TA in Massachusetts said: “I obtained a mortgage from Beneficial, a subsidiary of HSBC, in August 2006 for 100% of the purchase price of a new townhouse. I had the income to sustain the mortgage payments, but not the savings for a down payment due to a divorce. I made my payments diligently until late 2008 at which time I took a small paycut.
At that time I talked with Beneficial and they actually reduced my payments by $300 for 60 months as long as I made the first six payments on time. Unfortunately, in December 2008 I was laid off and have not been able to find adequate employment. My unemployment benefits don’t even cover a mortgage payment much less any other bills.
I was hanging on for a while but I can no longer make the payments. I called Beneficial to discuss options and they basically told me I have none. I informed them that I had put the home on the market and would be attempting a short sale. They wanted to know if I would be making the payments while it was up for sale. I again explained that my only source of income at the moment was unemployment. They then told me that I should try and borrow the money to stay current. FROM WHO? Seriously!
Lastly, I asked whether I should try and work out a repayment plan if I do find employment before the home sells and they pretty much told me not to bother. That since I already received one hardship reduction another one would be very hard to obtain. Regardless that the circumstances have changed drastically. Since I told them I have the house on the market and will attempt a short sale they have been calling 4 times a day!”
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