SUCCESS! Permanent Modification with HFC/Beneficial

**mom2jps** · 10-30-2011, 07:55 AM

(I posted this as a reply in a thread I'd already started but wanted to put it to its own thread)

Well, I have good news. I've confirmed it 3 different times to be sure that what they've told me was accurate. I have been approved for a modification with two trial payments for Nov & Dec payments and if I complete them (and I will!) then I will have a PERMANENT (yes, I said PERMANENT) modification. p&i of 1273.43 (it was $1609.19). My rate is reduced from 9.35% to 5.25% They will also now be escrowing my taxes and insurance, as that wasn't something they offered when I first got this mortgage but is something they do when they do a permanent modification. Although, I did explain that I was behind in property taxes, they haven't said anything about the arrears so not sure how they'll handle it.

Once I get the paperwork they said I would receive, I'll figure that out I guess.

I can't believe it and really do keep having to pinch myself. But it seems that an email letter sent out to every person and department I could find, paid off. Of course, I had to do some research to figure out email address formats, etc. While I did get an initial response from HFC in a letter form, confirming they'd received my letter of complaint and would be working on a resolution for me; It was a the contact I made with the executive offices of HSBC that got everything going.

My letter laid out ever phone call (name, date, time) and lie told to me, misinformation relayed to me, offered solutions and actions they said I could take that didn't even exist.

Thank God!

**Cat Damiano** · 10-30-2011, 08:39 AM

mom2jps,

That is awesome news! Congratulations!

**mom2jps** · 11-07-2011, 08:48 AM

Update: Got official paperwork via FedEx today. Better than what was told to me on the phone. Told to disregard the letter I received about permanent mod after two trial payments. Permanent modification active immediately, no need for trial payments and my account will reflect new modification amount for December's payment. Interest rate dropped from 9.35% to 4% and my P&I down from 1609.19 to 1009.14. Life changing event!

**estela13** · 11-07-2011, 08:44 PM

Awesome so happy for you!!!!
Estela

**Liz760** · 11-08-2011, 08:33 PM

Congratulations!!!!!

**Tarin Myhairout** · 11-09-2011, 06:54 PM

That is such Great News!! Congratulations!! It is so good to hear of some successes along the way. We are ALL celebrating with you!

Tarin

**FIRERACER** · 04-02-2012, 11:12 AM

Hello, i am in the same boat you were in with HFC, when we initially got the loan they told us the property taxes and insurance were included, which turned out to be false we are stuck at 9.95 percent and i have not had any success in getting them to Modify my loan permanently. I have filled out an independent investigation form recently stating the facts of how i was treated by HFC but have not heard back yet. Can you give me specifics on names addresses that you used to get this done? I have asked them numerous time over the years to help us to no avail. Thanks

**TheRebel** · 04-19-2012, 09:00 AM

Hello! I to am in the same boat when it comes to HFC. I got roped into a refinace back in 08 before they closed the doors with a promise of a lower rate in 12 months. Been stuck at a 10% interest rate ever since. Tried several times for a rate reduction with no success. If you could detail your steps to success it would be greatly appreciated. Especially if you could offer up names and email addresses of people you contacted. Doesn't have to be here in the thread, but through a PM would work fine. I'm dying over here being married to this house payment so any help would be great. Thanks!

**candacededelta** · 04-19-2012, 10:40 AM

HFC sneaky that way! I also was told that I would get a rate reduction after 12months of payments. Now house is underwater and I can no longer afford payments. Wish I could go back in time.......

**TheRebel** · 04-19-2012, 10:59 AM

Originally Posted by candacededelta

HFC sneaky that way! I also was told that I would get a rate reduction after 12months of payments. Now house is underwater and I can no longer afford payments. Wish I could go back in time.......

Don't we all.

I see that momjps hasn't been on here since November last year so I doubt we'll hear back from her. I think I'm just going to have to try to do what she did and hope for the best.

**candacededelta** · 04-19-2012, 11:14 AM

Good luck I hope that you will post if you have success. I spoke to them once and explained my situation(significant loss of income) and told them I could only keep this house with a permament modification. I have yet to hear anything back from them. I have now missed 2 payments so it's up to them. I am prepared to leave and rent a home for much less per month.
Candace

**TheRebel** · 04-19-2012, 01:37 PM

Originally Posted by candacededelta

Good luck I hope that you will post if you have success. I spoke to them once and explained my situation(significant loss of income) and told them I could only keep this house with a permament modification. I have yet to hear anything back from them. I have now missed 2 payments so it's up to them. I am prepared to leave and rent a home for much less per month.
Candace

Good luck to you as well. All these programs to help people and not one that HFC participates in. Our government should force all lenders to participate but I don't see that happening anytime soon. Crying shame that I got ****ered in to their trap, but my own fault for not being better informed. Live and learn...

