SK in Illnois said: “I have a first mortgage with HSBC. I always pay my bills on time. Usually, five business days before they are due. HSBC was stalking me for my October payment – it should have been in their hands so I waited until the end of the 15 day grace period until paying a second time on-line. Magically, both payments were processed on that day. HSBC credited the second payment for November. I mailed the December payment 5 banking days early. Three weeks later, after the grace period, they called saying that it was not recieved. It is hard to believe that they would hold payments without processing them. I think it is a scam. Has this happened to anyone else?”

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AG in New York said: “Applied for an HSBC mortgage loan at the end of Sept 08. Its now mid-December 2008 and we still have not closed. Paperwork was lost, no one ever called me, appraisal was never ordered, employment was never verified, processors don’t answer phone or emails. 2 months and still going for what was supposed to be a quick close. Extremely frustrating.”

KC in Nebraska said: “We contacted HSBC (Solstice Capital) to discuss refinancing our loan. When we spoke to the loan officer she said they had a “no-risk” appraisal policy and we would get our money back if the loan did not go through. The value of our house has gone down and so a refinance is not possible. After many voicemail messages and emails we are still waiting for our $250. Thank goodness we didn’t give them the entire amount up front. What a SCAM!”

Sky in Kentucky said: “A few weeks ago we received a letter from Beneficial saying they now had new financing options that could lower our payment and/or interest rate. So last week we made an appointment and went to our local Beneficial office to see what it was all about. The man we spoke with said they were now offering FHA loans to those who qualify. He began asking us the normal questions and pulling our information up on the computer to see if we qualify and then stopped and told us in a very low voice so that no-one else could hear that “they” were forcing them to convert all their mortgages over to FHA loans the first week of October.

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MR in Arizona said this informative copy of his long letter: September 13, 2008

Arizona Department of Financial Institutions and all in CC list.
2910 North 44th Street, Suite 310
Phoenix, Arizona 85018

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