HSBC Mortgage Services, is that you Satan?

ComplaintsBanksHSBC Mortgage

Complaint

0
Me
Country: United States
Their mission statement stats that they are customer oriented & there to help, but have been everything but. Our mortgage was sold to them 5 years ago & since then we have had nothing but issues. When we made payments on time, they would call us asking for payments & when we fell behind, they give us a run around. They say they have short or long term options to suit your needs, but you can't get anything past 6 months. They always state that they are not refinancing at this time & we have tried 3 times in the past 3 years. You can never get a straight answer from them. Their are tons of programs to help home owners, but HSBC does not have to comply w/ any???? Something has to be done about HSBC, it is like selling your soul to the devil.

Comments

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  • 0
    mageag
    | 1 reply
    They are the worst people in the world, I have had so much problems with them since 2007, and now My husband and I have decided to walk away (2011). We had did everything possible to keep our house by working two jobs and requesting a hardship program offered by hsbc and it did work but it never failed by the time it ended we had to struggle to reapply again.  Finally we tryied to refin but they said they are not doing that no more.  So we decided to get out in Aug.2011, they sugguested a DIL so we accepted it and moved out in Sept 2011. Tell me why it took 6 months for them to clear the house and both of our names which did not have any liens on (I work for a title company and know how long it takes because I ran my owe title in that same week we decided to do the DIL (So they are full of crap). Finally it was approved on April which they nevered called to tell us.(I had to call them through out the 6 mo. point to find out whats going on and the hold up) Finally received the paperwork April 29th which i had to get real estate attorney to look at  and explain signed/returned in March 5th 2012. Called within 2 weeks later to find out why they have not recorded the documents and the closer stated they had to get there paperwork taken care of first.  Ok so every week since no doc. recorded.  Now a month later closer is calling me stating that their attorney forgot to include a certain letter with our docs. (FYI: probably taxes owed for 2011 since we would pay at the end of the year, its not escrowed in our mortgage) she wants us to resign and resend the same docs again. So now i have to wait to received them again.  The closer did want to tell me what the doc. was about but I am sure it has something to do with taxes.  HMM.... the reason i am thinking is their attorney ran a title after the papers were recieved and notice that the taxes had not been paid.  We did not pay the taxes because we had not been in the house since sept and could not afford the mortgage since May, so even if the taxes were escrowed in the mortgage they still would have not been able to recieve the taxes they are wanting.  REALLY whats makes them think that we would pay our taxes and not our mortgage when they have the house already in there hands.  We have decided that we will look at the new doc. but if its not to our benefit (?) then we will stick to the orginal plan of letting the house go into forclosure.  We have worked with them but they don't do the same, we were assured that this process was going to be less stress and quick, don't believe them.  STAY CLEAR FROM HSBC  I will update in a few dated the outcome of the lettered received.
    • 0
      JILL replies to mageag
      Yep. This company is a total joke. They treat us (customers) like we are idiots which is quite the contrary. Instead of "helping" people during a hardship, they take advantage with threats and BS. We previously had a loan with Wells Fargo and all went well. All of a sudden several things happened to us that caused financial hardship. Still happy with Wells Fargo, we were kind of mislead into switching to HSBC from the son of a guy who worked for my dad,at my dad's funeral. VERY BAD DECISION! (long story) He was a manager of a branch office at the time. Subsequently our mortgage went thru the roof! this was in (2007) My husband's pay had been reduced and I have not worked since (2000) after suffering a life changing injury in 1998 with several failed surgeries that made my injury worse. Unfortunately this was a worker's comp case that settled  leaving medical open in (2002) Since then, my case has been highly contested and the situation has become a little like dealing with HSBC. Leaving me paying for my own prescriptions and bills from dr visits. This is still ongoing but to add insult to injury, I had a terrible attorney who I had trusted since 1998, who became more of a defense attorney at some point and in 2010 just when I was to receive my reimbursement for out of pocket expenses, he told me I was not going to get it. He became all wierd and nervous (long story) and I fired him. Because I/we have always been OCD about paying bills and being timely, we had NEVER BEEN LATE on our mortgage since 1993 when we bought our house. Before that we rented and were never late. We were first late with our mortgage in the fall of (2008) and I was sick to my stomach over it (my husband does not worry like I do) Little did I know, this was just the beginning.These 2 major events have caused so many problems in all aspects of life for our family of 3 with a daughter in college. We got her through college as she herself helped. That was the best thing that has happened to our family in years but it came as a high price I don't regret and never will. We got on the hardship plan in (2008) but only for 6 months. Hsbc renewed it for 3 more times for 6 months and then the real problems began. Our modest home right now is valued at about 140,000 and we owe $230,000+.Our mortgage went from $958 (Wells Fargo) to $1700 and now Hsbc wants nearly $2600 a month andthat is a little more than half his/our income. We were careless when we switched to hsbc and did not contest the 9.6% interest that we ended up with. To this day, hsbc will absolutely not budge on lowering the interest rate that would help us tremendously and they would continue to get the $1948 that we have been sending