HSBC Mortgage Foreclosure Help and Loan Modification

 


HSBC Mortgage Foreclosure Help and Loan Modification

A recent Chicago Tribune article analyzed how HSBC is handling mortgage modifications for delinquent borrowers. According to the article, modifications and restructurings now present 22% of HSBC’s mortgage record, or around $18 billion.

At present, modification programs are being offered for customers who are experiencing trouble with their payments for their homes. All you have to do is submit an application or call in and update your salary that you use for the home and what is required of you to pay every month. This program is called the Foreclosure Avoidance Program.

However, this program has set certain qualifications that may not make it too easy to qualify for. But once you are approved generally the first term is 6 months the 2nd is 18 mos. and if you have special circumstances they can even make it perm. One wrong thing that most applicants do is that they hire the services and assistance of third party companies first to help them get in HSBC’s program not realizing that this isn’t necessary.

You can simply contact HSBC directly without the help of other companies or agencies. All you have to do i call HSBC to try and get a modification when you can call in yourself and ask for the Hardship Department and request to be submitted for that program and its free!.

Don’t forget to also ask about the fresh start program (restructure) which means if you can make 2 payments within 1 month or 1 payment this month and 1 payment within 30 days they can take the remainder that is due and push to the back of the loan.. HSBC uses this alternative if your over 30-60 days behind and you just simply cannot come up with the funds to get it current, and this can only be done once a year and their is a limit so make sure to weigh your options.

Options to Keep Your Home

Depending on your situation, HSBC may be able to offer you options that can provide you with temporary financial relief and help you keep your home.

When should you consider these options?

  • You have suffered a temporary hardship situation that can be resolved
  • You need assistance getting back on track to get a fresh start

Below are the options:

Loan Modification OR Temporary Payment Modification

A loan modification is a formal written agreement between you and HSBC Mortgage Services, to reduce your monthly payments for a pre-determined period of time. Additional options may be considered at the end of your term if your situation persists. This would allow you to pay a lower payment for a period of time without refinancing or paying additional cost.

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

Repayment Plan

This option is a formal, written agreement between you and HSBC in which we accept your regular mortgage payment and a portion of your past due unpaid balance for a pre-determined period of time. This will help bring your account current over a period of time–avoiding or stopping foreclosure.

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

Restructure

A restructure is used to avoid foreclosure by allowing you to bring your account current by deferring payments. This is a mutual agreement between you and HSBC Mortgage Services and allows you to get caught up on late payments without having to come up with the money.

Reinstatement

This option will bring your account up to date, including all fees and cost. It stops the property from going into foreclosure.

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