(This is a new update from this author. See every part of this saga here.)
MJ in Pennsylvania sent us this update: “Here is another update to my last post under foreclosure dated Feb 12, 2009. As I suspected once HFC sent a broker to assess the value of the home which by the way came in at roughly $261,000.00 and not the $330,000.00 Allison claimed it was worth.
When she called to tell me I couldn’t help but say I told you so. Since the last payment I made was January 2009 I’ve put Feb., Mar., and April payments of $850.00 I would have made to HFC in the bank in advance of them eventually foreclosing and having money for moving and rent and advised Allison of this.
Of course since the home isn’t worth what they thought she then offered the hardship payments of $1625.92 and advised if I came up with two of these payments this would be a forebearance and they would get my account current by putting the past due payments to the end of the loan and then wait and see what Obama is going to do! Didn’t say it but thought to myself are they kidding me,wait to see what Obama is doing, how about what HFC/HSBC/Beneficial is going to do regarding participating with the programs the government has suggested.
I asked her why the loan couldn’t be extended out another 5 to 10 years and her reply was they don’t like to do that with older people. I couldn’t believe what I heard and thankfully I’m still taping every conversation I have with this company and have her on tape clear as day.
The was the last call with her and if she thought I was going to take every penny I had for her to get 10 percent of the two payments since they do get commission in the department she works in. They must think they are dealing with a total idiot since I do have banking background of 15 years. Her suggestion is not long term and like putting your finger in the dike. All that does is get me back at square one again.
Thanks but no thanks. Yesterday another gentleman from the same area called me and was polite enough so I gave him a rundown of what has been happening. Apparently my loan is through HFC/Beneficial but originally was HSBC. The difference between them is HFC/Beneficial is a finance company and HSBC is a bank. So in a nutshell if you have a conventional loan with HFC/Beneficial you are up s*** creek without a paddle.
Asked about my application I did through HOPE NOW, they don’t work with 3rd parties. He told me they don’t want my property because they have enough of them. If I had a dime for every time a rep said they didn’t want my home I’d have enough money to make regular payments for the next year. If they don’t want peoples homes they would work with them.
I asked why they couldn’t modify the loan out another 5 to 10 years and was told this would mean they need to lend money and they are not lending money and only dealing with existing customers. (All I want is for them to modify the loan with payments I can handle and the ability to refinance a year later with a reputable company).
Not sure what that means but I thought I was an existing customer. I was informed that they closed the HFC Branches therefore my loan couldn’t be modified since they would be lending money through a rewrite. Nothing that comes out of these peoples mouths makes much sense but consider the source and its not surprising.The left hand doesn’t know what the right is doing, never did and never will.
I was given the HUD number again, advised he would hold the account out for 10 days from collection calls. I’ll call HUD and see what they can do and if all else fails will consult with a bankruptcy attorney and see what my chances are that a bankruptcy judge will modify the loan through a chapter 13 which they weren’t able to do previously.
I’ll post another update when I have more information. Hopefully if what this person said about the branches closing is true then this company is finally getting its just dues and this is the beginning of the end for this company since they’ve screwed over just about every customer they get. I tell every rep from this company to remember that you could be sitting where I’m at right now.”
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