Home Loans and Support

HSBC False reporting.

Discussion in 'Mortgage Complaints' started by vunivasa, Jan 14, 2014.

  1. vunivasa

    vunivasa LoanSafe Member

    We have been with HSBC Mortgage Services for 8 years. It is unfortunate that they bought our loan. Yes they are a night mare to deal with. Never the same person twice and when issued a "point of contact person" they never get back to you. We have had several modification from them and to get them I stuck to my guns and won. Here is the new problem that seems to be the game that is played with credit reporting. At no time was it explained that a delinquent report would be placed on our report. I am fully aware that a modification is reported but now they are reporting a 60day delinquent because of no reason other than they held our payment for what they called a trial period. We have tried to refinance and have been told that even though I have the papers proving the payments were made and on time that we have nothing to stand on and the credit report is gospel. What is this about and is it legal for a company to slander you and you are the liar?
    It feels like even if I had the documents that I have proving the payments were made signed by the President the credit report would prevail. I have contacted one of those credit help lawyer firms and now they are trying just to avoid taking on HSBC. Talk about a scam. I am trying to save a house that has been my home for 26years and is way under water. Government help is only for those that are rich and don't care and just sit back and wait for someone to hand them money. Why work hard for something any more.
    When do we as people get the rights under the consumer protection act. I am appealed that consumers are at the mercy of big business that they can post what ever they want when ever they want and get away with it.
    Last edited: Jan 14, 2014
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thanks for joining the LoanSafe community vunivasa.

    HSBC is notorious for being the MOST difficult mortgage servicer to work with and continues to avoid participation in any gov't help programs such as HAMP. It's fortunate you made it this far. Are you currently undergoing the trial period or has it been completed and your mortgage is permanently modified? Also, did you miss any payments prior to entering the trial period?
  3. TomEason

    TomEason LoanSafe Guide Staff Member

    vunivasa

    Thanks for your post.

    I recommend you send HSBC a letter demanding they adhere to the provisions of the FCRA. And if they don't you intend to sue them and also file a complaint with the FCC (the regulatory agency tasked with enforcing the FCRA).
    Last edited: Jan 20, 2014
  4. LovingOcwen

    LovingOcwen LoanSafe Member

    Hi Evan,

    I checked my credit report after my first trial payment and they reported it as being current, BUT a note is on there that sez "part of a trial plan" Is that okay? Thanks
  5. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Yes, that's the norm and I wouldn't be alarmed. Your account will be updated again once the modification is finalized.
  6. vunivasa

    vunivasa LoanSafe Member

    Thanks for the warm welcome.
    Our trial period was over in July and the first payment was on August 1. This will be our 3rd modification with them as they do not do permanent ones. At least that is what I have been told. There have been no missed payments in 4 years. The rest of the bills in the house are getting the shaft just to make sure that I do not have the night mare of the phone calls and more.

    The newest twist is that they held the escrow account and did not pay the insurance payment on time back at the beginning of December and paid it late here in January. They just ignored the bill and when asked about it the answer was " we do not know when or how much will be paid". We were very lucky and were able to show the insurance company that it was in no way our fault and they reinstated the old policy. If this had not happened the rate would have gone up by $200 and that would have come out of our pockets.

    HSBC has this thing of not letting you talk to the same person twice. Now they have what they call a person of contact and that person will contact the different departments on you behalf to get things done. That person has no access the account other than what the payment is an when to make it.
  7. vunivasa

    vunivasa LoanSafe Member

    I am headed in that direction but don't have the funds to even talk to a lawyer.
  8. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    HSBC is an unscrupulous firm and IMO shouldn't be servicing any residential home loan, I don't see how they haven't been shut down or forced to transfer the loans they are holding elsewhere..

    Did you happen to do as Tom previously suggested?

    "send HSBC a letter demanding they adhere to the provisions of the FCRA. And if they don't you intend to sue them and also file a complaint with the FCC (the regulatory agency tasked with enforcing the FCRA)."
  9. vunivasa

    vunivasa LoanSafe Member

    I am going to try what Tom suggested. I am so afraid of stepping out of line that I guess I have to get over the fear of their power of taking my home for no other reason than they can. I have to ask a stupid question I guess. What is the FRCA. I tried to look it up and came up with all kinds of interesting things but nothing related to finance. Maybe I just don't know what I am looking for.

    It would be nice some day to go to bed for one night and not feel like the mob is going to show up and wipe us out.
    Last edited: Jan 23, 2014
  10. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Please do not fear HSBC or the fact they are controlling your loan and ultimately the property. You need to take the bull by the horns and do everything you can to rectify this situation. The FCRA is the Fair Credit Reporting Act and is a federal law that regulates how consumer reporting agencies use your information.
  11. vunivasa

    vunivasa LoanSafe Member

    I would like to say thank you for the words of encouragement. I have a question. When a modification is asked for by the client what obligations does the company have, to disclose how they are going to use this request and if they grant such a modification is it lawful for them to use this information in any manner they wish to lock the customer into their loan with said company? I hope that makes sense. Every where I have turned I feel that I am holding on to the emotional part and there has been no one to give me an answer that proves I have a case. To put it simply, how do I prove they did wrong when I find nothing in my favor other than my feeling of being wronged. The laws are so complicated. It is so close to mob rule of Chicago that it is unreal when it comes to buying a home.
  12. kraftykrab

