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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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HFC Beneficial Finance Customer Resolution Center offer

JS in Maryland sent another update. Perhaps we can all learn from this: “The saga continues.……Laquicha from the HFC/ Beneficial Finance Customer Resolution Center called this morning about noon, or a little after, to offer us three options.
1) Payment reduced to $1,733.51 with 0% interest for the remainder of the loan (185 months). Fees, court costs and arrears will be tacked on the back of the loan.
2) Short sale
3) Deed In Lieu of Foreclosure

After finishing our call I had several questions so I called her back asking about tax lien, whether payment included taxes and insurance, and what happens to the second mortgage. The woman had no idea about second mortgage! Don’t these people research things before they do forclosure procedures? Laquicha repeated more than once that Ms Lewis from the Financial Regulator office keeps calling her several times a day. It was like “how dare she call”.

We’ll be looking into the pros and cons of all the options. Any thoughts or insights would be appreciated. At 2:07, Laquicha from the HFC/ Beneficial Finance Customer Resolution Center HSBC called back to tell us that the Deed In Lieu of Foreclosure was no longer an option. The short sale was no longer an option since we had no one interested. Our only option was foreclosure.”

Posted By Timothy Blake

HSBC Watch is a watchdog and consumer activist coalition.

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off