Looks grim for hsbc/hfc success

[hsbc hopefull]

I have a 1st and 2nd with hsbc 287,000 and 28,000. Orig payment was 2100 and the 2nd 224 a month. Job loss and terminal ilness with a family member placed us in a critical situation. We were bi weekly on both loans for about 2 yrs with a 1/4% intrest drop for 7 yrs until we would be at a 4.9 rate.

We got behind on our house 1st and second we are about 8000 behind on 1st and current on the second by the end of the month. We applied for hardship and were granted a reduction to 1673 1st and 189 2nd in March.Since getting that we lost another 1000 a month in income due to job loss. We are coming up on our 6 month renewal and hope we get a continuance. We have property taxes of 3200 due and I was wondering if that will affect a long term solution. We plan to be current by Dec 09 on the property taxes. We are also seeking a permanent fix via Accorn Housing through HUD.

I have been to your site and see all the success for other lenders and very few with HSBC.

[Moe Bedard]

Yes, HSBC can be difficult to deal with.

The property taxes will not affect your loan modification nd sometimes are paid by the lender and then impounded through the loan modification. I suggest that you go for the loan mod and ask for a payment that is principle, interest, taxes and insurance all in one. That way you have a true payment and will not have to come up with lump sums quarterly.

[hsbc hopefull]

I will be discussing my loan with an advisor from ACORN Housing on 8/31. Sent in all information docs with the hardship letter. Don't know what to expect. I hope they will be able to negotiate a final deal that will satisfy both parties. Has anybody dealt with ACORN? Better yet HSBC? I have seen 2 successful endings online here.

[hsbc hopefull]

After the ACORN debacle my assigned rep was leaving for another job and I am awaiting another rep assignment. I had attempted to extend my hardship and was approved for 6 months on the 1st and 18 months on the second. The new hardship 1st payment went up 20 dollars to 1693 from 1673 with 5.25 percent interest. The second has dropped from 287 to 163 a month with a 5.25 percent. HSBC has pulled the mortgage companies from Calif,Nev,Florida etc.They told me that the lowest they would go is the current 5.25 percent and that HUD ie ACORN isn't going to get a lower rate. I trying to confirm that the interest rate can't go any lower and that HUD has no further pull with HSBC.I am supposed to hear from ACORN by mid to late OCT to see if HSBC accepted the ACORN proposal. Fingers crossed awaiting further. If anyone has dealt with them and can give me any answers that would give me a heads up would be greatly appreciated.....

[Opus09]

I've had horrible luck with them and I am now working with a lawyer to negotiate a short sale of our property.

There's very little positive stories on this forum regarding HSBC/HFC/Beneficial but here's one of them:

HSBC/HFC Loan Mod SUCCESS!!!!

[kcbmj8]

Has anyone had any success with getting their principal reduced? We're with HSBC, doing the circus rounds of trying to get a loan mod, but I feel like the only thing that makes sense is if the principal is reduced. How likely is that?