My Question is: Do you know of anyone who has received any debt settlement, or any relief of any kind from HSBC, and how the proceeded to accomplish this. I am embarking on my second go around with HSBC for some kind of assistance and relief on my secound mortgage, for it is so frustrating. The loan is in its fith year and I have paid 1.25% of the loan down, basicly an interest only loan. Is there anyone out there who wants to loan me 126,000.00 at a lower interest rate….I have never missed a payment and would love to get out of this loan. I have a very stable job so payments are not a problem.
HSBC is requesting all the same paper work again and an offer to settle, which, I dont have any large sums of cash! Im sure I will chase my tail for another three months to be declined because I actually make money and can barely pay the interest only laon for the rest of my life! Just looking for some advice or new termonology when dealing with these “departments.” With my limited time to talk to them on the phone, they always have the upper hand and eventually wear me down declining my request; due to the fact that I dont want to default or short sell……..Any Ideas?
Thanks
Steve
file chapter 13 may relife from HSBC HELOC
While I highly commend you for not wishing to default in order to make progress on your loan, the reality is that it’s quite unusual to see any modified loans (let alone settlements) on current-standing accounts. Unfortunately, the banks are teaching consumers that they have to be in arrears in order to get anywhere. Modifications are often possible on mortgages that are 2-3 months behind, and mortgage settlements are often negotiated only after charge-off at 6 months.
HSBC is not helpful with your mortgage.I have tried and tried to get them to work with me on my mortgage. They modified it for 6 months and deferred the interest. I made a payment on line, received confirmation and was informed after it was late that it didn’t go through due to a number error. I made the payment by phone, received confirmation and was informed after it was even later that it didn’t go through due to an error by the person who took the information on the phone. So getting this straightened out was a nightmare and made me late so I couldn’t refinance with anyone else. Good luck with getting any help. If you do please post how you did it.
Cathy
You may want to read this article by Charles Phelan from ZipDebt.com. See Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs.
He did an excellent job in addressing this particular issue.
Steve
You may want to read this article by Charles Phelan from ZipDebt.com. See Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs.
He did an excellent job in addressing this particular issue.
Steve