HSBC Mortgage Complaint

HSBC Mortgage department,

Conventional adjustable mortgage (ARM) Loan modification,collection,foreclosure California

In 2011, I was placed on - due to a work related issue. The - lasted for approximately 8 months. Upon being able to return to work, I was fired the following day and remained unemployed for an additional 3 months. I was making a significant salary at that time and also on an adjustable mortgage plan. During my -/unemployment I was struggling to maintain my mortgage payments and became late. - more month of being delinquent, I may have faced foreclosure. Thankfully, I regained employment but my salary was reduced by nearly 10 % in addition the commute was quite distant. On or around this period, my adjustable interest rate with HFC went up by nearly 50 %. I contacted HFC and requested assistance. HFC only granted temporary modifications at 6 month increments. My last time requesting for a modification, I was denied and told that I have exceeded the maximum amount of modification requests and advised that I can reapply in a year and I would be eligible once again for loan modification. I waited patiently and one year later, I reapplied and I was denied. I appealed the request stating that I was advised that I would


tried to refinance my loan but was denied because I am underwater with my loan and my loan to value was not good. I was then referred to -, - for assistance. I worked with - and they submitted my refinance request to HFC. Again, HFC denied my modification request and this time for different reasons. I was again only given - options, either a short sale or a deed in lieu of foreclosure. During my time trying to work with HFC on refinancing my loan I was also told that they do not do modification loans in addition, do not have to comply with the Obama mortgage rescue plan. I am seeking your assistance in hopes by filing a complaint to HFC of their unfair acts with mortgage rates. Currently my - mortgage rage is 7.59 % and my second just went up to 10.15 %!!! It 's sickening and absurd that mortgage companies are allowed to do this to consumers, knowing that they are stuck between a rock and a hard place and can not get out of their contract with them. HFC is very aware that I am underwater and my LTV is too low that no other bank will refinance my loan so they are taking advantage of a long time customer with a high interest rate and knowing that the current market rate is between 2-4 %