HSBC Mortgage Services - Household Finance Predatory Lending, Ripoff Brandon, Florida

As I go through and read the other reports on HSBC I realize that I am just another sucker in a long list of people these folks have ripped off. We refinanced our mortgage in 2002 to pay off our credit cards.

Unbeknownst to us, they purposely appraised our home $11,000 higher than it should have been (we've been told by three other appraisers) and included a buy-down on the interest rate that we did not know about (they listed it as a "fee" on our paperwork) and the mortgage aka "sales" person continually told us we would never get refinanced with anyone else even though our credit scores were good.

The HSBC experience is a daily, on-going blood pressure blowing, headache-inducing nightmare!! They have withheld our payments to collect late fees (it takes a minimum of 16 days for them to cash my check!) They have continually screwed up our escrow, it is short every year even though our taxes and insurance never changes?! Yet they can never explain why it is short, if we don't pay it then we incur late fees and/or foreclosure notices.

They calculate our adjustable interest rate wrong constantly (it has escalated to 11.25%!) and then our only recourse is to write a letter and wait for a response that never comes. You can never get through to anyone in the States your call is automatically routed to India. There they have no other information than what your payment is, and it is wrong 99% of the time. They have no manager available to talk to EVER and they ALWAY say that it has to be handled by another department. I was actually told today when trying to fix the incorrect interest rate (says it should be 11.25% when they are actually charging 11.5%) that it has gone to the research department and they "don't have phones" unbelieveable!!!

We are totally upside down on our house and have no options HSBC will just keep increasing the rate and upping the escrow and there is nothing we can do. Can't someone go after these crooks?!

I would love to be in on a class action lawsuit! I have every bit of my documentation since day one!

Glenna
Indianapolis, Indiana
U.S.A.