About HSBC Mortgage
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HSBC is a banking and finance company that offers a variety of mortgage types with low down payment options. The company is transparent about its mortgage rates on its website, and its services are available in most states — though some of its mortgages are limited to HSBC clients and residents of select states.
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I applied for their home mortgage online. Uploaded all required documents, including w2, etc. It's been more than 3 weeks now, and I got no emails, no phone calls, nothing from them. I was assigned to an agent Jennie **, that I found out by calling to their phone numbers. Once I was transferred to her, she just hung up on me, and when I tried to call her back, none picked up the phone. Absolutely unacceptable!
DO NOT CHOOSE HSBC because of the low rate. If BOA's rate is 10% higher than HSBC, I would still go with BOA if I still have a chance to change. Their customer service is based in India. 1. Their mortgage department can't help you with mortgage login. They said I need to contact personal banking. And personal banking could help me create a simple ** login. It took 2 months and the issue is still not resolved!! 2. The role and responsibilities are totally a mess. Nobody knows what to do and by how.
3. The background noise when you're calling is extreme LOUD to a level your ear can't bear. And you never understand what the agent is talking about with that Indian tone. 4. Their online login the extremely complicated and frustrated. 5. Their online banking page looks like 90s but not like something in 2019. 6. Basically, everything in this bank is performed differently with the major banks in the States. So you won't get used to what you're expecting normally. 7. Very few branches with all Chinese only bankers and clients.
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!!
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.
When we refinanced our home in 2006, the standard mortgage rates were in the mid 7% area. We were at 7.249%, with a 2nd mortgage rate at 10.99%. A couple years later, when the market collapsed and interest rates plummeted, we tried to refinance. Both my wife and I are Veterans, so we attempted to use a number of programs, they refused. We tried asking about doing HARP, they refused, said they didn't have to because they weren't backed by Fannie Mae or Freddie Mac.
Our existing mortgage did not include escrow for Homeowner's Insurance or Property taxes, so we were spending approximately $1650/month. Then medical issues happened, and we had no choice but to use credit. Then we got to the point where we were surviving, but not much better. We tried to refinance, they said no. We tried refinancing through another lender, but were unable to because HSBC refused to subordinate the 2nd loan. We continued to try to refinance. Then I read an article in a business magazine that said that because so much mortgage business is handled electronically, that it would be a good idea to ask your mortgage holder to prove that they held the mortgage, under some specific US Code.
I attempted 6 times to get them to provide me copies of our mortgage paperwork. They either sent a letter saying they "could not be located, at this time" or just didn't respond. As of last week, we still owed them $360K over 20 years, for the remainder of the mortgage, that originated at about $168K. This past weekend, we successfully completed our mortgage refinance through another lender, that is US Based, and we won't pay the new lender $300k over 30 years, It actually looks like refinancing at the rate we got (Low 4's) we will save almost $94,000. HSBC was uncooperative in every aspect, and during every conversation/phone call/letter. Take my advice, do not ever finance with HSBC, or any other bank that is headquartered outside of the United States for that matter.
My parents financed their home with this horrid company. Their customer service is horrible and practically nonexistent. When we paid them off we ACTUALLY had a celebration! We were so happy that we were finished with them! Ten years later they are STILL a pain in our side. We found out they didn't file paperwork stating the mortgage was paid in full.
I paid off my second mortgage and they will not give me a statement telling me I have paid it off. As soon as I get that I can refinance with the VA. They just won't do it so I can't get rid of my mortgage with them. They are so totally ripping every customer off.
I remember catching up my payment and then a lay off took place. It seems as if they wanted my home to foreclose rather than work with them. I sent $9,000 to bring my mortgage up to date once the lay off took place. It was nothing I could do from lost paper work to just stating "no you're late getting the paper work in" was unreal. Then they sold my home to an investor for $32,000 when I owed $158,000. Truly unreal.
If I could, I would give this rating no stars. I have been trying to refinance with Quicken Loans since august 2016. FEMA had recently remapped the flood plan in my city. HSBC adjusted my mortgage rate over $300 the first month (strange since I read in some of the documentation sent to me that they were going to increase my payments $126 per month for the flood insurance). I subsequently found out that my condominium complex carried coverage for flood as we own the sewers on the sidewalk on city property. I started questioning the insurance, why I couldn't cancel it, etc. I was told that only HSBC could cancel the policy and then I was told the coverage was not sufficient, the policy had $10,000 for the basements and $1M on the buildings. The reply to Consumer Protection was they required coverage on the outside of the building.
I had the association's insurance agent call HSBC to find out what was necessary to cancel the flood insurance so I could move onto my refinance. She was told that I had to have a separate policy for the outside of the building...the association is responsible for that, not the unit owner. When I made multiple inquiries as to why my payments increased more than the monthly payment all I was told was flood insurance. Payments for the flood insurance were to begin August 2016, and they backdated the payments to April 2016. This company is the WORST I have ever dealt with. If your mortgage has been sold to this company refinance right away. They have done nothing for me and has stonewalled my refinance in every possible way.
