HSBC/HFC Loan Mod SUCCESS!!!!

[amyjeannine]

Hi! Just a little note regarding a big blessing in the form of a temporary mod. I have a mortgage with HFC for 11.15% interest with a payment of $2967 a month including taxes and insurance. Two months after signing the papers, my husband passed away. Three months later, I lost my job and was unemployed until April 2009. I survived by utilizing all my savings, my husband's insurance and credit cards.

I kept current the entire time with my mortgage and figured I could make one more payment and then it would be downhill.

Then out of the blue I got a wonderful job offer that started the middle of this April.

I called HFC and explained my situation. The had me go ahead and submit all the info by fax that I had to start my file. I did not yet have pay stubs, but sent copies of my offer letter and employment verification.

They held my file for me until I could get my check stubs from my new job.

Today (yes today, Sunday), 10 days after I faxed the check stubs, I got a phone call from HFC stating that I had been approved for a modification and that they had accepted my just recently made May payment as my qualifying payment. They cut my interest payment in half which reduced my toal payment by $1000.00 a month.

The young lady on the phone gave me the mod authorization numbers and additional information that I would need in case of any phone calls from customer service. Due to the immense volume of customers they are trying to assist, it is taking a longer time for the paper documents to get to the homeowners.

She also encouraged me to reapply in 5 months as she realizes that my husband still won't have an income in 6 months unless the Good Lord sends him back.

My main tactic in this was to call once a week so something was documented in my file. I also kept records of my calls and what I was told by their agents.

Another thing I found was that when they ask for my loan number, I give it and then immediately tell them that I was checking on my hardship application. In most cases (not all) it got me through the "can we schedule a payment for you" questions script that the reps are required to ask. Since I have always been current, It is easier to tell them no and move on to what you really want to accomplish.

So far it has been painless, but this process is not really for the faint of heart. You must be assertive, prepared and able to convey what you have to say concisely to the reps. I found it helpful to write down my taking points before hitting speed dial.

amyjeannine

[amyjeannine]

I made my good faith payment on June 4th and my first lower mod payment on June 10th. As of today, I had not gotten anything in writing about the temporary mod terms. Being anal, I called HFC today to find out where the paperwork was. After the usual "I can help you" with generic information from the folks with accents I don't understand in customer service, I finally got through to the hardship department.

When I asked about my hardship, the agent on the phone said that they no longer are sending letters, but my next loan statement would reflect the terms of my PERMANENT MODIFICATION. WAIT!!! I was told that my modification was for the usual 6 months.

The agent said that she has all the documentation in front of her. While they initially set me up on a temporary mod, my file went into further consideration as was made PERMANENT.

Of course I documented the call. Name, date, time, etc.

THANKS TO ***, MOE and ALL OF YOU!

[Moe Bedard]

amyjeannine,



That is GREAT news!!! Congratulations!!




Are they sending docs for the permanent modification?

[amyjeannine]

I could not believe it myself. I really believe that things started changing after the quarterly shareholder meeting in April. I did not ever think I would get a perm. mod.

[amyjeannine]

***... as far as documents go, the agent told me to look in my next statement. Since HFC is not technically writing/refinancing any new paper in the US, it is hard to tell what they will send me. Others on the site have also indicated that HFC is going "letterless".

I will post again when my statement comes. It would make me happier to have something in writing. I don't want to rock the boat, so I will proceed carefully. I wholeheartedly believe I have the right to something written.

[amyjeannine]

THE PAPERS CAME TODAY!!!!

When I got home from work, my daughter said that I had a FED-EX.

I opened it and there it was. A letter from HSBC saying:

"We would like to provide you with information regarding your mortgage loan that is serviced by HSBCMortgage Services. We have agreed to fix the interest rate on your loan as of 6/10/2009 and CONTINUING FOR THE REMAINING TERM of your mortgage loan..." "We have also agreed that the interest rate on your loan will be 5.25%..."

I have to sign the papers within 10 days.

PINCH ME!!! I am Permanently Modified with HFC/ now HSBC!

***... Do you need copies of the paperwork?

[Moe Bedard]

No..........I don't need copies............



That is Truly Awesome!!!!!

[amyjeans]

wow- I never thought someone could have a name so similar to mine!

How in the world did you get a permanent mod?!!!!!!!! Do you have a ctc I could use? HFC is coming down hard regarding my request for another hardship.
my situation is getting worse and so far they are not in the mood to help.

[amyjeans]

sorry- I just reread your information, and your situation is different from mine. One thing I do notice is that people who are with HSBC mortgage services are getting better help, then with HFC.
Apparently they ar e2 totally diferent animals.

Congratulations!!!

[amyjeannine]

Actually Amyjeans, My loan is an HFC loan, but it appears that momma HSBC is taking things over as far as the mods go.

