JS in Oregon said: “I too have been a victem of HSBC’s unprofessional handling of my loan. They simply “lost” a loan payment and put a 30 day late on my credit which cost me a low rate conventional refinance. They corrected the problem too late for me to get a decent loan. I figured out the ultimate way to get back at them. You can do the same if you have a second mortgage.
This is not for the faint at heart and you should seek the advice of an expert. I am, so I know exactly what I’m doing. In the current economy, finance, and mortgage markets, the consumer actually is the one with all the power for a change. USE IT TO YOUR ADVANTAGE! I am letting my house go into foreclosure. HSBC holds my second. In a first mortgage foreclsoure the second gets absolutely not a freaking penny.
When I’m actually in foreclosure with my first mortgage I will negotiate with HSBC offering them 5-10 cents on the dollar for my second in a TAKE IT OR LEAVE it negotiation. Take it or the foreclosure goes through and you get nothing since I’ll file for bankrupcy anyway. On top of that my 1st mortgage co has already offered me a modification. Simply start all over again with all the interest charges wiped out. I may even get reduction in principle.
The simple fact is they are so desperate they don’t have a choice. This is the play for real estate today and to get yourself out from under crushing debt. If you understand banking and credit reporting like I do then you’d know that we can get back at preditory lenders like HSBC. I call for all those who’ve suffered under HSBC’s corrupt lending practices to simply not pay them. You do so at your own risk, but if you know what you are doing, you can get it all removed from your credit, tell the collection agencies to get lost and come out unscathed.
The bottom line is they don’t follow the law and you can use that against them. Do your homework first so you know exactly what you’re getting into before you FIGHT BACK against perhaps the singularly most corrupt lending organization of our time.”
Related posts:
CC in North Carolina comments: “In response to JS in Oregon. Beware to all those who would trust JS to be an “expert” as he or she claims to be. The advice is to not pay your debts, and let your home go into foreclosure? What impressive financial planning skills! My only hope is that JS family finds another “expert” to run the household so they will not be homeless when foreclosure is completed.”