When I requested a record of accounts/account history I was told no late payments were attached to my account, which is not true. I've paid late fees. The assistor told me I had to pay for the information. I told him that the three people I spoke to before him didn't say anything about paying for info. I have been paying the same $84K for several years and I want to know why. I reached out to the Office of the Comptroller of the Currency and Consumer Protection Fraud. HSBC's reply did not address the issue, just the same old crap advising me of the flood insurance.
Bottom line, they would not cancel the insurance policy and when I made August and September inflated mortgage payments to move on, they canceled the policy, but not until I paid them $2200 dollars. I believe there are questionable financial issues. If you continue to have problems with this company I strongly suggest you reach out to these agencies, they do contact the company with the complaint immediately.
I bought my house in 2005. Now I want to sell but my payoff is 14,000 more than the purchase price. How can this be. HSBC claims world class customer service. What a joke. I was assigned a Specialist but the trick is reaching her. Ever since they purchased my loan it has been a nightmare. Will be happy to get rid of them.
I had loan with HSBC back in 2002. I did refinance in 2002 and never got the discharge letter. I discovered this problem in Jun 2016. I called the attorney that did the refinance closing for me in 2002. He called the HSBC and asked for the discharge letter since Jun 17 2016. It is Sep 5th now and still no response. I am totally messed up. I can not get home equity line or mortgage on the property. I am very unhappy.
I have been with HSBC since 2003. It has been a nightmare from day one. The customer service is ridiculous. If you fall behind, like most of us do at some point, they will not work with you. In fact they won't accept a payment unless it's the exact amount you're behind, thus causing you to fall more behind. Choosing this company to service my mortgage has been the worst mistake I've yet to make at 40. It seems they are in business to gain from your misfortunes.
I am in desperation mode. I can't get a loan modification and I'm trying to come up with the money for a lawyer. We have sent over a dozen re-faxes because week they lost it out we didn't send it in TIME. I've had a HEART ATTACK - because of the constant phone calls in 34 years never being a part - my husband is still give at truck driving school.
Our credit is garage now and I'M not giving up much home and why did our interest rate 8.9%, we'll never get it paid off. I want help and I want an attorney to help me. Sure hsbc signs Hillary Clinton - if any one thinks they can take get on fur my household and hundreds of others do anyone wanting to sure - Please help me start a proton Petition to sue. Alone we can't but Together we can and I am asking the Government, "Please help me get my modification. STOP saying YOUR HANDS ARE tied." MY cardiologists EVEN said it was a stress HEART ATTACK and now I am IN HEART Failure. PLEASE help me. I have paid on it for so LONG. It SHOULD BE paid IN full. Please - I pray you are going to do what is right for the PEOPLE and I still say Trey for president.
Ruined credit completely! Short sale occurred/reported as foreclosure! Years later learned of the damage on report! Bought out have no info of account at THH! Should be sued for stupidity! Workers clueless, days spent on phone calls transferring from department to department or eternal hold. If you want to be frustrated with a company and need your heart rate to go up get a mortgage/credit with them.
We have been trying to get out for under HSBC since they bought our loan. They are the worst. We tried a mortgage modification to lower our payments with them and it was a huge mess. After they lost the papers a dozen times and turned us down a dozen more and about 5 month of arguments they finally said they would do it. The new mortgage amount was three hundred dollars more than the old amount then they got mad because we refused to sign it so they charged us a bunch of late fees. Now we started to refinance with a different company and they will not turn over the papers needed to do the loan. Every time our hopefully new company tries get the payoff amount or payment history they refuse to release it or they say "We will mail it to you."
Well we started on 5/11/16 and we still can't get what we need. It's 7/14/16 now and they said maybe the payment history will get to me by 8/8/16 and I can't get one online because the HSBC area I live in doesn't allow you to print it online. The whole reason I need it was because HSBC doesn't report their customers to the credit reporting company. They don't have to I was told. They are charging me an interest rate of 11.75% and they don't want to give it up. They are doing everything they can to make this not happen for us. Please if you can avoid this company do so. They are the biggest crooks there are. Once they have you they will never let go. They do not even rate a one star but I have to put it in to do this.
In 2003 I paid off a home equity loan with HSBC. They charged me for filling a satisfaction with my local county but never did it. They sent me a letter stating that it was paid off. Now, 13 years later, I am in contract to sell my house but it has been held up because there is a lien on my house from HSBC for this credit line. After trying for 12 months to get this resolved, HSBC still has not come through. They keep giving me the runaround "we don't have the loan, try HSBC PHH." I have contacted HSBC Mortgage corp PHH and they tell me the same thing that they don't have the loan either. It is maddening!!! They are holding me captive because one of their employees did not do their job and now I am paying unjust consequences for this bank's poor management of their paperwork. Avoid HSBC at all costs!!!