Now I just need to keep bugging them until they get sick of me and help me out.

**susieQ** · 07-05-2012, 05:19 PM

I'm in the same boat with you guys. I have been struggling along with this horrible predatory lender for several years. We will be nearing 90 days late soon and we all know what that means. Wondering what will happen if we wait them out. Always been too scared to try out. We always scrape up a piece of a payment , whatever it takes to keep the wolves at bay for a few weeks as we struggle to get together another partial payment. Please, keep me posted on what you are doing and learning if anything. I wish we could get those names and email addresses. I have done some research online but can't find any legit addresses. Its hard when you have a full time job to spend the necessary time researching . We must stick together on this and help each other because this lender does not participate with any of the govt. programs as you know.. I'm in Virginia. God bless.

**candacededelta** · 07-05-2012, 06:33 PM

susieQ, I received my Notice Of Right To Cure Default after my 3rd missed payment. My deadline for that is the 14th. Last saturday i received a letter that HFC is participating in a "Help for Homeowners Community Event" here in Phoenix. The letter stated that HFC has assistance programs to lower interest rates/monthly payments temporarily or permanently. The letter also listed qualifying situations such as loss of income, loss employment etc...

Now I have no idea if HFC has ever participated in these events (sponsored by HOPE NOW) or if they are starting to now. I'm thinking about calling to make an appt.. I don't really think i will qualify for anything as my income has dropped so much and won't be increasing for a very long time. I'm curious about this event but I don't really trust HFC. As I wrote above I am prepared to lose the house. I will update if anything comes of all this.
candace

**susieQ** · 07-06-2012, 04:18 PM

Hi Candace, thanks for your reply.. I have not heard of anything HFC is participating in. I have never received a letter such as that. I sure hope its legit! I wish you luck, and yes, please keep us updated!

**TheRebel** · 07-09-2012, 01:09 PM

Hey guys. I've had some success working with HFC. We had a second mortgage with them which was a home equity line of credit that they lumped into our refinance back in 08. Well they jacked the interest rate up to 24.98% and almost all of our $400.00 monthly payment was going to interest. So I contacted a local real eastate lawyer and asked about any options we might have. He told me to miss a payment or two and then, if we could afford it, request a settlement for half of the balance. So we did, and HFC agreed, after some negotiating, to settle for half of what we owed. Now I know it'll show up on my credit rating as a settled debt, but we saved ourselves just over ten grand and now have an extra $400 a month to throw at other bills. Some might not consider that much of a success, but walk a few miles in my shoes and anything from HFC is a success to me. They still won't budge on my primary mortgage, but I can breath a little easier with the second mortgage being gone. I'll keep after them though...

**rickyk** · 10-08-2012, 12:36 PM

Good job. Any chance you can send me names and contacts you used. Had a temp modification with hfc for 12 months now they gave me 30 days to come up with the difference or they foreclose. Need help fast. Please help

**rickyk** · 10-08-2012, 12:40 PM

rickyk

Good job. Any chance you can send me names and contacts you used. Had a temp modification with hfc for 12 months now they gave me 30 days to come up with the difference or they foreclose. Need help fast. Please help

**Cat Damiano** · 10-08-2012, 12:42 PM

Originally Posted by rickyk

Good job. Any chance you can send me names and contacts you used. Had a temp modification with hfc for 12 months now they gave me 30 days to come up with the difference or they foreclose. Need help fast. Please help

The csrs are given loans to work on based on state location and loan number so chances are that you will not be able to work with the same rep as the other member. Have you tried to apply for a new modification and if so what are they telling you?

**rickyk** · 10-08-2012, 02:54 PM

They said i have to wait another six months to reaply

**rickyk** · 10-08-2012, 02:55 PM

Said i have to wait another six months to reaply

**cindyleuwhio** · 10-18-2012, 08:24 PM

Originally Posted by rickyk

They said i have to wait another six months to reaply

Has anyone ever contacted the Attorney Generals office concerning HFC? My mortagage is at 9.25 with HFC and I am underwater. HFC will only give a temporary modification. I have been told by them I should have looked over the paperwork more closely and they can not help. The appraisal of my home when i took out the mortgage in 2007 was over inflated by about 40,000. I have been trying to get out of this for years with no progress. Any ideas? I was given one temporary modification and told I could apply for permanent modification at the end of 6 months, when I did I was told they do not give permanent modifications and the temp. one has lowered my credit score, but i have had the same job for 26 years and a decent income but now has lousy credit.

**Cat Damiano** · 10-19-2012, 01:47 PM

Originally Posted by cindyleuwhio

Has anyone ever contacted the Attorney Generals office concerning HFC? My mortagage is at 9.25 with HFC and I am underwater. HFC will only give a temporary modification. I have been told by them I should have looked over the paperwork more closely and they can not help. The appraisal of my home when i took out the mortgage in 2007 was over inflated by about 40,000. I have been trying to get out of this for years with no progress. Any ideas? I was given one temporary modification and told I could apply for permanent modification at the end of 6 months, when I did I was told they do not give permanent modifications and the temp. one has lowered my credit score, but i have had the same job for 26 years and a decent income but now has lousy credit.

