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HSBC Mortgage Modification
|If you are facing payment difficulties due to financial hardship you will find it helpful to get assistance through a HSBC Mortgage Modification program. The solutions provided by the bank to troubled homeowners can be grouped into two categories - Home Retention options and Selling options. Check your income to debt ratio and see if you want to keep your home by applying for a viable loan modification program. If nothing works out to help you continue living in your home, you might consider a short sale or a Deed-in-Lieu of Foreclosure in order to prevent foreclosure.
HSBC Mortgage Modification Program
HSBC Bank has the following mortgage modification programs:
- Special Forbearance or Forbearance Agreement: You can have your monthly payments reduced or suspended for a known period of time under this plan. This is a practical approach if you have recently faced a major financial setback due to illness or any other reason, and need time to recover from your hardship.
- Repayment Plan: Under this settlement, you can pay a portion of your past dues along with your regular payments for a known period of time. This plan helps you keep current with your payment and avoid the probability of a foreclosure.
- Stipulation Agreement: Through this program, HSBC offers you an option to save your home even when the process of foreclosure is on. Upon your agreement to pay up your past dues along with your current payments the foreclosure action will eventually be cancelled if you clear all your outstanding dues.
- Loan Modification: This is one solution in which your lender agrees to bring a change in the loan term and interest rate in order to make your monthly payment more affordable. Moreover, the total amount of your delinquent payments will be added to the principal balance in order to bring your account current.
- Claim Advance: Applicable for FHA loans and loans with PMI, this plan allows you to make payments through an insurance company. Using this option will lead the placement of an addition lien on your property.
HSBC Mortgage Modification Help
You can contact HSBC Loan Modification Department to discuss your financial situation and initiate the application process for obtaining a mortgage modification help. You will have to fill up the Hardship Assistance Financial Disclosure Form and Relief Package and submit the same online. Moreover, you will need certain documentation to support your current financial condition and prove your hardship. Mail of fax these documents along with a completed Financial Disclosure Form to the following address, if you are an HSBC mortgage customer:
HSBC Mortgage Corporation (USA)
Attn: Default Resolution Team
2929 Walden Avenue
Depew, NY 14043
Fax Number: (732) 352-7519
Phone Number: 1-800-338-6441
Check the status of your HSBC loan modification application at 1-888-648-3124.
For HSBC Beneficial Loan Modification and for former customers of Household Mortgage Services the following mailing address should be used instead:
Attention: CML FAP
2929 Walden Ave
Depew, NY 14043
Fax: 866-286-4397 (Household)
Fax: 888-778-3811 (Beneficial)
Phone Number: 800-395-3489 (Household)
Phone Number: 800-958-2540 (Beneficial)
Check HSBC Loan Modification Guidelines at the following website: