am 60days behind and will be 90 in OCT... right now even a 6 mos mod would work

Purchased this house with a 100% loan figuring (like everyone to refinance out of the high rate) but now the house is worth $50,000 less than I paid for it.

Any guidance and or suggestions would help out
Thanks

[Dan Bailey]

jcallanan,
Welcome to the forum and thank you for joining. *** or Moe will be by as soon as they can to give you some direction..hang in there! Good luck!

[Moe Bedard]

Hi jcallanan,


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

It would be best to go over the financials with HSBC as they would know the criteria that the investor on you loan requires especially from a self employed individual.

HSBC Default Resolution
1-888-648-3124
fax 1-732-352-7519


Please keep us posted on your progress...........

[jcallanan]

Thanks
so I take it HSBC is servicing the loan for an investor?

[Moe Bedard]

correct...........and so far they are only doing the 6 month modifications.......

[jcallanan]

that's what I gather by the posts on here

This is a helpful site BTW

[jcallanan]

09/26
Called the number above 888-648-3124 and was referred to HSBC regular customer service . Rep asked me if I was calling on a HSBC acct or a HSBC CORP account . She said there was a difference. Mine is just an HSBC acct. Then I just received a called from HSBC in FLA
and of course was calling me about payment
caller id # was 813-627-4600
Spoke with a rep and explained my business was slow and ask him about a loan mod and who I should talk to, he said he could handle it? and he proceeded to ask about my current situation / mo. income /expenses /savings etc... (it at least sounded like he was putting in the computer)
and then said that I was eligible for a Loan Mod,
I ask him the next step paperwork etc.. He said there was no need for any further paperwork and he would submit it now.

But then of ask for a payment so I would not go 90 days late
I told him I would post date a check for Tuesday and call him on Monday to confirm it (the payment)ask him about the timeframe for the loan mod and he said 7-10 days
He gave me a call back number of 866-825-1812
My question is, because I am late is there an expedited process?
or was this guy just trying to get a payment out of me?

[jcallanan]

oh also he had mention I might be able to do a restructure which he said would throw all past on the back of the loan but said the interest would probably stay the same

Would they do that with a loan mod?

[Moe Bedard]

they can do that............but with the modifications themselves, so far all that we have seen is the 6 month mod..........

To get money out of you, the collections can be very tricky and they do sometimes lie about things.............HSBC is one of the more difficult to work with............all I can suggest is that you follow up regularly with them on the process.

[jcallanan]

Thanks for your help so far

Yeah he had mentioned 6 mos. really doesn't make sense and seems to me it would increase their workload tenfold,

after the 6 mos mod is that it, or can you apply for another one?

[Moe Bedard]

they let you reapply...........

[jcallanan]

followed up today and almost had a grabber
called back the phone# the rep gave me and no answer at the extension
When I finally did speak with a rep they had no idea of the ext. or rep
and I thought for sure the rep was just getting a payment out of me and did not submit mod request

I was redirected to the loan mod dept 800-365-6730 and was told the request was put in.
at least it was requested

[jcallanan]

10/08/2008
HSBC called and said they approved my loan mod!

For 6 mos. from 9.89% to 5.25%
My question is I am currently 60 days down HSBC told me the payments due would be adjusted down to the loan mod terms, does the loan mod term of 6 months start from today or 2 mos. ago?

I guess I'll have that answer in the letter they are going to send

But I couldn't have done it if not for the info and guidance I got from this site
Thanks

[jcallanan]

By the way has anyone heard of HSBC planning on extending their loan mods out? 2 yrs. 3yrs.?
An article in the Chicago Tribune had mentioned that but it was a couple of months ago

[Moe Bedard]

You answered the question........ It should have the terms on the document you receive........let us know if you have any questions on it.
Congratulations on the mod.......

[jcallanan]

again thanks for all the help

[jcallanan]

just paid my first loan mod payment on the first and HSBC said they would restructure the loan(not a forebearance agreement to bring the loan current) just got the letter confirming it today.

Any word on any permanent loan mods with HSBC or at least longer terms?

[Moe Bedard]

Apparantly they are still only doing the 6 month modification.