A former HSBC employee from Virginia sent this information: “I too have an HFC mortgage which I obtained while an employee of HSBC. I was quoted a payment over almost $2000, not including taxes and insurance which I knew I could not afford long term but signed as they told me I would have an in-house score and if payments were made on time would be able to refi at a lower than 9.75% rate in one year.
When I reapplied a year later, I was told they were no longer (due to new policy) able to do loans for employees. They have now closed their doors and HSBC is not working with any programs by Obama because they are a foreign bank. I AM SCREWED.
I still have not been late on my mortgage and have been on two hardships but, reality is, I’m never going to be able to keep this up and am now looking to just let it go. I will have my things in order such as another place to live when my credit goes haywire for non payment of mortgage, but why they would rather let people do this rather then streamline the rate is beyond me.
There is more to tell about conversations with ignorant reps and procedures and basically stuff I know by working there, but I will keep that to myself.”
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