Complaint / review text:
I financed my home thru Accredited Lenders and less than one month later HSBC Mortgage Services bought the loan. It has been trouble ever since.
Being a novice I am certainly a victim of the old Bat anf SwitchBroker to Accredited Lenders to HSBC.
You will never get a modification from HSBC as they claim they did not receive any of the Government Bail out, but they certainly did, thru AIG.
After five years of being in this mortgage which was 3/27 (I know now I actually qualified for an FHA Loan, but the Broker advised it was just too encumbersome). The Joke is certainly on me. I appealed to HSBC to modifiy the loan last year due to an unexpected hardship and the interest rate at that time was an ARM.
They modified the loan for about six months, and again back the ARM. Of course, the home is upside down, but they don't care, they would much rather foreclose than work with consumers.
In 2008 HSBC advised they paid our taxes and issued a refund check because there was an overage. Well, not true in 2009 we receive a letter stating the taxes were paid late creating a shortage on our account, of course by that time our 2009 taxes were due and had to be paid so we paid taxes twice in one year from our escrow account.
After many calls, every time to a different rep., I decided I would request they close my Escrow Account because I am very capable of paying my own taxes and insurance, but was informed I could not close the escrow because there is a $4500 shortgage on the account! I am livid, I have always had an Escrow account from the very beginning, and now I am being told because of HSBC's error I cannot close my Escrow Account, but I can trust them to make the payments on time. Such a joke.
I am now retired and living on a fixed income, and cannot even afford to pay all this money upfront. Plus, my taxes will never go up here in the State Of Texas due to the House Bill passed for a ceiling for Seniors. HSBC does not care.
I have requested HSBC to transfer or sell my loan to another lender to no avail, and they will not modifiy the loan to a reasonable payment, and to top it all off, it was, and still is a BAD Loan, and they know it. I have requested them to produce the note, but they are unable to even do that!
I am now 68 years old and retired after 45 years with the same company, and want my mortgage with a company I can at least half trust! Because at this age I plan to die in this home, and do not trust HSBC as far as I can throw them.
Any information would be appreciated.