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.”