in except for the last few months. Last year February (2011) our escrow went up and we came off the hardship program at the same time. I spoke to numerous customer service reps. Some nice but incompetent and some completely unreasonable and threatening. No 2 reps said the same thing and none of them seem to review the account before they call. They just want money asap without explanation. I often end up talking to someone in India who knows nothing about our situation besides the fact that I can hardly understand them. Somehow I got a rep to connect me to the tax department for a 3 way call and we negotiated the $4800 we owed on escrow to $200 a month for 2 years instead of $400 a month in 1 year. I also applied for an extension for the modification program at the same time. I did receive a letter (I possess) that confirms our new payment for $1948 (it had been $1748 before this)with the modification/hardship & escrow arrangement. We paid our mortgage of $1948 and then HSBC began calling literally up to 15 times a day. In the beginning, when I answered, I was treated terribly and constantly told no such agreement was ever made. I kept explaining the letter of confirmation and would get cut off  and I was threatened with every bad scenario imaginable in these calls. I faxed this letter with pages & pages of documents HSBC requested. I was very thorough, perhaps too much that no one wanted to spend the time to review it all. Calls continued only now I was told that not only did we not have such an agreement but that they never received the fax. I faxed all this info over & over again. Meanwhile we paid the $1948 but they wanted $2600.  They said our payments were being set aside and late fees were being added each month. They did however withdraw funds within 2 days. Btw, in 2010, when we came off our hardship before we were supposed to, HSBC automatically withdrew the full amount they wanted even though I had sent a check that cleared my bank 3 days before. I had arrangements for HSBC not to electronically withdraw funds and instead I would send payment in because they had duplicated withdrawal of our mortgage not long before. This time however, they cashed my check electronically and then Iwas told by the bank manager (this was a big deal & we went into the bank ) that in addition to electronically withdrawing the check I wrote , HSBC also made up a fake check, to look real and withdrew the money again. Both times this caused numerous overdrafts and even some returned checks. the bank manager said HSBC had committed fraud and that we should go to the police. We did not do that but the bank will not honor any more electronic withdrawals from HSBC on our account . I send payments with delivery confirmation. Very recently I was told that their records show we have not made a payment for nearly a year. I was incensed. I realized that was rediculous for him to say that when I can provide bank statements for verification. Do they really think they can get away with crap like this? Finally I was transferred to "an account specialist" lol. I even got his extension number cause prior to this you would get something started with one rep but then not be able to continue with plan as you could not reach them by phone and the next reps who called had no record of the plan I had initiated with that other rep. This drives me insane.. So much wasted time..so much stress.. So much confusion, chaos, and manipulation..for what? Anyways this rep specialist assured me he would "help" us. He asked me to fax in certain documents, pays tubs etc. All of which I had done numerous times but did not object to. He said he would let me know by a certain date of their decision, a week after fax was received that would be July 20, 2012. Meanwhile a different rep called today.. had to explain situation with "rep specialist". She informs me that we were denied basically saying that we can afford the full payment of $2600. She said decision was made a week ago. Upset & frustrated she transferred me to Sam "the rep specialist" and I left a message. He later called me back (today) and confirmed that we can afford to make the full payment. He basically did nothing and pressed for the full amount. He also kept asking me what would happen if we did get on the hardship plan that was temporary, what would we do 8 years from now when we were no longer on the hardship. How did we plan on making the $2600 payment then? First of all I don't have the luxury of thinking ahead. We are just trying to get from 1 day to the next. I then asked him why they even offered the hardship plan. Sam said it's for people who are in a financial hardship and need some time to get their finances organized. He then wanted to discuss other stupid fictional options but at this point we have been so beaten down by HSBC and it's been going on for years. It's futile to get anything accomplished with this horrible company. I explained that I was not interested and we will leave our home. So that's what we plan to do. We will be ok in the end but they will be stuck with a $240,000 loss that's only valued at $130,000 plus it needs a lot of work. Plus they lose the monthly $1948.00 from us. The $2600.00 they are so desperate for is a little more than half his/our income Who wins now? What kind of business is this? For the record we have sold everything and anything of value. Important dr apps are neglected because I am uninsurable and my husband's co dropped his ins. I wear my daughter's eyeglasses from high school and even the smallest luxuries are not an option (like so many other people) Both of us need medical/dental help but can't afford it. It's like playing Russian roulette with our lives. But HSBC does not care what happens to us (all of us) Their only agenda is to take take take and suck the life out of people. I. would advise everyone you know, to stay far away from HSBC!
  • 0
    Yuller
    | 1 reply
    I am a realtor specializing in short sales in Southern California.  I have worked with all the big lenders to negotiate Short Sales and I felt the need to give my 2 cents about HSBC.  Of all the lenders that I have worked with, this company is the worst as they seem to have a culture of deceit.  I have listened to multiple lies from various representatives of HSBC and I mean outright lies as I know my business.

