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PL in New York said: “HSBC FACELESS AND HEARTLESS BANK
I am in 100% agreement with the article that the CEO drinks his own COOl AID. For the last 3 years I have been strugling with them to get my Adjustable Mortgage modified (A mortgage that I did not make with them but because of their greed they acquired from another company). Since my rate started adjusting I was faced with a life threatening illness ended disabled, jobless for 6 months and ended up with 50% of my previous income.
All I was doing for the past two years was begging them to bring down my interest to a reasonable fixed rate. They charge me 8% and that is my modified rate and if not it is 12% and keeps going up. The reason I go to them repeatedly is because my house value has gone down and I owe more than the house is worth and I am unable to refinace with any other bank. In the process I have spoken to dozens of customer service and loan modification people.
When questioned about the Obama plan to help people like me, I got the same answer from the representative who spoke to me. “We don’t follow those guidelines. Our CEO has not agreed” I want to ask them “what planet is your CEO in?” When is he going to graciously walk down from his Ivory Tower? Is he waiting for a Tsunami to crash it down to ground with him in it.
He was represented in a Business Week article in June/July 08 in which he was boasting about how pro-active HSBC was in handling the Mortgage Crisis and how they were helping people to be in their homes adjusting the mortgages and even forgiving the accumulated interest. My experience is to the contrary and somebody is not telling the truth.
I have received unsigned letters from their MOD unit asking for more information dated 2/19 and giving me 10 business days to reply for a decision on my modification request and another letter dated 2/25 denying my request. Ironically both letters were received on the same day and when I questioned customer service they treated me like an idiot. They were puzzled as to why even I had to ask, the latter dated letter gives the most current information.
They are determined in keeping to my original loan terms no matter what happens around them. It was a bad decision to go for an adjustable mortgage but we fell into the trap and believed in the original Mortgage Consultants confidence that we could refinance in 2 years. Unfortunately Jobloss, Medical Emergency and the housing market collapse reversed our situation.
The last time I spoke to a person “Doug” he wants me to send in a whole new request and gives me a fax number. HSBC calls such a request a “Hardship” letter. I don’t agree with that term. “Hardship” is when people cannot afford to make a reasonable mortgage payment without depriving their basic needs. This so called “Hardship” is caused by them. The refusal to provide me with a reasonable permenant solution is what drives me into this “Hardship.”
I sure hope Prince Brendan McDonagh will see this and decide to graciously step on to the real world because I am sure there are more people like me.”
This article, HSBC not proactive with mortgages, no Obama plan for HSBC, 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.
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