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

You should definitely try filing the complaint with your AG's office in your state. The member who started this thread did receive a permanent modification, but it may have depended on who the investor of their loan was.

**cindyleuwhio** · 10-19-2012, 02:20 PM

Thanks. I would love to know the process anyone went through and what they did to get a permanent
loan modification with HFC.

**luisaianiro** · 01-18-2013, 02:20 PM

hi, I am having the same problem...can you provide the emails?? O have been going back and forth with this company for months with no end result, alot of diff information and some very rude people. I would like to combine my taxes onto my payment

Originally Posted by mom2jps

(I posted this as a reply in a thread I'd already started but wanted to put it to its own thread)

Well, I have good news. I've confirmed it 3 different times to be sure that what they've told me was accurate. I have been approved for a modification with two trial payments for Nov & Dec payments and if I complete them (and I will!) then I will have a PERMANENT (yes, I said PERMANENT) modification. p&i of 1273.43 (it was $1609.19). My rate is reduced from 9.35% to 5.25% They will also now be escrowing my taxes and insurance, as that wasn't something they offered when I first got this mortgage but is something they do when they do a permanent modification. Although, I did explain that I was behind in property taxes, they haven't said anything about the arrears so not sure how they'll handle it.

Once I get the paperwork they said I would receive, I'll figure that out I guess.

I can't believe it and really do keep having to pinch myself. But it seems that an email letter sent out to every person and department I could find, paid off. Of course, I had to do some research to figure out email address formats, etc. While I did get an initial response from HFC in a letter form, confirming they'd received my letter of complaint and would be working on a resolution for me; It was a the contact I made with the executive offices of HSBC that got everything going.

My letter laid out ever phone call (name, date, time) and lie told to me, misinformation relayed to me, offered solutions and actions they said I could take that didn't even exist.

Thank God!

**luisaianiro** · 01-18-2013, 02:22 PM

hi, I am having the same problem...can you provide the emails?? O have been going back and forth with this company for months with no end result, alot of diff information and some very rude people. I would like to combine my taxes onto my payment

**cindyleuwhio** · 01-18-2013, 04:01 PM

unfortunately this was not my post. i have had no luck with HFC

**luisaianiro** · 01-18-2013, 04:14 PM

Originally Posted by TheRebel

Hey guys. I've had some success working with HFC. We had a second mortgage with them which was a home equity line of credit that they lumped into our refinance back in 08. Well they jacked the interest rate up to 24.98% and almost all of our $400.00 monthly payment was going to interest. So I contacted a local real eastate lawyer and asked about any options we might have. He told me to miss a payment or two and then, if we could afford it, request a settlement for half of the balance. So we did, and HFC agreed, after some negotiating, to settle for half of what we owed. Now I know it'll show up on my credit rating as a settled debt, but we saved ourselves just over ten grand and now have an extra $400 a month to throw at other bills. Some might not consider that much of a success, but walk a few miles in my shoes and anything from HFC is a success to me. They still won't budge on my primary mortgage, but I can breath a little easier with the second mortgage being gone. I'll keep after them though...

Please post details as it is very apparent this is a huge consumer problem.

**TheRebel** · 01-24-2013, 09:07 AM

Originally Posted by luisaianiro

Please post details as it is very apparent this is a huge consumer problem.

Well, like I stated in my post, I only suceeded in getting them to accept a settlement on my home equity line of credit. I had to miss a couple of payments before they would even consider this as well. They would not and still will not budge on my home mortgage. I've talked to a few lawyers who basically say the same thing, "you agreed to the terms, so you're libel for the payments". I continue to call HFC on a weekly basis to ask for a permanant modification in hopes they'll get sick of me. I think my next course of action will be to start the NACA process to get them to start bugging HFC on my behalf.

Like others have stated, HFC Beneficial is part of HSBC which is a British Bank. They are not forced to participate in any government programs and are using this to their advantage to keep their customers hostage. Not much you can do except to turn the tables on them and call, call, call. Everyday if necessary. Ask for a mod, for a defer, for a perm mod, for a rate reduction, whatever you can think of. HFC has a wonderful way of failing to record stuff. I've asked for a mod and sent in the paperwork only to call a few days later to find out it wasn't received, or it was lost, or they have no record of me requesting a mod in the first place. You have to be diligent in your efforts and record every time you call. Write down names, dates, topics, results. Request every promise in writing. Use this information to get them to move. They are lazy and there is no incentive for them to help their customers.

I'll try to update my efforts on here when I can, but for now I'm in the same boat as everyone else. Keep at them and good luck!