When you contact HSBC about a Loan Modification, you will be referred to the Default Resolution Team. One of their counselors will initiate a review of the loan workout options. Some of the retention options available to distressed homeowners seeking an HSBC Loan Modification include:
- Special Forbearance/Forbearance Agreement: payments are reduced or suspended for a pre-determined length of time
- Repayment Plan: A portion of the arrears are paid each month in addition to the regular payment
- Stipulation Agreement: A payment plan to bring the account current after foreclosure action has begun-designed to bring the account current
- Loan Modification: An agreement to adjust the term and or reduce the interest rate to a more affordable payment
The Loan Modification option is the most effective, long term solution for most homeowners to avoid foreclosure and stay in their home. HSBC requires the homeowner to submit a Loan Modification application package for review. You will have to provide HSBC with certain information so they can decide to approve your loan modification or deny it. Here is what they will need:
- Hardship Letter
- Copies of income documentation
- Completed financial form
- Borrowers information form
- Copies of Bank statements
- Copy of listing agreement if home is for sale
BEWARE! Before you contact HSBC, you need to understand how the Loan Modification process works, what HSBC needs to see in order to approve your loan modification application, and how to complete the financial forms properly. You must be able to present a compelling and acceptable snapshot of your current financial situation, and explain how you will be able to afford the new, lower payments if the HSBC Loan Modification is accepted. You have one shot to get it right and save the family home, make sure you are educated and informed before calling the bank.
The Complete Loan Modification Guide will give you the information you need to present a winning Loan Modification application to HSBC. You will learn the 7 Steps to a Successful Loan Modification, as well as insider tips on how to negotiate with the bank. The Complete Loan Modification Guide also provides all the necessary forms, with detailed instructions on how to complete them properly. This easy to read and easy to follow Guide will give you a fighting chance to fix your loan and save your home.
HSBC Contact information:
888-648-3124
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