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We are a couple with credit score more than 800+, excellent financial capability. We applied for two loans, one for us and one for rental. The process started on July 9 and the harassment began. I just got lured because their interest rates were a tad bit lower than the market and they had this rebate. I am hitting myself in the foot for that. I spent sleepless nights sending them paperwork after paperwork. The loan officer is nothing but a McDonald's 'What can I get you' person with absolutely no knowledge of loans whatsoever. The so called loan officers, handover the files to loan processors and NONE of them are reachable. The bloody phones always say that they are busy. So I used to call the new loans number, then the same loan officer picks up the phone trying to trap the next customer. So when I ask her why she was not picking up the other line and then picking up the new loans line, she answers 'How can i help you'.
They throw a bunch of conditions at you online and you don't know what to do with them. And all the loan processors keep going to vacations and out of office one week at a time and the backups don't care to answer our questions. All in all after spending more than 45 days in painstaking answering all the stupid questions and conditions which are illogical, they still come back and say we decline your loan. I showed them seasoned hard cash sitting in my bank telling that I really don't need your loan. I can purchase cash out if I want. However I don't want to block my capital. So imagine, for a person of 800 credit score, more than 400K annual income with stable job of 15 years, showing a million dollars in the bank in cash, still they could not approve the loan. What are they going to do for medium income home buyers?
Sometimes I feel this whole loan processing buildup they are giving is something else to cover up the black activities that they are doing behind. I think they don't have an intention of giving loans at all. And therefore if they torture people, they will not back to HSBC. At the same time they can carry on their other activities behind the back. Bloody suckers. Please save your time and go to another lender. We sent all our experience and all these reviews to the VP of Mortgage copying all the other authorities. They reply back saying their decision is the same without giving any reasons. Again don't fall prey to their interest rates. It is a SCAM!!!
My husband and I took out a second mortgage in 2005, it was a 15-year mortgage with a lump sum payment at the end. The Second was for 28,500, we still owe 27,105. When the loan transferred to SPS is when we realized that every time I fell behind, they tacked that mortgage payment(s) to the end even if I caught it up. They just used the "extra" payment as the next month's payment instead of applying it to the payment that I was late on and accruing additional principal. They never asked me to do this. I never approved of them doing this. How am I supposed to make that big of a lump sum next year? That should be fraudulent.
HSBC bank mortgage is terrible. Avoid these guys at all costs. They bait people by giving them credits as points and somewhat of a lower rate or competitive rate but they are terrible at processing the loan. They are not responsive to phone calls or emails. I am sure they use call id to avoid you once they know you called before. Deadlines and commitments mean nothing to them. They totally ignored the closing date we provided which was more than 40 days from the time we started the process with them.
Their underwriters miscalculated the debt to income ratio by counting the property taxes and home insurance twice. Once I found out and corrected their mistake, they basically started the process all over again by putting us at the end of the line. Totally unfair. Believe me, you will go in for the low rates but you will suffer with these guys. I believe what they do should be illegal. Believe or not, this is for someone who has stellar financing record (ex. fico score of 811), 20% down payment, great job, and a solid 401k. I wonder what they do to with people who have marginal records or poor records. Please heed the warning and avoid HSBC. Check out their reviews. They had 288 reviews with 1/5 rating. How terrible is that?
Used HSBC for the mortgage on a new property. Simply put we were 'porting' our current HSBC mortgage from the old to the new house and taking out a second HSBC mortgage to cover the difference. The maths was Mortgage 1 + mortgage 2 = the price of the new house (minus what we put in in terms of equity on the old property).
HSBC applied the following maths. Mortgage 1 - mortgage 2 = £97,000 short of what we needed. I voiced concern this was wrong and this was ignored for 10 weeks straight, despite repeated e-mails and phone calls. 2 days before exchange our lawyers got involved and pointed this out. HSBC finally accepted the mistake as one of the advisors having made a cock-up. I expressed dismay that the mistake wasn't picked up by underwriting and the fact there's a single point of failure that can go all the way through to exchange.
I wrote a letter asking HSBC to alter their procedures so no single mistake could go through to exchange without a second check to detect it, a relatively easy process to employ. HSBC refused stating it was 'too difficult' to implement this. From someone that works in a safety related industry where procedures change the whole time I know this not to be true. HSBC then suggested it was the lawyers that were to blame, ironic when it was the lawyers that THEY INSISTED I use. That cost me £1004 in cancelled legal fees from the original lawyers I instructed. Again HSBC denied any wrongdoing as it's in their terms and conditions. I might also remind them 'learning from mistakes and putting things right is also in the T&Cs but they failed to do that by refusing to change very poor procedures. HSBC then went on to suggest I was the second line of defence on mistakes and I should have picked up the mistake.
