• Report: #483425
Complaint Review:

Beneficial - Member Of HSBC Group

  • Submitted: Fri, August 21, 2009
  • Updated: Fri, August 21, 2009

  • Reported By: Celeste — Richmond Virginia USA
Beneficial - Member Of HSBC Group
http://us.hsbc.com/personal/mortgage/existing/difficulties.asp Internet United States of America
  • Phone: 8009582540
  • Web:
  • Category: Loans

Beneficial - Member Of HSBC Group HFC HSBC short sale dept allowed contract to cancel because they refused to pay agents commission as agreed. ($1,700 diff) They are ambivalent to homeowners risk going into foreclosure. Internet

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HSBC has ambivalently thrown away a lifesaving deal to keep a homeowner out of foreclosure and to cut their losses. My friend is a realtor and she has been working on a short sale for a client who lost her job. After 6 months of trying to find a buyer, they got a contract $20,000 higher than any other offers that had started dribbling in. HSBC finally got around to approving it (that is another story) but then CUT the realtors commission below the listing agreement! Realtors have been continually screwed by the loss mitigators. So much so that the representing associations have admonished them NOT to agree to last minute cuts in commissions. She told them that the buyer's agent would withdraw the contract and they didn't care! They said they would just close it out before they would pay the regular commission! AMAZING! Instead, they are now looking at a backup offer $20,000 LESS than the one submitted because they wanted to screw the realtors out of their full commission...They are going to either end of taking $20,000 less or have the home go into foreclosure because they didn't want to pay $1,700 more in commission! WHO IS DOING THEIR THINKING! Now the homeowner is probably going to go into foreclosure because of the idiots making decisions in the short sale/loss mitigation department!!! I really think that if the higher ups at HSBC OR the investors (of which I am one) find out that their negotiators are allowing people to go into foreclosure and are cutting the realtors that work the hardest for them out of their commission they will be mortified. When I heard that they are now considering a contract that is $20,000 LESS than the one they rejected over a $1,700 commission difference I was livid. WHO IS IN CHARGE OVER THERE? Most likely NO realtor is going to agree to take less than the standard commission structure. AND most likely this poor homeowner is going to go into foreclosure over ludicrous decisions made by their short sale department.

This report was posted on Ripoff Report on 08/21/2009 09:59 AM and is a permanent record located here: http://www.ripoffreport.com/reports/beneficial-member-of-hsbc-group/internet/beneficial-member-of-hsbc-group-hfc-hsbc-short-sale-dept-allowed-contract-to-cancel-beca-483425. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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