HSBC Watch News Release Forum Index
Forum Name: - Mortgages
Topic Title: The Late 90 Mortgage Scam Lacks Proof
Fri Apr 15, 2005 7:19 am
My mtg. is 10 yrs old. I recently did a credit check on myself as a precursor to buying another home. The report said I had 18 events of 90 day or more late payments. I have a history of Household, now HSBC claiming I am ONE payment behind. After almost 2 years of send proof of ANY month they asked for that they claimed was unpaid they stopped saying I was behind one payment.
My credit report reflects THEIR ERROR and subsequently damages my credit for getting a new mortgage lender. My bank manager had been my allie helping me secure the proof I am current but I continue to get forclosure threats and also a BILL for PAST DUE fees of almost 20,000 dollars DUE to remain current. I have recieved over 400 collection calls the past year. My hours on the phone to them does little but puts off collection calls for a day or two. I demanded an audit of my payment history and finally after 6 months they sent me printouts I cannot make sense of...I NEED HELP!
Fri Apr 15, 2005 10:47 pm
Call the Dept of Financial Institution in your state. Tell them what is going on and ask them to do a thorough investigation. Write to your Attorney General in your state. File a complaint with the OCC. Household Watch is a great website. This website will let you know that you are not alone.
Household(HSBC) is suppose to have the Foreclosure Advoidance Program! This is a program is about reducing your payments and keep your house from going into Foreclosure. Ask them what happen to that program. This was part of the settlement that ACORN fought for year before last.
Fri Apr 15, 2005 10:48 pm
The company also has a supervisor for each state. You can call corporate at 847-564-5000 to ask for the mortgage state supervisor or territory supervisor. The customer's report indicates to us that Household (HSBC) is still bringing loans current, even though the SEC issued a cease and desist order. For the loan balance to be that much higher than expected, with that many "late" payments it tells us the interest was tacked on to the end of the loan.
Household International and HSBC want customers to pay them forever, and usually the balance doesn't go down. That makes them very happy, but customers and the general public find it reprehensible.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.