Home Loans and Support

HSBC Short Sale

Discussion in 'Short Sale Outpost' started by hsbc_mortgage, Aug 26, 2008.

  1. hsbc_mortgage

    hsbc_mortgage LoanSafe Member

    Hello Everyone,

    I purchased my home December of 2005 with a 3 year interest only loan which expired Feb. of 08'. The increased payment has caused me to over extend my budget and heavily use credit cards. With no luck in refinancing my mortgage or modifying my loan with HSBC, I put the home on the market in April for the purchased amount. After many weeks of no movement or offers I lowered the price and started to purse a short sale. After 151 stressful days on the market we finally received an offer this past weekend. I forwarded the short sale package and financial information as well as hardship letter to HSBC yesterday and confirmed they received it.

    I've read some other posts and any advise would be greatly appreciated on how to move things along, negotiating the short sale and how to be forgiven for the shorted amount. I have not contacted a lawyer and wasn't sure if I needed to.. If anyone has dealt with HSBC and has any helpful tips please let me know.
  2. schwefls

    schwefls New Member Guide & Litton Success

    Hi hsbc mortgage welcome to our forum:

    I wanted to stop in and say hello. Someone will be reaching out to you by days end to provide you with some additional insight. In the interim please hang in there and know that we are here for you :)
  3. HappyHome

    HappyHome LoanSafe Member

    Welcome HSBC Mtg to The Best Site Ever! I too, have HSBC mtg. and purchased in Dec. of '05 and was told I could re-fi w/no prob within a short time my ARM wrestle Loan/The Mods(only 6 months) **also ** my credit Bulk soaring to Over $11K and just to try & Keep my House?! Sure I (did) really Love my Home, but Now it feels like a burden and am looking at same as you, and walking perhaps. Just wanted to say hello I am in Virginia. A Moderator will be on here shortly to answer you Best Blessings to you Tracyann
  4. tjtruth

    tjtruth LoanSafe Member


    I just successfully navigated a short sale process with HSBC. My realtor was no help at all, I believe that God divinely stepped in and it all worked out (miraculously)...I was due to foreclose on July 18 and HSBC accepted the offer on July 17-only after I called them. They were not responding to my realtor at all. All odds stacked against me, it all went through.

  5. HappyHome

    HappyHome LoanSafe Member

    :DCongrats to You tjtruth.. Can you Offer any steps or what was said by HSBC so that I may Know how to do so as well? That is nothing short of a Miracle !! I am happy for you that things are working out.~ Keep us Posted!
  6. tjtruth

    tjtruth LoanSafe Member

    The 'short sale' department was the help. My realtor did obtain approval for that first. I have the # for the short sale department, if you need it. Anyway, once on the market as a short sale, people came and an offer happenened shortly after. That had to be submitted to the short sale department for approval (lot of faxing and checking to make sure fax was received)...they countered back with another amount, because the real estate agents have to be paid and the buyer came back and said ok...From the time I got the offer until I closed, it was only 2 weeks...You have to stay on the phone and make sure they get the paperwork and everything keeps moving...do not trust your real estate agent to do that....they do not have as much at stake as you...As I said, my foreclosure was happening and I was able to get the short sale department to postpone it one week, the day before it was due to foreclose, so that this deal could go through.

  7. HappyHome

    HappyHome LoanSafe Member

    Hi TJ .. Oh WOW! Good for You~! You've done your HomeWork ..Kept Yr Cool and Pursued into a good deal done and I Agree (that you have to keep things Moving along.. I KNOW how "that" is..~) >>YES!! PLease DO POST THE PHONE NUMBER for Short Sale Dept..<<< ~ May I ask how you found a Good Real Estate Person//Realtor as well? Or any recomendations how to look one up half "Trustworthy"??? I am so Leary, ya know.. after all I was lied too like many others, so I want to be totally Sure if I have to go this route..(thanks) I DID go ahead and Looked at some Affordable Apts. sites on-line and saved them all for possibly near-future Use.. I found quite a few that looked good.. Then I got onto the Gennie Mae (cousin of Fannie & Freddie) did an on-line Own VS rent inserting numbers into chart and I came up with a Surplus renting to save $18K in 3 years! I have No real Idea what my House is worth? in this wacked out Market? but I DO KNOW Not Nearly or even relatively Close enough to do any Re-Fi.. Take Care and Good Luck with yr Short Sale..and let Us know.. ~
  8. hsbc_mortgage

    hsbc_mortgage LoanSafe Member

    Congrats on closing your short sale tj and thank you for sharing your story... I just had the BPO done yesterday and things are moving along. I did have a couple questions for you..

    - How much of a difference was there between the Bank's appraisal of your property and the offer you received?

    - How large of a deficiency was there and were you asked to sign a promissory note?

    - Did you use a attorney to negotiate or help you through the process?


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