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Requesting a HSBC Loan Modification -Steps Which Must Be Followed
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.
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.
- Unemployment/public assistance pay stubs or a benefit letter must be provided for those in this situation and they must be within the last 60 calendar days of the request.
- Pension/annuity/SSI/ Disability information is needed if an applicant is receiving money under one of these programs.
- Rental income must be documented by providing the complete prior year’s tax return with Schedule C.
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