HSBC Mortgage

[casdem1]

We are converting from chapter 13 to chapter 7 due to unplanned medical retirement. We were trying to save our home, but unless HSBC will cut our rate from 12% and forgive past due payments, there is not a chance. Has anyone had any success working with this company? Everything I read about them is very negative. Also wondering how long it will take for them to make us move????

[Flamingo]

We are converting from chapter 13 to chapter 7 due to unplanned medical retirement. We were trying to save our home, but unless HSBC will cut our rate from 12% and forgive past due payments, there is not a chance. Has anyone had any success working with this company? Everything I read about them is very negative. Also wondering how long it will take for them to make us move????

Only certain lenders at this point are offering options to those late with payments. There are certain requirements involved and a major one is being able to make payments after any loan adjustments. What is happening the most is a reduction in interest and readjusted mortgages getting extended to longer terms (i.e. 40 years) so people can afford the payments. A hot button issue is reduction of principle and it doesn't appear that is happening due to many reasons, one of which is ithe average person working out there and working 2-3 jobs to afforde to pay his mortgages/bills and complaining that no one is cutting him a break for being diligent in his mortgage payments - there is already talk in the newspapers about people not paying their mortgages so they can take advantage of what is offered to those not paying (you should see some of the Letters to the Editor in our local paper!). I don't know if HSBC is one of the participants in the restructuring process for those that qualify but if they will not work with you, that may be a reason why. or lack of income. Also probably because you are in bankruptcy.

[jandrl2001]

We are with HSBC also, i called about a loan mod and they said they could put late payments and interests and fees on back of loan and charge me 500 less a month for about a year and then it would go back to the regular payment, well can't do that so we are letting our house go.
I think if you are in BK then you won't qualify for the bailout they are doing.

[r.m]

HSBC has a "kick the can down the road" program that's only temporary.

This will buy you up to a year, with the hope that something more permanent will become available later.