HSBC Mortgage

HSBC is Europe’s biggest bank. It’s listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges. In the U.S. it’s one of the country’s top ten financial service institutions. It became a major player in the U.S. subprime lending market with the acquisition of HFC Mortgage. When the home loan crisis developed, it took a huge hit losing more than $24 billion dollars in 2007 alone. By some estimates one out of four of HSBC’s U.S. mortgages, have now had their terms modified.

If you are having trouble making your mortgage payments to HSBC, the bank urges you to first seek help by speaking with a loss mitigation specialist at 800-395-3489. To do a financial evaluation HSBC needs the following:

• A hardship letter
• Payment assistance form, which you can either get after registering on to the website or request from the loss mitigation department
• Your most recent full month’s bank statement
• Your latest wage, disability, social security or unemployment pay stub
• Alimony or child support proof
• If you’re self-employed you’ll need a range of statements, including bank accounts, profit and loss and your latest tax return
• A copy of any lease or rental agreement if you have a tenant
• If you don’t plan to keep your home, a copy of your sales listing
• If you already have a buyer, include the preliminary HUD statement which you can get from your Realtor or closing attorney.

Fax the material toll free to 866-392-9693 or mail copies only to:
Hardship Department
HSBC Mortgage Services
636 Grand Regency Blvd
Brandon, FL 33510

HSBC will do a financial evaluation of your circumstances, trying for a temporary fix first with the following options. All are designed to forestall foreclosure.

• Temporary payment modification reduces your monthly payments for a pre-determined length of time.
• The repayment plan is also for a limited time frame. It allows you to keep pace with your current mortgage payments while you catch up with a fixed portion of your past due balance.
• A restructure or stipulation agreement, which brings your account current by deferring payments. It’s the preferred option for a layoff or unemployment.
• Reinstatement would occur when your financial circumstances improve and bring your account up to date.
• Claim advance for FHA loans or conventional loans with Private Mortgage Insurance, which would credit advances by your mortgage insurer to your loan.

HSBC will also work with you on all federal and local mortgage rescue options although in almost all cases HSBC will offer a temporary fix first.

If you have decided not to stay in your home, HSBC will consider accepting a short sale or deed in lieu of foreclosure as pre-seizure option.

It’s important to note that HSBC insists that you contact a mortgage counselor first at 800-395-3489.