    Most people do not realize that most banks do not own the loans they service.  This is the same with HSBC as most banks only own about 25% of the loans that they service.  The trick is to find the actual owner/investor of your loan because HSBC like other banks are only a servicer and not the owner of the loan.  This is important because some of the large investors have specific guidelines that the servicer is to follow regarding loan modifications and short sales.  This is why I say they are outright liars because I look up the servicing guidelines and realize that they are lying to me.  Even when I confronted them about their lies, they would not admit it and I was forced to call the investor direct.  Following are some of the biggest investors in the Nation and how you can look up and see if they are owned by them.

    Fannie Mae      http://www.fanniemae.com/loanlookup/
    Freddie Mac     www.freddiemac.com/mymortgage/
    FHA & VA       You should already know if you have a FHA or VA loan

    If your loan is owned by one of these big investors, you can try to look up their guidelines so you will not be bullied or lied to by HSBC.  If you are looking to do a loan modification, try to apply for HAMP which stands for home affordable modification program.  That is the best government program for loan modifications.  If you are trying to do a short sale, ask for HAFA program.  If you loan is not owned by one of the big investors, you can still ask for either HAMP or HAFA program as those programs have specific guidelines.  Unfortunately, they lie even to professionals like me so I am not sure how you will fare.  For those who want to complain to a government body, you can write to FDIC, FTC or both.
    • 0
      Anne replies to Yuller
      My loan was sold to HSBC by B of A when I was in the process of trying to get a loan modification.  Had no idea it was sold until the modification department wouldn't return my calls.  HSBC now owns my loan and it's being serviced by Select Portfolio Servicing.    Supposedly my loan was approved for a modification after submitting the same paperwork several times.  I was just biding my time and waiting for them to contact me via phone or via certified mail if I was approved, but never heard anything until I get a letter telling me I missed my 3 months trial period.  I called them and they were not very nice. I found out they had been calling an old number which I   never gave them and they never sent an approval letter certified   or via regular mail.  I finally got an attorney and they filed foreclosure proceeding, but my attorney tells me to wait as they are supposedly in the process of reviewing my request.  Yuller, do you have any other suggestions.  Thanks. Anne
  • 0
    Fed up in Boston
    I have a relative that's dealing with both, she has proof her insurance and taxes are up to date.
    Fannie Mae has been as helpful as HSBC and she has now received letter of foreclosure though she paid her monthly payment but not the phony escrow. This occurred well into her reaching out for help.

