HSBC Beneficial 2nd Mortgage - Who did they sell servicing to?

[Erik Sandstrom]

DISCLAIMER & UPDATE 8/30/18: I Do NOT know who to contact to receive HSBC payoffs, demands or how to even get a hold of the beneficial department. If you have information on this, please contact me as I can help hundreds of homeowners requesting help.

LoanSafe Members,
I know we have a large number of members that are with HSBC Beneficial that may have had their loans transferred. I am trying to find out who took the majority of the servicing rights from them. If you had HSBC Beneficial and your mortgage was transferred, please comment below on who obtained the servicing.

Below is what is shown on HSBC Beneficials Website:

The Beneficial and HFC companies and HSBC Credit Centers have closed their consumer finance businesses in the United States. Accordingly, this web site is no longer active.

All loans have been sold and servicing has been transferred to third party servicers. Please refer to the Servicing Transfer Notice that was sent to you for your current servicer contact information.

Please send any questions or inquiries you may have through written correspondence to the following address:

HSBC
Attn: CML Customer Resolution Department
1421 W. Shure Drive
Arlington Heights, Illinois 60004

 

[DB simpson]

I need to get a release letter for a title loan that was paid off.

 

[Erik Sandstrom]

I would recommend you send a letter to the address above through certified mail or fed ex with a return shipping slip and envelope to send it back to you. That is what some of the people reaching out to me regarding this scenario have said they did and it seems to get a response.

 

[kraftykrab]

I had a first with HSBC, it was sold by HSBC at least 5 times....not exactly legal, but par for the course. When they "sold" it the sixth time, it went to Caliber Home Loans, supposedly. But now Caliber claims that six different parties, at various times, each "own" it. Among the parties they claim as owner is still HSBC, so we know that's not correct. I have found a lot of people whose loans went from HSBC to Caliber.

 

[OneHugeMess]

HSBC at some point in 2014/2015 unloaded almost/if not all of their mortgage portfolios, and the servicing went all over the place. Caliber, Fay Servicing, and Ocwen are handling almost all of it. I do know some odd ones out, are with Bayview and Nationstar/Mr. Cooper.

In many of the cases, HSBC sold the loans to entities that repackaged the loan into new securitizations and investment trusts.

The best way to truly track down the servicer is to pull the title for the home from the county recorder and look for an assignment of mortgage or transfer form that been recorded. Often times, those forms will have a return address that at least points to the current servicer or contains a phone number with someone behind it.

 

[RanesL]

DISCLAIMER & UPDATE 8/30/18: I Do NOT know who to contact to receive HSBC payoffs, demands or how to even get a hold of the beneficial department. If you have information on this, please contact me as I can help hundreds of homeowners requesting help.

LoanSafe Members,
I know we have a large number of members that are with HSBC Beneficial that may have had their loans transferred. I am trying to find out who took the majority of the servicing rights from them. If you had HSBC Beneficial and your mortgage was transferred, please comment below on who obtained the servicing.

Below is what is shown on HSBC Beneficials Website:

The Beneficial and HFC companies and HSBC Credit Centers have closed their consumer finance businesses in the United States. Accordingly, this web site is no longer active.

All loans have been sold and servicing has been transferred to third party servicers. Please refer to the Servicing Transfer Notice that was sent to you for your current servicer contact information.

Please send any questions or inquiries you may have through written correspondence to the following address:

HSBC
Attn: CML Customer Resolution Department
1421 W. Shure Drive
Arlington Heights, Illinois 60004

SP

 

[RanesL]

SPS ...Select Portfolio Services took over my parents mortgage account that originated with HSBC Beneficial

 

[kraftykrab]

HSBC at some point in 2014/2015 unloaded almost/if not all of their mortgage portfolios, and the servicing went all over the place. Caliber, Fay Servicing, and Ocwen are handling almost all of it. I do know some odd ones out, are with Bayview and Nationstar/Mr. Cooper.

In many of the cases, HSBC sold the loans to entities that repackaged the loan into new securitizations and investment trusts.

The best way to truly track down the servicer is to pull the title for the home from the county recorder and look for an assignment of mortgage or transfer form that been recorded. Often times, those forms will have a return address that at least points to the current servicer or contains a phone number with someone behind it.

Be careful on this though---it only represents what the pretender lender wants you to see. No, really. Example--

according to the current servicer, THEY are the owner of the loan. They claim to me that they bought it from the OC in 2014 and have owned it ever since. But that's not what the recorded assignment of mortgage says. It's also not what they themselves have told me over and over again. To date, Caliber has named literally a half dozen different entities, and told me that each one is the owner of the loan. But there is only one assignment--which is phony anyways. It was created out of thin air using LPS Desktop. The person who supposedly signed it for Caliber is not the actual signer--the handwriting is very different. Caliber claims attorney in fact status but cannot produce any PSA or POA agreement which names them as such. And the only documentation I have ever been able to find anywhere regarding that sale of the loan pool from HSBC names a company--an LLC--as the purchaser, not a trust. That LLC is not named anywhere else by any party, but supposedly they were the actual purchaser. The person who "signed" my assignment left Caliber, and his name is still being used by Caliber in foreclosure cases even though he is no longer employed there. I have copies of his signature from documents in his own life, obtained through San Diego County public records...there is zero question that he did not sign my assignment.