    kraftykrab LoanSafe Member

    well, I definitely feel your pain....we've been dealing with HSBC for a while now. They started contacting us in 2011, asking when we would make payments that we had already made. They reported us on time with no past due balance on the credit reports one month...the very next month, we were being reported as past due $3400....problem is, we have a mortgage payment that is less than $1K. When I called them to ask about the statement, I was told to "just disregard that". Next thing we know, they blew up our credit reports, all of them....thousands of dollars supposedly past due and payments we had proof of making, they were constantly calling to collect. It took almost a year of this back and forth before I was finally able to get one of their people on the phone to admit that they had received those payments. But thats as far as HSBC went...they did not correct anything. Turns out, they applied our payments to "various ancillary fees", but no one could tell us what those fees were for. They filed foreclosure against us and we responded with a rather large FCRA claim countersuit. That was the last we heard from them, until last month. Seems that HSBC sold our mortgage, in the middle of a foreclosure case, to some trust that I cannot find any info about. There's a new servicer, but the sale took place in December. And as of this morning, I still cannot find out who actually possesses our mortgage. I call the trust, it's a recording directing me to the new servicer, which is Caliber Home Loans. I call Caliber, and I cannot even speak to a live person, and our account number is "not a valid account number" in their system. I called HSBC and they tell me to call Caliber, that they have nothing to do with it anymore.

    OP, you should check out threads about HFC in here. Someone posted not too long back that they went through NACA and got a PERMANENT modification with HSBC. I know, I was told the same thing you were, that they do not do permanent mods. Well, they've done at least one....maybe that's the way to go. I will be hitting up NACA myself to see if we can make any progress with this new servicer.
  13. vunivasa

    vunivasa LoanSafe Member

    I have recently asked these very questions of elected officials on why can such things be done. I thought the days of the mafia were gone. Yes I have had the different mailings and was told to disregard this or that. Best answer is it crossed in the mail. This department was not aware to this or that. At one time we were in foreclosure according the letter I received then when I called there was no record of any kind of communications. Even head quarters has no idea what is going on. I called several of the consumer protection agencies and were directed to write letters and they would be filed as complaints. Best of luck to you and hang in there.
  14. Elsker-meg

    Elsker-meg LoanSafe Member

    I, to have had dealings with HSBC/HFC to no avail. They have recently sold our mortgage to LSF8 Master Participation Trust with the contact company being Caliber Home Loans. First I'd like to say that with the exception of the notification letter from Caliber we've had no contact. No mortgage payment bill. No phone calls nothing. When my spouse called them he was notified that BOTH of us need to be on the phone. Why? Second, I am glad to hear that at least ONE person was able to get a permanent modification through NACA with them because there wasn't anyway they were able to assist us. Third, we've gone to two different lawyers, and a home reach program in my area also with no help (i.e.: they couldn't get through to HSBC/HFC either).

    Here is my question (or rather many of them but i'll go one at a time) would anyone know if Caliber Home Loans and LSF8 Master Participation trust are subsidiaries of HSBC/HFC?
  15. amyjeans

    amyjeans LoanSafe Member

    I was with HSBC, loan went to Caliber Home Loans. we are in mediation/foreclosure from HSBC and Caliber is willing to do a mod- not sure what type. So far, me dealing have been 10x better with Caliber than HSBC. I don't know if they are owned by HSBC.
  16. kraftykrab

    kraftykrab LoanSafe Member

    Amy, could you post details of how everything has gone with Caliber? As in, how you requested a mod, what hoops they are making you jump through and all that? I am just starting this process now and since HSBC sold off a lot of paper, it would benefit a lot of people to know what you have found that works when talking with Caliber.

    And Caliber is not owned by HSBC. They started out as CIT or something like that, years ago. They became Vericrest Financial some years ago too. Then, due to bankruptcy I believe, they changed the name to Caliber.
  17. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Just wanted to briefly chime in here, Caliber is owned by Lone Star Funds, a global private equity fund. I would be ecstatic your loan is no longer associated with HFC/HSBC!
  18. kraftykrab

    kraftykrab LoanSafe Member

    Thanks for the info, Evan!

    yes, I personally am VERY happy for the change. Also, in these cases, Caliber is only the servicer, and the owner of the loan is a trust, in our case it is LSF8 Master Participation Trust. I cannot find much about LSF8, wish I could. But it seems that Caliber has the authority as the servicer to make all decisions about these mortgages.
  19. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Yes, with many investors (including trusts) the servicer can do as they please with the modification and we have several others here with former HSBC loans owned by LSF8. ANY servicer is better than HSBC in my opinion!
  20. Elsker-meg

    Elsker-meg LoanSafe Member

    Yes, I agree Evan, any company or TRUST is far better than HSBC. I thought I read somewhere that the Attorney General's Office in NY was going to make a case against them, but I haven't seen anything after that blurb. Perhaps there is something out there that I have missed.

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