Home Loans and Support

Hamp with HSBC

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by leelawson2000, May 3, 2011.

  1. leelawson2000

    leelawson2000 LoanSafe Member

    I have a freddie mac loan, service thru HSBC. My question is i am going to apply for a HAMP mod. and i was wondering if they always have to give you a trial period first, can they just modified the loan without the 3 payments or more of the trial.
    What i am afraid of is that during the trial period they will foreclose anyway and only gave me the trial so that they would have at least some money coming in while waiting to foreclose. I think some of the them do this, but i don't know if Freddie mac is that way.
    Also, i have not miss one payment yet, but am now going to miss my first payment starting in may 2011. Should i ask for the Modication at once or wait until i miss 3 payments.???

    Thank you for any help.

  2. facha

    facha LoanSafe Member

    Welcome to the forum, leelawson2000, I am sure you will find a lot of important information.

    If your lender participates in HAMP ask for the mod right away, if they do not ask for an in-house mod. No need to be late. HAMP always has trial periods. Read the HAMP guidelines in the MHA handbook, https://www.hmpadmin.com/portal/index.jsp Foreclosure is not going to start that quickly, but if you are in the HAMP mod process any forclosure proceedings are suposed to stop. The handbook will help you figure out a few things and if you don't understand something, please post the questions. We have plenty of people on this forum that are very knowledgable on the HAMP program.

    Keep us posted
  3. leelawson2000

    leelawson2000 LoanSafe Member

    Thank you, so you think i should ask for the loan Mod. right away. You know once before last year i ask for a loan mod.from HSBC, but did not ask for a Hamp and i was turn down, i figured it was because in 3 years i was never late and i wasn't late on any payments when i ask last year and got turn down. i thought it was because i was not behind on my payments, and i thought this time i would get behind and ask for the HAmP mod. and see if that would help to be behind a couple of payments.
  4. facha

    facha LoanSafe Member

    Absolutely, do not wait. Get on it right away.
  5. leelawson2000

    leelawson2000 LoanSafe Member

    ok, i will get to it , thank you for your help.
  6. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi Lee,

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

    The guide referenced above is for Non GSE mortgages, you have a GSE mortgage in that yours is FreddieMac.
    The information regarding HAMP for FreddieMac loans can be found here:
    Freddie Mac - Making Home Affordable Program


    HSBC was never one to participate in any of the modification programs available as they had "their own" programs which back then didn't offer much help to homeowners because they were temporary in nature and not a long term solution, hopefully, now three years later, maybe that has changed. Just make sure that you ask to be evaluated for a HAMP modification so that you are put into the correct program. I am seeing in the last year a few HAMP modifications from HSBC so that is a good thing.

    Please keep us posted on your progress.

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