    What needs to happen is Fannie Mae needs to go, enough bailout !!

    We need every one to reach out to a few wealthy friends and family and coordinate a massive one day wire transfer to break HSBC, minus the FDIC amount of equiv protection used by the country of that account holder and make sure our politicians don't allow a bailout  by anyone.
    After all banks can't exist without cash, that includes pressuring 401k providers and request employers stay away.

    Tell Fannie Mae their loan is due in full end on December 2012, afterwards change them 30% interest , what banks typically charge high risk customers, compounded daily on their balances and sign it the Tax Payers of the United States of America.

    Brokers and Real Estate agents have accountability too, if you continue to steer clients to HSBC, if even one of these horror stories can be validated, you part of this mess too.

    If more and more of these horror stories escalate, how long before distrust of banks is so bad we become a cash society only buying a house we can pay cash for, same for cars and other items.
  • 0
    shirley  harris
    i have a loan with this company  that orginial started with beneficial loan  i  now feel that this was a fraudulent   high interest loan that was  set up by a contractor lee  woods  out  of nashville   tn.   he  ran off with  all is situatthe money  ,  i beleived he and the loan officer  set me up .  the loan was for  approp  35,000.00  i now strugglre to pay this loan  with the extreme high interest  since 2005  .  i recieve daily harrasement calls  mpany .   iam  trying  too  pay  this  loan  and put  my house back  toogeather  ..  if   there is any help  out there are advised  too help me  with this  situation  please help  i can be reached at 615-579-1640  or jaylen0159@yahoo..com
  • 0
    lynda
    HSBC is my worst nightmare. They gave me a trial 3 months of $ 1314.00 after they keep asking for a million documents and after 8 months again gave me another trial 3 months  of $ 1694.84 ( Nov, Dec 2012 and Jan 2013.They sent me a letter which went to the wrong address thanks to fedex and so got my letter later.
    Neverthe less  i signed and had the documents notorized and sent with my certified funds. Its now April 1 st they got my payment and still nothing from them. Its now two (2) YEARS OF FIGHTING WITH THESE jerks.
    Do not ever do business the this bank.
  • 0
    Jade
    I have tried for two weeks to get a simple pay off statement for escrow on my zero balance HELOC so that I can refinance my first loan. I have never experienced anything so unorganized and unprofessional. I can not explain the hours spent on this usually easy request. They are charging me $94 just to close the loan. Seems high on an account that has had a zero balance but we will pay it. However, if they are unable to send a simple loan document in a timely fashion, I cringe if I ever needed any real assistance. My escrow was suppose to close today. Their incompetence will cost me because my rate lock is up tomorrow. Clearly, they do not care. Glad I am closing the loan and will never do business with them again! In my experience, when companies lose sight of who and how to treat their customers, they are in deep trouble. Good Bye HSBC!
  • 0
    David Montey
    HSBC is a complete joke. 5% interest and was never late, wasn't good enough for them. Raised interest rate to 8.5% and will make absolutely no deal whatsoever full well knowing house is going to be a total loss if left unattended. So be it, going to move on and they are going to lose over $100k. We need to get these [***] out of our country altogether!!!!!
  • 0
    Gs
    Has any one recently asked for a audited payment statement? I have and it took 60 days. They draft on the 7th of each month but don't apply the $'s till after the 25th. That's 18 days of additional interest at 9.75%!

    It will cost over $3500.00 to have an actuary do the computation for how much money I loose every month in additional interest!

    It also took over 2 months to receive a pay off. When I did they said there was an additional $23,000 due for missed payments because of a loan modification that took them 4 months to approve. I have only missed 8 payments in the last 6 years!
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