HSBC Bank
The Stimulus Package 2009 introduced by President Barack Obama has given various guidelines to the banks. The banks are now considering the applications for loan modification and refinance with a empathetic view. The Package provides incentives to the banks whereas an assurance to the owners that their homes will remain with them.
The HSBC Bank is handling mortgage modifications for the delinquent borrowers. Avoiding the foreclosures is in HSBC's interest because the losses are higher in the case of the foreclosures. The changing values of real estate have landed up the HSBC Bank in losses up to 14% in the foreclosure cases. So the bank is ready to help the consumers now.
Here are a few points that you ought to take care of before applying for a mortgage modification or a refinance at HSBC:
• Make sure that you draft a hardship letter on missing out any of the monthly payments. Once the 'Notice of Default' has been send to you then the future negotiations become very tough. It then becomes a legal matter and that surely is hectic.
• You ought to proceed in a really polite manner as it's your need, not the banks'.
• Be complete in terms of the documentation including all your expenses' bills, tax returns, credit details, etc.
• Attach along with your documents some valid proofs for explaining the reason of missing out the monthly payment.
• The information provided by you to the bank in any of the form should be clear and intact. It must not be incomplete or wrong at any cost.
• You should have some information about the loan terms and procedures that may help you to go for the best option by understanding the deal better.
• The HSBC bank is saving you from foreclosures by restricting the mortgage monthly payments to 31%. Also the new deals are being made at a lower rate of interest for a longer term at a fixed rate.
• You may seek for any sort of help from the counselors appointed by US Federal Housing & Urban Development Department. They won't charge you anything since they are paid by the Federal Government.
To know more about HSBC Loan Refinance Programs and to check if you qualify
Click Here --> HSBC Loan Modification Help
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.
To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants
Click Here --> Federal Grant For Homeowners
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