JL in Colorado said: “HSBC purchased my mortgage in 2005. My original note was a 3 yr. 6.99% arm. Was told my original mortgage lender we would refi in 3 yrs, not to worry. Since Jan. 2005 they have failed twice to escrow ANY monies for insurance. So they increase my monthly mortgage obligation. In November 2007 I contacted them to discuss this increase, fearing that the arm adjusting would only force me into foreclosure. They stated the increase was directly related to my insurance going up $700 last year. Not possible, as my insurance was only $700 to begin with. I applied for hardship, refi, loan mod, etc. Finally listed the house for sale. They refused to waive prepayment penalty ($3200), so could not sell. Finally told them my $75K home would just go into foreclosure, since they refused to cooperate. The nighmare goes on and on. They are a fly-by-night lender who will eventually be bailed out, what about me?”
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