HSBC wrote off 2nd to ACI - Loan Modification Forum

lastminuteman · 10-06-2009, 08:11 PM

I received a call from ACI, who turned out to be a collection agency that has acquired my 2nd from HSBC.
After discussing my situation, they offerred to settle the debt for 35% of balance(32K). They said this would remove the lien from the title.

Apparently, after six months late, HSBC sold or wrote off the loan.

The ACI rep talks like he is negotiating for HSBC, and would need HSBC approval, but I'm not sure I buy it.

Anyone have any experience with this company or situation?

I don't have that much money available and was hoping to make monthly payments, but they are not interested. Seems like they just want a lump sum at this point.

Thank You.

Sacdude · 10-08-2009, 04:12 PM

Quote:

Originally Posted by lastminuteman

I received a call from ACI, who turned out to be a collection agency that has acquired my 2nd from HSBC.
After discussing my situation, they offerred to settle the debt for 35% of balance(32K). They said this would remove the lien from the title.

Apparently, after six months late, HSBC sold or wrote off the loan.

The ACI rep talks like he is negotiating for HSBC, and would need HSBC approval, but I'm not sure I buy it.

Anyone have any experience with this company or situation?

I don't have that much money available and was hoping to make monthly payments, but they are not interested. Seems like they just want a lump sum at this point.

Thank You.

There are a few things to consider here -

Is is a recourse or non-recourse loan?
If its a recourse loan I would shoot for 15% of balance
If its a non-recourse loan I would try to settle between 3 to 10%.

Dont be scared by their tactics....stand your ground and tell them take it or leave it...even if they threaten to sue you. IF they realize you are worried about judgement they will not budge on their requirement. I would say tell them you will file for BK if they try to get a deficiency judgement. They will realize they have nothing to gain here and will deal with you at your terms.

tsam9 · 10-08-2009, 04:29 PM

My second was with HSBC too, after 6 monthd late, thay sold me to Faslo,which is a collection agency. I am trying to settle with them around 3-5%, if I can work out with citi first on my first mod.

BadBobMo · 10-08-2009, 04:36 PM

2MP-Program offer's 3 cents yes 3-penny's on the dollar after 6 months of non-payment! If your way under water you might be able to go BK-13 and strip down the 2nd loan but also get rid of any other debits such as credit cards!!
Do your own research.

dan m · 10-08-2009, 04:55 PM

3-7% sounds right. what people forget is that these investors made an investment. they were so ready to hand out these seconds thinking that they'll make a fortune. sht happens. now they want their money back after thier investment went south. dont let em scare you. look up the debt collections act for your state. this is california's
http://www.dca.ca.gov/publications/l...uides/dc_2.pdf
1. You may lose money investing.
2. Past performance is not necessarily indicative of future results.

badbob is right

lastminuteman · 10-08-2009, 08:10 PM

wow, thanks for the replies.

I believe california is a non-recourse loan state. I think I heard Orman say that once.

Anyway, based on your feedback, I should shoot for 3-7%?

What is a 2MP-Program?

Thanks All.

dan m · 10-08-2009, 08:54 PM

2mp has nothing to do with your situation since its already been sold to collections. if your 1st was modified under hamp then new reg state that 2nd could also be possibly modified to 1% or written off. anyhow start low...and drag it along alittle{hahahaha}and they'll evetually want to be more resonable. dont know your situation but good luck

BadBobMo · 10-08-2009, 09:46 PM

2MP is Timmy and the boy's program to help rid-you of your 2nd or HELC, go to the web site and save the PDF file approx 35 pg. Start a New Folder on your dest top and start putting all the updates and any other info in that folder. dan m is right about 2MP I was just making a stament, I read some where that once it is a charge-off you can do a CH-7 BK it is less money than CH-13 and ahole-lot less than $35,00 dollars.
Make sure to check into everything yourself before acting.

lastminuteman · 10-10-2009, 01:14 PM

Thanks Badbob and Dan.

I'm not clear on what website I should go to for the 2MP info? I clicked on the link that provided me the California Fair Debt doc. Is this what your referring to? Where should I be looking?
I was hoping to avoid BK.

If I am way off, please send me the link for the 2MP?

Thank You,

jhn_plsn · 10-11-2009, 11:47 AM

Is this the 2MP?
http://www.fdic.gov/regulations/reso...r_Maggiano.pdf

See page 6.

davephx · 10-11-2009, 12:11 PM

Yes that is 2MP that no servicers have signed up for so far since they incentives are not worth it to them.

