HSBC Mortgage Complaint

HSBC Mortgage department,

Conventional adjustable mortgage (ARM) Loan modification,collection,foreclosure North Carolina

I have a loan that has been serviced by HSBC since -, -. I admit that there have been several times over the course of the last 14 1/2 years that I have fallen behind on my payments due to financial situations. In -, - I went from being self-employed to employed and my salary significantly decreased. In addition, my daughter had - and I was incurring significant co-pays and deductibles. On - -, - I contacted HSBC regarding loan modification. I faxed my paystubs and a hospital bill. On - -, - HSBC sent me a letter offering a short sale or deed-in-lieu of foreclosure. Modification was denied because HSBC " did not received required information from a third-party ''. On - -, - HSBC sent me the Residential Broker Price Opinion. On - -, - HSBC wrote me and stated that a modification could not be offered because " borrower 's reason for delinquency does not demonstrate a permanent hardship. Permanent hardship includes death, terminal illness or permanent health condition of someone living in the household '' and " net Present value calculation did not satisfy lender 's guideline. '' When I contacted HSBC to discuss appeal, I


Unfortunately, this was my second attempt at loan modification recently. In -, -, I contacted HSBC and due to being self-employed was required numerous times over the ensuing year to produce months of bank statements and explanations of deposits and expenditures. When I could not provide any further information for transfers of money to/from my son ( who was in college - my modification request was denied. HSBC gratiously " reaged '' my loan, but my interest rate has remained at 10.5 % and I have again fallen behind. Each time, save -, when I was able to make contact with someone at HSBC, thanks to an acquaintance who formerly managed an HSBC loan office, I have been denied. That time, I was given a temporary modification, which helped significantly, but was denied a permanent modification. I disagree that the Residential Broker Price Opinion ( `` drive by appraisal '' ) adequately assesses the fair market value of my home. I disagree that I should have to pay for a legitimate appraisal. I disagree that my decrease in income does n't represent a permanent hardship. Please contact HSBC and investigate not only this loan modification application, but the entirety of the servicing of my loan.