It is important to note that a servicer can ONLY be legitimately named on any given account by the one party that holds the note. If they do not have legal authority as such, then they have no authority to name a servicer to that account. A servicer can only legally service accounts that their principal legitimately holds. If the "owner" does not actually own anything, they are without authority to make any decisions regarding that account. Look up the laws regarding agency--servicer is an agent of the principal. If the principal has no authority their named servicer cannot have any authority either. An agent cannot have any authority granted to them that the principal does not legitimately have.

 

[Stephenhaven]

Thank you for sharing this.

 

[Dawn]

I'm so confused. We have a second mortgage with Beneficial that we haven't paid in years. A few years back we started getting statements from Ditech who said they owned it and not Beneficial. Today I receive a call from Shellpoint who claims they are the new Ditech. I contacted the county recorder who emailed me a copy of the lien and it still shows Beneficial. If Ditech owned it shouldn't the lien have been transferred to them?

 

[kraftykrab]

I'm so confused. We have a second mortgage with Beneficial that we haven't paid in years. A few years back we started getting statements from Ditech who said they owned it and not Beneficial. Today I receive a call from Shellpoint who claims they are the new Ditech. I contacted the county recorder who emailed me a copy of the lien and it still shows Beneficial. If Ditech owned it shouldn't the lien have been transferred to them?

OK, sometimes it takes a bit to follow the ever-changing players.

Ditech was bought out last year by New Residential. New Residential also happens to own Shellpoint. There's the connection between the two.

But yes, there should have been some type of assignment. Here's the fun part....Beneficial no longer exists. So, since it's quite possible and maybe even likely that Beneficial did not execute assignments, whoever signs the assignment when one finally does show up will very much likely be committing fraud. You will see the usual signing by "___________, as attorney in fact for Beneficial....." nonsense. This is to give the appearance of validity. When you dig deeper, you often find that it's nothing more than a fabrication.

I have been asking for over six years, in and out of court, for them to produce legit admissible evidence of the attorney in fact relationship.....they did not even make an attempt. Why? Simple---because it's fraud. The servicer itself in my case keeps naming new entities and claiming that each new one is "really the owner".....what a sham.

 

[Dawn]

OK, sometimes it takes a bit to follow the ever-changing players.

Ditech was bought out last year by New Residential. New Residential also happens to own Shellpoint. There's the connection between the two.

But yes, there should have been some type of assignment. Here's the fun part....Beneficial no longer exists. So, since it's quite possible and maybe even likely that Beneficial did not execute assignments, whoever signs the assignment when one finally does show up will very much likely be committing fraud. You will see the usual signing by "___________, as attorney in fact for Beneficial....." nonsense. This is to give the appearance of validity. When you dig deeper, you often find that it's nothing more than a fabrication.

I have been asking for over six years, in and out of court, for them to produce legit admissible evidence of the attorney in fact relationship.....they did not even make an attempt. Why? Simple---because it's fraud. The servicer itself in my case keeps naming new entities and claiming that each new one is "really the owner".....what a sham.

So since there is only the deed showing beneficial and they no longer exist what does that mean for us? How can Shellpoint be trying to collect on this if it’s still in beneficial name?

 

[moretrouble]

Shellpoint is the servicer/debt-collector. They have the right to collect. Shellpoint sent me a letter a couple weeks ago saying they are the new servicer for the creditor Ditech. I had to send a Debt Vali letter to them say , prove it, I owe you nothing and since it's 13 years old, you can not sue me. If you do it's Unfair debt-collection practice.
I had a HELOC with Beneficial , Deed of Trust assigned to MERS. I know it was sold into one of the HSBC trusts because HSBC serviced the loan, was the original master and sub-servicer. I was paying like 15 to 18%. I stopped paying then HSBC sold it to GreenTree (became Ditech) for pennies on the dollar. My deed was with MERS then asigned to HSBC, then somehow rescinded, so now I have MERS deed but they can not collect. You may try quiet title. The alternative is negotiate with them to release the lien (even though they may not have the right to). Kind of bribe them to go away.

 

[kraftykrab]

So since there is only the deed showing beneficial and they no longer exist what does that mean for us? How can Shellpoint be trying to collect on this if it’s still in beneficial name?

The thing is, it's about being able to prove what happened to the loan. And you basically have no info, like most of us...they just show up one day and say you owe them the money. The problem too is that your only remedy at this point is to request debt validation, and the bar that they have to meet for validation is so low you almost couldnt trip over it.

The only way to try to force them to provide more info or proof is in court, and even then they often do not provide anything else. I have seen so-called servicers choose to let their foreclosure suit die rather than provide the evidence demanded in discovery---even defying court orders sometimes to avoid that documentation seeing the light of day. Your mileage may vary.

As for it still showing up in Beneficial's name, this is a technicality that will not be enough for you to avoid their collection efforts. It's a detail worth noting, in my opinion, and worth keeping an eye on. In my case, the party listed on the assignment is not the party that I have been told owns the loan....in fact, I have been told by this same servicer that several different trusts and companies are the true owner....so remember, it is a shell game.

 

[kraftykrab]

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