A Cape Cod resident participated in a program that makes taxes more affordable, as did approximately 100 homeowners in the last fiscal year, according to numbers provided by 13 of the Cape’s 15 towns. Cornel Rosu had a mortgage with Citizens Mortgage Corp. A month later, Citizens sold the loan to HSBC.

HSBC disregarded the tax initiative for seniors. Rosu accumulated $15,212.40 in unpaid taxes under the deferral program, which was the intent of the initiative. But HSBC paid off Rosu’s deferred taxes and began demanding that he pay the money back to HSBC over the course of two years, an expense he just couldn’t afford.

Rosu calls it extortion. We call it stupidity. HSBC wants the money back.

Rosu contacted local and state officials, his state attorney general, and the attorney general in New York. The state agencies referred him to the U.S. Comptroller of the Currency.

The Office of the Comptroller of the Currency never replied. Calls to the press office of the Comptroller of the Currency were not returned.

Now HSBC is threatening foreclosure.

There is a happy ending of sorts. After being contacted by both the Massachusetts attorney general’s office and the Cape Cod Times, HSBC sent Rosu a letter (which he received a few days before Christmas) informing him that the town will be refunding the money the company paid and reinstating him in the program.

Now Rosu wants nothing to do with HSBC. He wants his credit score restored, so he can get a new mortgage and no longer have to do business with HSBC.

It is our experience that HSBC will only do what is necessary, and only after pressure is applied. We doubt that HSBC will correct Rosu’s credit report until there is more bad publicity and more external pressure. One cannot fight HSBC by themselves.