The permanent mod thing was a surprise to me as my initial phone call from them was to tell me I was approve for the usual 6 month mod. Somewhere, sometime they decided to make it a permanent mod.

The only thing I can think of is that I had had an earlier loan with them for $14K that I paid off with my husband's insurance proceeds. We had never been late and had always paid more on the principle. I also had a pretty good credit rating.

I think they also figured that since my husband died, my situation was permanent.

In any event, I am as shocked as everybody else about the outcome.

Here is info that was on the bottom of my letter:

HSBC Mortgage Services
Attention: MOD Team
636 Grand Regency Blvd
Brandon FL 33510

Number to contact a modification specialist
1-800-909-6888

The letter was signed "Sincerely HFC"

If it had not been for you posting and this site with *** and Moe, I would not even know the first thing about mods.

amyjeans, I pray for you and your babies to get your situation resolved.

THANK YOU FOR YOUR POSTS

[JerzeeGal]

I followed up with Hsbc yesterday and it made my day! My 1st hardship mod. was March from April to Sept. and I reapplied and I got extended, not 6 more months, but 18 months to March 2011................OMG!!!!! It is staying at the 1/2 pay from 10.99% at $860 to 5.25% at $416/month. This is such great news!

[amyjeannine]

This calls for a celebration! I hope you can see me do the happy dance for you. Sounds like they are loosening up a bit over there. 18 months is a lot of time to get things back on track!

[gang3]

Hello I want to congradulate any one who has had any type of success with Beneficial and invite anyone to read my nightmare i put it on a blog to help me keep track in these last days of home ownership for us maybe this will help others and warn people even if you got a loan mod dont turn your back and relax untill you get your mortgage away from these canibals seriously here is a link to my story it has not been updated for a while we still have not filed BK yet but time is getting short i am still holding out for miracles
Life In Hell good luck to all.

[JerzeeGal]

I even got a who big 4 page document last week spelling out everything in detail about the next 18 months! So much better than the one page hardship extention letter I got back in March. This document seems more real to me especially since it is for 18 months. I never thought they would start taking it easy on people and give us a break but they did for me. Now I can concentrate on the BIG mortgage (Litton) and budget paying for both these loans along with the almost $9,000/months total I have in expenses. I have my mits on things I have to cut back on and putting those into place this month. This has been the year of cutbacks to save the house!!! Good luck all.

[hsbc hopefull]

It seems that they are holding at 5.25 percent and won't go any lower...Have a 1st and 2nd with them and working with HUD ie ACORN and they told me on my 2nd hardship approval that HUD can't help me and they won't lower it. I was on a bi-weekly plan which would have gone to 4.9 if we were not hit with our hardship.

[Believe]

Gang3, if you are still around, please update us on your situation. I just read your story at the link you posted, and I am so sorry for all you have been through. I, too, have an HSBC loan, although I didn't go through Beneficial like you did. With your permission, Gang3, I'd like to post the last part of your blog where you started at the beginning of your story and explained everything that happened up until the beginning of October. It's quite a story. If you can endure that he!!, then the rest of us here can, too.

[Opus09]

Originally Posted by Believe

Gang3, if you are still around, please update us on your situation. I just read your story at the link you posted, and I am so sorry for all you have been through. I, too, have an HSBC loan, although I didn't go through Beneficial like you did. With your permission, Gang3, I'd like to post the last part of your blog where you started at the beginning of your story and explained everything that happened up until the beginning of October. It's quite a story. If you can endure that he!!, then the rest of us here can, too.

Gang3, I also just read your blog and I'm with Believe - I hope you continue to post here and give us an update. My wife and I are also with Beneficial and we've gone through a similar situation with them, although not as long as your family has endured. If we can do anything to support your efforts, please let me know.

[Believe]

Hi Opus, I'm glad to see you back. I don't have anything new to report regarding my situation, but I want to comment again about Gang3's case. Just when I think I have it bad, I read something like that and it makes me sick. That poor man has been sucked into HSBC's predatory vacuum and is going to lose it all. How can stuff like that happen in our country? By the way, I've only received one call from HSBC so far about my payment being late. He called me at work, and I told him to call me at home. He hasn't called back - YET.

[Opus09]

Originally Posted by Believe

Hi Opus, I'm glad to see you back. I don't have anything new to report regarding my situation, but I want to comment again about Gang3's case. Just when I think I have it bad, I read something like that and it makes me sick. That poor man has been sucked into HSBC's predatory vacuum and is going to lose it all. How can stuff like that happen in our country? By the way, I've only received one call from HSBC so far about my payment being late. He called me at work, and I told him to call me at home. He hasn't called back - YET.

I agree...makes me sick, too.

As far as phone calls go, they were light for us the 1st month but when were late for the 2nd is when the innudation started and they were timely...every morning at 8, every evening at 6...never the same person .

Here's hoping the entire HSBC family of predators gets what they deserve.