I pointed out I was not a financial adviser but I had highlighted a mistake and I had been ignored. Ironically then HSBC seemed to ignore me when I further pushed this point. I would summarise they actively encourage weak procedures so they can use plausible deniability. In the end I was offered £250 and the ombudsman agreed this was fair because the legal issue and the procedures issue they do not look into as it's not their area of responsibility. I contacted the FCA who seemed largely disinterested but 'added it to their statistics'.
Now I know how the 2008 financial crash occurred. In my industry this standard would not be accepted. Taking my mortgage and bank elsewhere at the end of my fixed mortgage term. That will cost HSBC a lot more than £1004 I can assure them. In summary a totally incompetent and mismanaged process, and very unlikely to be a one off given the weak procedures to prevent such things happening.
Extremely incompetent, disorganized, rude, lack of responsive communication, very difficult to contact, resulting in a delayed, very stressful nightmare of an experience getting a home mortgage. AVOID USING THIS COMPANY!!
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Along with everyone else they took advantage of us. When my wife and I had poor credit in 2006 they refinanced our home at over 11% interest rate. Things got worse and had to declare bankruptcy in 2012. Fought with them for over a year to get a hardship for my chapter 13 bankruptcy and they allowed 5% interest rate for the life of bankruptcy and once discharged back to 10.86%. I do not remember receiving anything about the class action suit and as a result we missed out. Our credit is now 740 plus. They sold our loan to SPS Servicing and can't do anything about these cold hearted thiefs! Getting house refinanced with VA loan now. I can't believe criminal charges were not filed.
I refinanced with them in 2007 for $232,000 mortgage. After a divorce and caring for my dying father, I fell on hard times financially. I applied for a modification to lower the rate (it was 8.5%) to lower my payment. My credit was good and I still had a salaried job so I could have made it work with a lower rate and my now only one income. Instead they lost my documents, claiming the file was "incomplete" at least 5 times. I was up for review over and over. During this "review" period of FIVE YEARS they added late fees, never applied my escrows properly, put payments on the back end with an interest charge of 8.5% each time to the tune of $60,000.00!!! YES SIXTY THOUSAND DOLLARS! Over this time I was paying them what I could, and monthly. I still had decent enough credit to get an affordable car payment and pay my other bills, so obviously I was still making enough to not ruin my credit but they wouldn't help me.
They gave me the runaround. Every time I called, no one had the correct info and the file was all over the place, missed documents etc. I finally went to the MASS Atty General's Office and took the affordable homes course and they drafted a letter to HSBC. After HSBC received that certified letter, the next week my mortgage was sold to Caliber Loans for $293,000! And the process began again. They sold it to SPServicing within 2 months, who gave me a temporary 5 year and I am now selling this house.
THANKS to the CRIMINALS AT HSBC The loan I took out NINE YEARS AGO has an inflated balance of $292,200.00!!! AND I'VE MADE 9 YEARS OF MONTHLY PAYMENTS! HOW CAN THIS BE LEGAL?!! They took advantage of me at a hard time in my life and they should not be allowed to do this to consumers. I missed the chance to join the class action lawsuit against them and that's the second punch in the gut when it comes to this awful company.
Criminal, they love to sell your mortgage to an even nastier agency. Raise your interest, change your payment schedule without warning. Bottom line they really suck.
After reading so many bad complaints about HSBC, I had to share my experiences. HSBC had my mortgage at 7.5%. I called and asked if there was any type of refinance program and they said no. At the time I was upside down. The customer service for HSBC sucks. They told me quote: "we have you by the balls and there isn't a damn thing you can do about it". Three years ago the market changed. We are now at a 4% rate. HSBC is a horrible organization and whoever runs it should be in prison. I hope that idiot knows about KARMA.
My husband and I were a week away from closing on our real estate home that we were purchasing as a foreclosure from HSBC. Our bags were packed, kids schools were changed and we were ready to go. The attorney informed us that they made several unsuccessful attempts to get a municipal search done by HSBC. HSBC decided to terminate the contract stating that we were in breach of contract. We fail to see how we breached any contract if they couldn't provide the required paperwork for closing. Long story short don't trust them. We invested money in a home inspector and appraiser and countless other items that were necessary to close on this home and not to mention all the time that was sacrificed for it. They've had this house on the market for over 2 years and we are the 5th couple they are doing this too. Don't waste your time and hard earned money on them.
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