NACA & HSBC Mortgage Services - SUCCESS LOAN MOD!

[meheartpaulfrank]

Hello Everyone,

My battle with my lender, HSBC has been ongoing for 3 1/2 years and I can finally say its over and it is in my favor!

This forum has been a great source for me and I thank all of you for your inputs, advice and etc. I know there are a handful of people that have HSBC as a lender and I want to tell you all that it is possible to get an approved loan modification.

A little background about me - I stopped making mortgage payments in 8/09 from being unemployed and going through a divorce. I went to the Save the Dream event this year in June. (this is my second process with Naca) This time around they were able to help me get the ball rolling. My lender did not give an answer to Naca within the time frame it needed. After the 30 days were over, I made the initiative to call my lender 2-3 times a week to see what was going on with my loan. After 5 months of constant calling and faxes.. I recieved a letter from my lender (HSBC) yesterday with an approved loan modification.

OLD:
Loan Amount: $422K
Interest Rate: 5.25% Interest Only (expired on June 2009)
5 year Interest Only Loan

and the NEW:
Loan Amount: $277K (They knocked off $145K off my principal)
Interest Rate: 3%
25 Year Loan

This has been a huge blessing as this has been such an ordeal the last few years in my life. I can finally say I can sleep better knowing this is finally over. I hope my story is able to encourage people that have HSBC as a lender..that they do offer permanent loan modifications! Wishing everyone a very Happy Thanksgiving and Happy Holidays!

[Cat Damiano]

Hi,


That is a Great Success! Congratulations! Enjoy your Holidays!

[lwillhite]

HSBC can be tough to work with, but you are a great example of how patience and persistence pay off! You have to decide that you won't take "no" for an answer. Congratulations!

[Evan Bedard]

Wow congratulations that is an excellent modification you have been offered!! I hope you enjoy Christmas and have a Happy New Year!

[cali-sean]

I have been lurking around this forum for a few years now while working with my lender (HSBC). I have read hundreds of posts, but never joined. I was so excited about your post that I had to join and comment.

That's GREAT news. I'm excited for you and also excited because it gives me a little hope that HSBC will help with a modification of my loan. It is so rare that HSBC does permanent modifications that I was starting to lose hope. I read your original post back in Jan 2011 and it didn't sound like HSBC was willing to work with you at all.

In your original post you said you were unemployed. Did you find a permanent job? I would be surprised if HSBC gave you a perm mod without any income (other than unemployment). Any more details about your situation or the modification would be helpful.

For now I'm just staying hopeful. I have had 2 temp modifications and both times the request for an extension was denied. I would love to know what their rules for approving or denying a modification are. Guess we just have to keep trying and hoping we get a wonderful result like yours!

Congrats.

[meheartpaulfrank]

It has been quite a long battle with HSBC! Are you working with any groups such as NACA? I truly believe if it wasn't for Naca and their resources, I would not get anywhere with HSBC. I had tried to do this without NACA's help and I kept getting the runaround with them.

I was laid off in August 2009. I stopped making my payments to HSBC and with the help of Naca, I was put on a forebearance agreement for 3 months. It started in Oct 09 - Dec 09. Nothing special but to pay half of my mortgage and once I completed this process they would reevaluate whether I can get an extension with the forebearance. I submitted my last payment with new paperwork and I was denied for an extenstion. I found a permenant job in April 2010. (took another huge paycut) In June, I went to the NACA Save the Dream program. Three weeks from the event, I recieved a letter from HSBC telling me that I was denied for a modification. But a week later, I recieved another letter from HSBC with instructions for another trial run on 3 months of payment. (Jun - Aug) I complied with the letter and in July I recieved another letter from HSBC letting me that my account was assigned to an individual person in the Loss Mitigation Dept. Once I had a contact person, I would call them daily just to get an update with my account. Finally on 11/21/11, I was told I was approved my modification! I didn't recieve all my papers until the 29th of Nov.

Update: Unfortunately, my good news turned sour. My ex (who's name is still on the loan) refused to sign the paperwork and we had to have our papers in by the end of Dec. Pretty much all that hard work was for nothing. That is another battle I am dealing with

I wish you all the best of luck with HSBC and hope you will come to a resolution in your favor. Keep being persistant with them. And if you haven't already, I would highly recommend the help from NACA or any HUD programs. I am happy to help or provide you anymore info you may need with HSBC. GOOD LUCK and Happy New Year!

BTW - my loan modification was "in-house" It wasn't under the jurisdiction of HAMP.

[meheartpaulfrank]

Hello Everyone,

Does anyone have a contact number, fax or etc for Wells Fargo? My servicer is HSBC and my investor is Wells Fargo. I was denied for a release of liability from the investor. I want to contact them personally.

Any help would be much appreciated.

Thank you!

[Cat Damiano]

Here you go, also please keep questions and posts here in one of your original threads as it makes it easier to help.

Wells Fargo Executive Team
1-800-853-8516

[Evan Bedard]

Here are a couple threads that contain other executive contacts for Wells Fargo as well..

List of Wells Fargo Executive Team...

Wells Fargo Contact Information List