HSBC Loan Modification - Where Do You Start? |
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By: Ashlee Ashton Posted: 2010-03-14 08:25:06 |
| Your HSBC mortgage is in default,and you are hoping to work out a loan modification through President Obama's Making Home Affordable Program. You have heard it mentioned over and over in the news, but you don't really know where to begin. Who do you talk to in order to get things started? Where do you apply for a HSBC Loan Modification?The Making Home Affordable Program is a government program that provides $1000 incentives to participating banks to modify existing mortgages and help homeowners avoid foreclosure. Fortunately, HSBC is an approved lender under this program.You will contact HSBC to apply for one of these modifications, even though the government is funding them with $75 billion dollars! The loss mitigation specialist at HSBC is where you start. However, you should not contact them until you have done all of your preliminary work. Find out everything you can about the guidelines of the program, and gather all of your documents.You will need all information and paperwork pertaining to your income and expenses. You will have to present paperwork showing why you ended up in default with HSBC. They want to see that it wasn't your fault. They also need to see that you have the means to pay the modified payment in the future. You need paperwork to back up every statement you make to them in this application process.You can only apply once for one of these modifications, so you want to carefully prepare your application materials according to the guidelines of the program. This increases your chances of success with a HSBC Loan Modification. |
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