10-06-2009, 08:11 PM	#1 (permalink)
lastminuteman Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	HSBC wrote off 2nd to ACI I received a call from ACI, who turned out to be a collection agency that has acquired my 2nd from HSBC. After discussing my situation, they offerred to settle the debt for 35% of balance(32K). They said this would remove the lien from the title. Apparently, after six months late, HSBC sold or wrote off the loan. The ACI rep talks like he is negotiating for HSBC, and would need HSBC approval, but I'm not sure I buy it. Anyone have any experience with this company or situation? I don't have that much money available and was hoping to make monthly payments, but they are not interested. Seems like they just want a lump sum at this point. Thank You.

10-08-2009, 04:29 PM	#3 (permalink)
tsam9 Member Join Date: Aug 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI My second was with HSBC too, after 6 monthd late, thay sold me to Faslo,which is a collection agency. I am trying to settle with them around 3-5%, if I can work out with citi first on my first mod.

10-08-2009, 04:36 PM	#4 (permalink)
BadBobMo Senior Member Join Date: Feb 2008 Posts: 194 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI 2MP-Program offer's 3 cents yes 3-penny's on the dollar after 6 months of non-payment! If your way under water you might be able to go BK-13 and strip down the 2nd loan but also get rid of any other debits such as credit cards!! Do your own research.

10-08-2009, 04:55 PM	#5 (permalink)
dan m Senior Member Join Date: Aug 2009 Location: Manteca- California Posts: 134 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI 3-7% sounds right. what people forget is that these investors made an investment. they were so ready to hand out these seconds thinking that they'll make a fortune. sht happens. now they want their money back after thier investment went south. dont let em scare you. look up the debt collections act for your state. this is california's http://www.dca.ca.gov/publications/l...uides/dc_2.pdf 1. You may lose money investing. 2. Past performance is not necessarily indicative of future results. badbob is right __________________ A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government. — George Washington

10-08-2009, 08:10 PM	#6 (permalink)
lastminuteman Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI wow, thanks for the replies. I believe california is a non-recourse loan state. I think I heard Orman say that once. Anyway, based on your feedback, I should shoot for 3-7%? What is a 2MP-Program? Thanks All.

10-08-2009, 08:54 PM	#7 (permalink)
dan m Senior Member Join Date: Aug 2009 Location: Manteca- California Posts: 134 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI 2mp has nothing to do with your situation since its already been sold to collections. if your 1st was modified under hamp then new reg state that 2nd could also be possibly modified to 1% or written off. anyhow start low...and drag it along alittle{hahahaha}and they'll evetually want to be more resonable. dont know your situation but good luck __________________ A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government. — George Washington

10-08-2009, 09:46 PM	#8 (permalink)
BadBobMo Senior Member Join Date: Feb 2008 Posts: 194 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI 2MP is Timmy and the boy's program to help rid-you of your 2nd or HELC, go to the web site and save the PDF file approx 35 pg. Start a New Folder on your dest top and start putting all the updates and any other info in that folder. dan m is right about 2MP I was just making a stament, I read some where that once it is a charge-off you can do a CH-7 BK it is less money than CH-13 and ahole-lot less than $35,00 dollars. Make sure to check into everything yourself before acting.

10-10-2009, 01:14 PM	#9 (permalink)
lastminuteman Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI Thanks Badbob and Dan. I'm not clear on what website I should go to for the 2MP info? I clicked on the link that provided me the California Fair Debt doc. Is this what your referring to? Where should I be looking? I was hoping to avoid BK. If I am way off, please send me the link for the 2MP? Thank You,

10-11-2009, 11:47 AM	#10 (permalink)
jhn_plsn Senior Member Join Date: Apr 2008 Location: Riverside, Ca Posts: 136 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI Is this the 2MP? http://www.fdic.gov/regulations/reso...r_Maggiano.pdf See page 6. __________________ *John, Upside down big time.* *1st modified again=USBank, 3% for 5yrs, 4.95 cap for the life of the loan(no principle write down but a stable solution)* *2nd(heloc)=BofA offered three month trial at 1/3 the payment. We'll see.*

10-11-2009, 12:11 PM	#11 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 1,146 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HSBC wrote off 2nd to ACI Yes that is 2MP that no servicers have signed up for so far since they incentives are not worth it to them.

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