Meet Jen from the Problem Solvers TeamHi, I'm Jen and I'm here to help. Submit your complaint here or get help here
GC in Kentucky said: “HSBC changed the terms of my 30-year fixed home mortgage, to an adjustable rate mortgage in 2001, and refused to modify or make it right. I have all supporting documents from foreclosure in April of 2011.”
Here at Lender Watch we are just as shocked as most people when we read GC’s input. It does not surprise us that HSBC would not make it right, even after subprime fell apart and HSBC lost billions. From what we are told by former employees, HSBC often told homeowners that they could refinance within six months. Usually that never happened, and many experts wondered how HSBC planned to get around the Home Owners Equity Protection Act.
In reality HSBC modified whatever they wanted, said whatever they wanted, and did not care about homeowners. Similar to HSBC’s largest merchant credit card account – Bestbuy Consumer Electronics – HSBC was more focused on up-selling, personal profits, and larger paychecks, and much less focused on customer service.
What happened to GC is not rare, and happened more often than most people imagine. In our Mortgage Crisis center we documented daily reports until mortgage lending imploded. That was 2007, and HSBC was the first bank to get out in front of their mess, announcing the first losses. Losses continue today. Just look at Bank of America for instance.
The difference between Bank of America, via the purchase of Countrywide Mortgage, and HSBC is that HSBC never took responsibility, never cared about HAMP or HOPE NOW, and never really cared about business in the United States.
This article, HSBC changed fixed mortgage to adjustable, then forecloses, is just one of our articles from Bank Horror Stories, HSBC Secrets
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
Incoming search terms for this article:
- Author Tim Blake/santander consumer
- complaints hsbc fixed rate mortgage
- credit card horror stories
- hsbc credit card charges august 2007
- hsbc mortgage foreclosures 2012 kentucky
- hsbc private label corporation refund check scam salinas ca
- hsbc retl sv*ph pmt
- hsbc retl sv*ph pmt 800
- Purchase - Billed Interest Charges
One Comment
That is so true Blake. As an author and business man, I can relate to how you said “In our Mortgage Crisis center we documented daily reports until mortgage lending imploded. That was 2007, and HSBC was the first bank to get out in front of their mess, announcing the first losses. Losses continue today. Just look at Bank of America for instance”. I hope more people discover your blog because you really know what you’re talking about. Can’t wait to read more from you!
One Trackback
[...] shady tactics reported this week include a homeowner from Kentucky evicted by HSBC. It turns out that HSBC converted his fixed rate mortgage to an adjustable, and later [...]