HSBC Mortgage Services ripoff on refinancing City Of Industry California

When I had my mortgage thru HSBC, every year they said I didn't have enough money in the escrow account and would have to raise my monthly mortgage payment.
When I refinanced my mortgage in 2005 through HFC, they gave me the option to pay the property taxes and home owners insurance myself.
I take the yearly amount of taxes and divided it by 52. (I get paid weekly) I put that amount away each week so that when taxes come due I have the money for them. I also found a insurance company that would let me pay monthly on home owners insurance.
By doing things this way, I have avoided the "PMI Insurance",the "Hazzard Insurance" and the infamous "there wasn't enough in your escrow account to cover...blah, blah, blah due to increases in...blah, blah blah..."
I pay the set amount for my mortgage. It stays the same. I pay the taxes when they come due and pay the insurance each month.

If your able to put money aside each week or bi-weekly, this is another option that that you can try. It has worked out great for me.

Amicia
Buffalo, NY

When I had my mortgage thru HSBC, every year they said I didn't have enough money in the escrow account and would have to raise my monthly mortgage payment.
When I refinanced my mortgage in 2005 through HFC, they gave me the option to pay the property taxes and home owners insurance myself.
I take the yearly amount of taxes and divided it by 52. (I get paid weekly) I put that amount away each week so that when taxes come due I have the money for them. I also found a insurance company that would let me pay monthly on home owners insurance.
By doing things this way, I have avoided the "PMI Insurance",the "Hazzard Insurance" and the infamous "there wasn't enough in your escrow account to cover...blah, blah, blah due to increases in...blah, blah blah..."
I pay the set amount for my mortgage. It stays the same. I pay the taxes when they come due and pay the insurance each month.

If your able to put money aside each week or bi-weekly, this is another option that that you can try. It has worked out great for me.

Amicia
Buffalo, NY

When I had my mortgage thru HSBC, every year they said I didn't have enough money in the escrow account and would have to raise my monthly mortgage payment.
When I refinanced my mortgage in 2005 through HFC, they gave me the option to pay the property taxes and home owners insurance myself.
I take the yearly amount of taxes and divided it by 52. (I get paid weekly) I put that amount away each week so that when taxes come due I have the money for them. I also found a insurance company that would let me pay monthly on home owners insurance.
By doing things this way, I have avoided the "PMI Insurance",the "Hazzard Insurance" and the infamous "there wasn't enough in your escrow account to cover...blah, blah, blah due to increases in...blah, blah blah..."
I pay the set amount for my mortgage. It stays the same. I pay the taxes when they come due and pay the insurance each month.

If your able to put money aside each week or bi-weekly, this is another option that that you can try. It has worked out great for me.

Amicia
Buffalo, NY

When I had my mortgage thru HSBC, every year they said I didn't have enough money in the escrow account and would have to raise my monthly mortgage payment.
When I refinanced my mortgage in 2005 through HFC, they gave me the option to pay the property taxes and home owners insurance myself.
I take the yearly amount of taxes and divided it by 52. (I get paid weekly) I put that amount away each week so that when taxes come due I have the money for them. I also found a insurance company that would let me pay monthly on home owners insurance.
By doing things this way, I have avoided the "PMI Insurance",the "Hazzard Insurance" and the infamous "there wasn't enough in your escrow account to cover...blah, blah, blah due to increases in...blah, blah blah..."
I pay the set amount for my mortgage. It stays the same. I pay the taxes when they come due and pay the insurance each month.

If your able to put money aside each week or bi-weekly, this is another option that that you can try. It has worked out great for me.

Amicia
Buffalo, NY

Now I have reason to believe they are deducting payments out of my checking account without my consent! I just don't understand how they can act this way, without consequences. Do people just roll over & take it?? They aren't the govt....who CAN do what they want regardless of my beliefs. I have a HUGE fight planned with them today!! Should be interesting.

Me and my husband have also fell victim to this co. And as I read all the other reports-all of them are the same or very similar. Our loan was sold to Household-which then turned to HSBC-and from the bginning we had problems with our escrow. I ask myself the same question-WHY do we have to pay for their mistakes? I am afraid that no matter what we do, they will find a way to take our house. I would also be intereted in a class action lawsuit. I have actually sent my loan papers to a law firm who is investigating HSBC. If anyone wants more info. I will give you their names and contact information.

Becky i live right next door to you in Mesa. stay away from Orchard bank HSBC they are a ripoff.

After much research & endless phone calls & conversations, I can't find anyone to refinance my home. As a last ditch effort, I even asked HSBC to refinance me. But they don't handle mobile homes. They will service my account, arbitrarily raise my payments & take all my money but they won't refinance me. Go figure! Makes me wonder why they bought the loan to begin with!

So, I put my house on the market 2 weeks ago. The only way I can think of to get out of this mess is to sell it! Its a shame that they force you into these situations. When I told them I put the home up for sale, and WHY I did it, they did agree to lower my payment by $200 for now. I have to pay all the difference when I sell my house. I didn't ask what they will do to my credit as they will probably lie to me. What do they stand to gain by treating people this way? Can't be repeat business!!

Typically I am the first to stand up & fight for what is right but I'm not sure how to fight these people. Like fighting Uncle Sam, I feel like I don't have a leg to stand on & I've already lost before the fight begins! I don't know much about class action lawsuits but its worth a try!

My situation is so eerily similar to yours, that it's downright scary. HSBC has damaged my and my husband's credit beyond repair also. The bad part is, that they have been reporting us late to the credit bureaus falsely for 6 months now. Our payments were coming out of our checking account twice a month. I have turned to anyone that would listen about this horrible company.

We are in the process of surrendering our house due to all of this. Being business owners, this will definitely hurt us. We are just sick and tired of dealing with them and their rude people. We were being told by a collection dept. associate that she or noone else from HSBC had to tell us that even though our loan was set up improperly from the start, that it wasn't their responsibility or obligation to tell us. HOW IS THIS POSSIBLE??

Let's all get together and file suit. Maybe we'll win, maybe we won't. We will at least send a message to HSBC that we won't be taken advantage of any longer. Sincerely, Ottawa Kansas ex-homeowner

I too have posted a complaint.
we should all do a class action law suit. Im losing my home becasue of what they did to me (and mers..the group that sells the notes around).

I too have posted a complaint.
we should all do a class action law suit. Im losing my home becasue of what they did to me (and mers..the group that sells the notes around).

I too have posted a complaint.
we should all do a class action law suit. Im losing my home becasue of what they did to me (and mers..the group that sells the notes around).