HSBC Mortgage - Do they modify loans?

Hi Daniel,

A lender will modify your loan depending upon your financial situation. If you are unable to pay off your home loan dues even after modifying your loan, then it wouldn't make sense to go ahead with loan modification. In your case, as you are unemployed, I don't think the lender would go ahead with the modification. You may apply for a forbearance with HSBC and check out if they agree to it. In this process, your mortgage dues will be suspended or lowered for a period of about 6 months. You can try to improve your financial situation within this time period and then pay off the dues.

Take care.

I don't know whether HSBC Mortgage would modify your loan, but I won't recommend them to anyone else. My parents had their home loan with HSBC. They paid their dues on time but still HSBC kept on applying fees for unknown reason. When my parents asked why they are adding the fees, the lender won't explain. So, my parents decided not to pay those fees and only pay the loan dues. The next thing that my parents faced was a pre-foreclosure letter from HSBC. They wanted to foreclose the property just because my parents were not paying those unexplained fees. Unfortunately, my parents had to file bankruptcy to save the property.

I too had a bad experience with the loan modification department of HSBC. I applied for a modification with them and even received it. My payment amount was lowered and for few months, I had paid the dues on time as the mortgage became affordable for me. Then, I received a call from them stating that I was past due on my mortgage payments. I told the person on the other side of the phone that I was approved for a modification. However, he told me in return, that I was initially approved for the modification but it was later in declined. Now, how am I supposed to know that? They never called me to inform about the rejection of my offer.

Finally, after a lot of phone calls, I was ultimately approved for the modification. But my credit report was damaged in the meanwhile. My payments were reported as late in my credit report which had lowered my credit score a lot.

I've a mortgage with HSBC Mortgage. My property is upside down and recently my wages has been reduced by my employer. It is impossible for me to pay the payment of $950 a month. I do not know what to do... I have heard of loan modification but don't know how to apply for it? Can anybody help? What do I need to tell the lender so that he agrees to modify my loan?

Hi MaryAnn,

You can definitely apply to your lender for a mortgage modification. You need to write a hardship letter to your lender informing him about your financial crisis. The lender may give you certain documents to fill out. You need to fill them out properly and submit to the lender on time. If the lender is convinced by your hardship, he will offer you a trial modification. If you complete the trial modification successfully, you will receive a permanent modification from your lender.

Thanks

yes i agree with james you just have to inform your lender about all the problems you are facing related to the financial things by writing the hardship letter.you have to fill some forms,depend upon your trial modification you ll get permanent modification

Regards
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aby

not everyone participates in the modification procedures laid out earlier this year, but that doesn't mean you cannot find a lender who can be helpful.

I applied for a Loan Modification with HSBC & was approved for a six month modification. HSBC does not approve permenent modifications
after the initial 6 month mod has ended HSBC will review your financial situation. Then HSBC will play around with some numbers and if they raise or lower your financial situation by a mere half percent you will start the six month mod all over again. But if your numbers stay the sam as the prior 6 months mod then HSBC will offer you an 18 month mod, but never a permenent mod. HSBC say's it is not there policy to offer permenent modifications. I have a real estate lawyer & they can't get a permanent mod from HSBC.

I to have a loan with HSBC that they gave me modification terms 'amounts 'interest lowering on a saturday at a public outcry type event only to be told after I filled out survey forms and such that this could not happen because they just serviced my loan. no help was available ' I have tryed to talk to them for two years about working this out and they said they cant talk to me and now wells fargo says they want 21'000. paid to HSBC to bring current . Hsbc said my original lender was LEHMAN BROS who went bankrupt and I ask " Why can Lehman BROS screw our country but

HSBC wont help me either, I have sent them every bit of financial information they've asked for and nothing! 8,74%. Where's the help for us? Lehman Bros. and Goldman Sacs get us into this mess and Obama bails them out with billions and those of us struggling are left with no help, it's criminal but they are all in bed together. Shameful

HSBC is a joke. We filed for and got a modification from them for 6 months .Then reapplied for an extention. We paid the 2 qualifying paymts they asked for and still got turned down. We then went thru the same thing again. As of Sept. 2010 we have given them almost 5000.00 which is way over the amt of our regular paymt.They put this money in unapplied funds. Didn`t give us the help we asked for and they said we would get.Took those unapplied funds and put it all on the interest and late fees they said we owed.We are now facing foreclosure. They called and said if we give them 2,069.00 by the end of Feb. they would review our case. If they had put the money that we had given them in the first place as regular paymts we wouldnt have gotten behind except for one paymt. Now we have no idea which way to go. So as far as we are concerned they are the biggest scamers ever.We are thinging of doing a deed in lu. Any suggestions?

You should ask the lender to apply the $5000 toward the loan so that it will help you situation. Check out what the lender has to say when you request this and then take the required action.

Okey dokey

We too went through the modification process on multiple occasions. We were successful only once. They will not work with you and have the worst customer service ever. This company should be audited by the the U.S. Treasury and SEC. They received bailout money (although they'll tell you they didn't) through AIG to the tune of 3.5 billion of our hard earned dollars. Every company that benefited from U.S. Bailout money that operates a business within the United States should be subject to the same rules that all of theothers are being forced to play by. But not these Indo-Chinese-Brits. They get to play well outside of these rules and claim they did not use our money for their ill gotten gains. The first chance i get to remove my family from their clutches will be the happiest day of my life. I hope they choke on it. HUD, NACA, none of them can help you when it comes to HSBC - Home Scandal Bailout Cheats.

Thanks for sharing your opinion and experience with us, asgardianhammer!! :) This will help many others to take the right decision regarding HSBC