ok, filed ch7, no asset, intent to surrender house on petition but HSBC sent me a reaffirm agreement, we are 3 or 4 months behind. Is this standard procedure for a mortgage company or is there a possibility we could work something out with them? Just wondering, thanks. ( we also have a 2nd)
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Is HSBC the first or the second mtg?
They are a BEAR to deal with for loss mitigation. However, one bright spot, they bought a lot of CDO's when they were popular a few years ago and HAVE LOST THE MORTGAGE NOTES!! That is probably why they sent you the reaffirmation right away, since they can't find the original note, if you default on the reaffirmation they will produce that note and be ok (for them, not for you). One of the loss mit deals we worked with HSBC was approved at a given amount ($10k) - it was a 2nd and the $10k had to brought to closing in cash (this should tell you something about HSBC). Once the seller decided to accept the terms - HSBC CHANGED THEIR MIND and said they meant $18k rather than $10k. Obviously the seller rightfully said No Thanks!.
In short, I would be very wary of HSBC. If you originally were surrendering because you were upside down, why would you reaffirm?
Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way.. -
Definitely don't want to reaffirm, just wondering why they sent that when i am so behind and they know my intentions, and yes we are upside down about 15-20k, they are the 1st.Comment
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