HSBC Watch News Release Forum Index
Forum Name: - HSBC Mortgages
Topic Title: HSBC Breaks Back of Elderly
Fri Mar 10, 2006 8:45 pm
AC in Texas told us "Completed a Chapter 13 Bankrupcy in November 2005 forced by two predatory lenders HSBC (on our homestead) and an inherited piece of property mortgaged thru Fairbanks to pay off 941 taxes. Diverting payments to "capital expenditures" and misapplied payments have created hell for us. You cannot deal with "collectors" and they will not let you talk to anyone else.
We tried to refinance our 11 1/2% loan with HSBC to 8%. Our monthly statement said we owed $65,001.00. Their payoff figure to the potential re-mortgager was $74,000.00. (a turndown because of poor payment history). The minute our bankruptcy was paid off and dismissed, these two lenders hit us with thousands of dollars of charges. The first year of our bankruptcy, HSBC "misapplied" one of our payments. After months of arguing and producing cancelled payment information, they finally "found" the payment and told me they would apply it correctly. Guess they never did, because the credit information came back that we have been one payment behind for years. I have had to document my payments which after a few years, is hard to do.
We are now faced with filing another chapter 13 on this $20,000...a shame because most folks file on thousands of dollars but we are forced to because this is all we have in this world and we are 62 and 69 years old. At least we received no collection calls for the 3 1/2 years we were protected but boy, did they jump the minute that protection was gone....and YES...we are trying to sell but the market is a little soft around here right now. I have threatened to have these accounts audited but one potential re-mortgager said they could make no sense of the payment history at all and when they asked for clarification, they got no co-operation what so ever (resulting in another turn down).
Sometimes you just get the feeling that the AG's office is just too busy to care about one consumer but if they demanded answers, maybe these predators would listen up. Also, we never heard about a class action suit against HSBC. We did get a letter from some class action lawyers regarding Fairbanks (Now SPS) saying we had been overcharged almost $4,000. over a period of time and to sign this form and we would get a refund. The refund was for less than $400.00 and the attorneys got millions...go figure. I know there is no help for us and we will just have to keep pedaling till we sell or die, whichever comes first but thank you for allowing me to vent."
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