Help & Guidance for HFC Mortgage?

Question

I currently have a mortgage with HFC/HSBC/Beneficial. My husband lost his job shortly after getting this mortgage in Sept. 2006. He took another job paying less and so we struggled and struggled to make our payments and keep everything else paid, as well. We've done ok, but we just can't get out of this hole we are in. I have always been in contact with our lender and every single time they offer some solution but always tell us that "we don't qualify at this time because we aren't THAT late" and even have told us to call back on day 29 of a missed payment to receive assistance. We've done that and when we call back they either tell us that they have no idea about what we are talking about when we mention the particular solution offered to us...or that we aren't consided "extremely delinquent". One time, I got a call from a gentleman, I got his name, and he told us that we could request to forego a payment for a month, that HFC offers this to all their mortgage customers and that you can request this once in any 12mo period but that I would have to call our branch. I did that. They told me they didn't know what I was talking about and said because they didn't recognize the name that I gave them, they couldn't assist us. I've contacted this HOPE organization and that turned out to be pretty much an advertisement for credit consolidation and debt help for unsecured debt. All the advice I get is to contact your lenders, they WANT to work with you, they can offer you options, they don't want you to go into foreclosure they'd rather help you keep your house. As of late, I wrote a hardship request letter and have not heard a word back from them. I've called they tell me to call back or they'll have someone call me.

I was two months in arrears 3219.21 which is two payments. Two weeks ago, I made a payment of 800.00, the following week a payment of 500.00 and then this week I paid 310.61 which would make my account now only 1 month behind, yet all that money sits in "Unapplied funds" and it still looks like I'm 2 months behind when I'm not. Please help. I don't know where to turn. There seems to be all this buzz about all this help out there but I can't seem to find it. Thank you.

Answer 1

I see that one of the challenge is that when you call to speak with the bank you were speaking with the national office and thus obtained different information from when you spoke with your local branch.

From now on, make sure you always get the name and phone number (plus extension) of the person you spoken with.

Here are a couple of web site that might offer additional information

http://www.hud.gov/news/recoveryactfaq.c... (particularly http://www.yourhome.ca.gov/preserving_ho...

http://www.yourhome.ca.gov/mortgage-help...

It also sounds like your local branch isn't very helpful thus far.  I would suggest that you contact the national office.   Instead of retelling your prior calls, start from scratch and ask for assistance.  Sounds to me that you are looking for a loan modification.  

Be persistent and calm when you speak with them.  Be confident that the lender do want to work with you.

Best wishes.

Answer 2

[I've contacted this HOPE organization and that turned out to be pretty much an advertisement for credit consolidation and debt help for unsecured debt. All the advice I get is to contact your lenders, they WANT to work with you, they can offer you options, they don't want you to go into foreclosure they'd rather help you keep your house. ]

You're starting to find out the reality of the situation... despite all the "hype," the help just isn't there for many homeowners.

HFC has been a bottom-of-the-barrel, scumbag servicer for quite some time.

They generate a significant amount of profits by keeping you late, and running up your bill with late charges and other junk fees.

The good news is that they have come out with some new options for people in your situation... and no, not the "skip a payment every year plan."

They are tricky to deal with and I think at this point you might want to work with someone who's gotten good results with them before.

It's unclear to me whether you flat-out cannot afford the mortgage payments at all, or if you just need to get them caught up and catch your breath.

This will probably be a two- or three-stage process.

Go here and check out the results we typically get here:

http://foreclosureresolutioncenter.com/t...

You can go to the main page and opt-in for more information, or if you'd like, click the blue link (my user name) and send me an e-mail.

The pressure of what they're doing you is surely costing you sleep, and causing you a lot of stress.

Even if you'd prefer to work with someone else on this, please get some assistance before they completely wear you out.

Best of luck.