HSBC Mortgage Services My Story with HSBC Brandon, Florida

My Story with HSBC Mortgage Services

In 2001, I moved into my home here in McNairy

County, Tennessee. Original, there were two mortgages on the home. The main loan was with this company called First Franklin. And then there was a second mortgage the real estate woman setup. The problem with the second mortgage is that it was suppose to balloon after a few years, so I knew I had to do something and quick. I received a letter in the mail about refinancing. Well the loan went through and eventually my mortgage account ended up in the hands of HSBC Mortgage Services. I had a flexible rate mortgage. As time went on, the payments kept crawling up, making it harder for me to make the payments. I am the bread winner of the household and it was hard for me make those payments. The payments went from like $399 to $530 and I had to maintain homeowners insurance.

I tried to get the loan restructured or refinanced, but no one would take me. I called HSBC many times to see if they would do a refi so the mortgage payment would be lowered and at a fixed rate. Each time I would try, they would tell me my credit score needed to be a little higher or I just didnt qualify. Even though I struggled with the payments, they were always on time. I maintained everything for about seven years in the house. Well in 2008, I lost my job. I called HSBC about the situation and explained everything. They finally did a modify, they set the payments up at a low 4.25% rate. This brought the payments down to $247 a month. Now why could they have not done this in the beginning. The draw back with this is the payments would only be set up like that for six months and they were going to go back to the original setup. We I panicked and moved because I didnt know how I was going to keep this up. I wasnt for sure if and when I would find another full time job. I felt I was just throwing money in the wind by staying.

The way they had the original payment plan setup as a flexible rate mortgage, I would have never paid for the home. I was paying interest only payments, hardly done of it were going toward the principle amount. They were ripping me off and getting away with it. Within a short few months after I moved out of my home, they found me at my new address. They wrote a letter stating what is in the contract and my obligations. I wrote them back and told them I realized they were ripping me off and how much money I had already been out with them. I just let them have it. They never wrote me back or called anymore. They let me be. I havent heard from them in two years. They havent foreclosed on the home nor have they kept up the taxes on it. The tax card was sent to me at my new address.

The house needs lots of repairs, in the state it is in now with no one living in it could almost classify as a condemned home. It is not worth no where near what is owed on the mortgage. This may be why I havent heard anything back from HSBC, because they have probably had someone come out to look at the property. Despite all of that, I would still like to have the house back just for the spot of land it sets on. If I owned it alright I would tare that house down and start over with maybe a mobile home. Its near a park, right in the backyard. I plan to do some snooping to see how it is listed in the county deed book to see if HSBC ever filed warranty deed.