I have been with this company for over 10 years, never missed a payment until I lost my job last month. I've applied for the loan modification and they turned me down. My only income until I find another job is about $1600.00, my military pension. Still this company will not give me a break even at this difficult times. I am a veteran with 20 years of honorable service and although I do not like to take advantage of my service, this company is so heartless that they will not even work with me until I find another job. Their only recommendation is to file for foreclosure, or short sale our house. I've repeatedly told them that I want to stay at this house if they can give me a break. I'm sure there are other company out there that practices similar tactic, but this is not how you treat a valuable customer.
We will probably lose our house because this company does not want to help their customer. It's a shame that they do not care what happens to you when you need help. If you are considering financing anything with HSBC, I would go somewhere else. This company need to close its door and not be in this type of business that results in good people having go through the extreme and perhaps end up being homeless.
There is a very obvious reason why HSBC is now out of business. The games they play with both customers and other businesses. I work for another lender and have never found another institution that plays so many games over the phone, via fax, or via email. They hate their customers and they hate other businesses even more. They refuse to speak to someone on a recorded line yet record all of their own calls. I guess they're afraid to say the wrong thing and be held accountable for something. Very, very sketchy company. AVOID AT ALL COSTS.
Since 2002 this company has jacked us around. They said we hadn't made payments for 5 yrs., guess they lost all our checks. No statements from them, no help and owed more at the end than we borrowed. This company is horrible! They sold it to Caliber homes in Nov. of 2015, foreclosed on me in March of 2016, and bought it back. What a fricken rip. We even had them included in a chapter 7 bankruptcy in Nov 2015. Please someone sue this company and put them out of business. Interest rates are 12.5 and we couldn't refinance!! We all deserve our homes back or money from these crooks!!!
My husband and I tried for a modification of a home loan due to loss of income/job. We were given the runaround for 2 YEARS. Continually asked for the same info over and over, even though all we sent in was exact documents that had already been sent. We were denied several times. The reason? Could not prove a hardship!!! My husband was out of work for almost 8 months, no income coming in and we couldn't prove a hardship? It seemed like the more we fought, the more HSBC was resistant to helping us.
One of the last straws came when during a call we were told we were approved. Got our hopes up even though I felt something wasn't right. After setting up a couple pre-approved payments to come out of our account, I asked about a HELOC we had open with them still and after checking and discovering there wasn't one (but there was) the lady apologized and said she was sorry but had mixed us up with another person with same name living in same state and that our loan was still in a denied state. TOTALLY unacceptable in my books. If I had felt like giving up before, this only fueled my fire to start fighting harder.
We found a company who promised they could get us a modification and they began the fight with HSBC for us and approximately 4-5 months later, our modification was approved and the loan was moved to another servicing company, which will remain our new mortgage company. The loan will not go back to HSBC. All I can suggest to those out there fighting this company: DO NOT GIVE UP THE FIGHT. Be persistent, call back many times, keep notes who you talked to, when, day, time, employee number. Make notes of what you fax, when and where. DO NOT GIVE UP even though you feel to. We started this battle with the company in November 2013 and it ended August 2015. Over 2 years to get to where we are today.
I was given a loan modification. The interest rate was fair and in the current prevailing market. As of Dec. 1, 2015, they have taken the loan modification away, moved the rate up to 13.75. I still have a first mortgage going into year 15, which I have never failed to pay on promptly. I cannot pay the 13.75 that HSBC demands. They are asking for deed in lieu of foreclosure. My home is also underwater. I am disabled and have nowhere to go. They are calling me on the average of 5 times per day and telling me not to pay my 1st mortgage, but to pay them instead. I desperately need some guidance. I am alone and sob for hours after these calls.
M&I bank held our loan for 1 month, then selling it off the HSBC. Since that time we have had nothing but trouble. From missing payments that were sent and cashed to the latest. HSBC has not filed one credit report since the day they took over our loan. NOT ONE! M&I bank is the last creditor shown for a mortgage. This was in 2008! So in the last 7 years my credit report is devoid of any type of mortgage reporting. When I called to question this, they told me that they "had the option to opt out and they had". Not only do I owe $20,000 more than my home is worth, it is not Freddie or Fannie so I can NOT refinance, no other bank will even touch this loan because it is riddled with unsecured debt and our interest rate is 8.450.
We are currently in the process of securing a construction loan to build a new home. This credit issue has provided significant issues with obtaining our loan and NOW our bank has requested a Verification of Mortgage, which we were told would take 7 business days. We are currently on week 3 and when I call in no one can give me any information as they claim this is being handled by a department that no one is able to call or contact other than through mail or fax. I am getting frustrated beyond belief and in the meantime my construction loan is being put off, the sale of my current home is being put off and my builder is being put off and will eventually have to fill my build schedule in order to make his own money. Why can't ANYONE step in and help?
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