HSBC Foreclosure Process, Loan and Mortgage Modification Programs

 


The way that HSBC deals with adjustments in mortgages has been revealed in the Chicago Tribute. It is clearly shown how they are handling delinquent borrowers. They have accounted 22% of the mortgage record of HSBS to be comprised of loan modification programs and restructuring.

HSBC Foreclosure Assistance and Mortgage Modifications

For those who are having difficulties with their mortgage payments, they can ask help from HSBC. They have a loan modification program that is recommended for these situations called the Foreclosure Avoidance Program. You are just required to complete the loan modification application form and submit the necessary documents accordingly.

There are a lot of people who are finding it hard to apply for a loan modification package. With HSBC, there are also some qualifications that you have to comply with in order to proceed with the application process for a loan modification package.

The first term of the loan modification lasts for 6 months. This is followed by the second term which lasts for 18 months. There is no need to hire a third party or consult a lawyer to get approved of a loan modification package from HSBC.

If you are interested in getting a loan modification from HSBC, you can directly call them. You just have yourself redirected to the Hardship Department and ask assistance. You can have yourself entered into a loan modification program without paying for anything.

The Fresh Start Program is a restructuring program that you may be interested in. With this, you will be able to make 2 payments in 30 days or even 1 payment in a month and followed by another payment within the next 30 days. The excess in the due will be returned to the loan. If you are 30 to 60 days behind payment, this may be a better option provided by HSBC. Remember that you can only do this once in a year.

Some Options For Keeping Your Home

HSBC has a solution for you which depend on your current situation. You can be offered a temporary relief from your finances so that you can keep your home.

You can start looking into these options if you are experiencing the following:

  • Temporary hardship that still has a solution
  • Seeking assistance to start from scratch

Some Options For You:

Loan Modification (Temporary Payment Modification)
A loan modification is an agreement in paper between HSBS Mortgage Services and the borrower to lessen the monthly payments done within a certain time frame. Refinancing or additional payments are not necessary for this kind of loan modification.

Call 800-395-3489 to speak to an HSBC Mortgage Servicing Professional or please complete the payment assistance form.

Repayment Plan
In this formal agreement, HSBC agrees to absorb the regular mortgage rate including unpaid dues for a certain time. They will calculate it in such a way to bring the current account over a certain period of time. This can stop foreclosure of property.

Call 800-395-3489 to speak to an HSBC Mortgage Servicing Professional or please complete the payment assistance form.

Restructure
This option allows you to bring the account current by declining payments. This stops foreclosure and will allow you to catch up on missed payments.

Reinstatement
If you are in danger of foreclosure, reinstatement will update your account which includes costs and fees that you have incurred.

For either a restructure or reinstatement, please call 800-395-3489 to speak to an HSBC Mortgage Servicing Professional.

Contact Information:

HSBC – North America
Address: 26525 North Riverwoods Boulevard
4 North East, Mettawa
Illinois
60045

HSBC Customer Service 1.800.975. HSBC (1.800.975.4722)
TTY/TTD: 1.800.898.5999 HSBC Premier Customer Service 1.888.662.HSBC (1.888.662.4722)
Servicio al Cliente en Español 1.888.433.4722
Mandarin and Cantonese Customer Service 1.800.711.8001
HSBC Insurance 1.877.671.6989
International Calls: Call Collect at: 1.716.841.7212