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  • Requesting a HSBC Loan Modification  -Steps Which Must Be Followed

    HSBC Loan Modification

    HSBC Loan Modification

    Are you struggling to make your HSBC mortgage each month? If so, programs are available to help. Anyone who has suffered a hardship of temporary duration that can be resolved is eligible and the same is true of those who need assistance getting back on track to start fresh. Four programs are offered. Once a program has been selected, the application process begins and certain steps must be followed. Here is how to request HSBC hardship assistance.

    Determine which hsbc loan modification program bests meets your personal situation.

    Loan modification or temporary payment modification-The hsbc loan modification is a formal written agreement between the borrower and lender which reduces the monthly payments for an established period of time. If the situation persists when this time period is up, additional options may be offered. This hsbc mortgage modification allows the borrower to make a reduced payment for the modification period without the need to pay additional fees or refinance the home.
    Reinstatement-This process prevents the property from going into foreclosure by bringing the account up to date, including all fees and cost.
    Repayment plan-As with the loan modification or temporary payment modification, this plan involves a formal, written agreement. Here your regular mortgage payment will be made each month along with a portion of the past due unpaid balance. This plan is for a pre-determined time period and brings the account current over time to avoid or stop foreclosure.
    Restructure-This program allows you to avoid foreclosure by deferring payments to bring the account current. This agreement between the borrower and lender allows you to get caught up on payments that got behind without having to come up with the funds up front.

    What state are you in? Please select an item.

    Behind on your mortgage payments?: Please select an item.

    Estimated mortgage balance owed? Please select an item.

    Who is your lender? A value is required.

    First Name: A value is required.

    Last Name: A value is required.

    Primary Phone Number: A value is required.

    Secondary Phone Number:

    Your Email Address: A value is required.

     

    Once you have selected a program you must contact an HSBC Mortgage Servicing Professional to discuss the options and whether or not the selected program is right for you. These professionals may be reached at 1-800-395-3489.

    Documentation must be gathered so the lender can assess the request and this documentation must be provided within 15 days from the date of the payment assistance request. If the documentation is not received in this time period, the request will be denied. Types of documentation needed will include:

    Two subsequential pay stubs which must be dates within 60 calendar days of the modification request.
    For those who are self-employed, three months of the most recent bank statements must be provided. These statements must show all transactions details. If these aren’t available, the prior year’s tax return must be provided along with the Schedule C or K.
    Those who have no income must complete a written statement attesting to this.

    hsbcThe HSBC is the world’s 6th largest bank and the world’s 8th largest company. It has over 8,000 offices around the world and is the largest company listed on the London Stock Exchange. Obviously, its more than 100 million customers worldwide have also been affected by the financial meltdown caused by the housing crisis. What is HSBC doing to help customers who are facing foreclosure on their homes?

    This article will look briefly at the steps you should take if you have a mortgage with HSBC and are at risk of losing your home. Because HSBC is such a large bank and has so many customers in the U.S. it is a prime target for scam artists trying to dupe borrowers into paying for services they can receive free.

    START EARLY

    One of the first mistakes borrowers make is being over-optimistic. Nobody likes to admit they are facing financial problems, so we often pretend everything is alright and hope things will change by themselves. However, if you are starting to struggle to make your mortgage payments, act immediately, things rarely just work out by themselves. Once you fall behind in your mortgage payments, even if it is only one month, it can be very difficult to recover and extremely easy to lose your home.

    HSBC has an entire section on their website under the title: When Payment Difficulties Arise. HSBC recommends you contact them as early possible when you are facing financial hardship. Mortgage owners in financial difficulties should check their options at the U.S. subsidiary of HSBC, HSBCA Bank USA. Click here for a direct link.

    Your options.

    Your first move should be to call 800-395-3489 and talk to a mortgage servicing agent and explain your situation. They will discuss with you what options you have and which steps can help you keep your home. Depending on your circumstances you could apply for a loan modification, a temporary payment modification, a repayment plan or a restructure program.

    Let’s discuss what each of these programs can do for you.

    Loan modifications are agreements between you and your bank to change the terms of your mortgage to reduce your monthly payments so you can afford to stay in your home despite your new circumstances. HSBC also promotes their temporary loan modification which reduces monthly payments for a set period of time if the borrower expects his or her financial situation to improve in the short or mid-term.

    Repayment plans are a good option for borrowers who have fallen behind on their payments due to some financial setback, but can now afford to make their mortgage payments. It allows you to pay back a portion of your past due unpaid balance every month and avoid foreclosure procedures.

    Restructuring your mortgage is an interesting option. You and HSBC agree to defer your current payments so you can pay late payments without having to come up with extra money. In effect, it is a grace period you can use to catch up with late payments.

    Whatever option suits you the best it all starts by contacting your bank as soon as possible, while a loan modification is still an option.