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HSBC Bank Policy Designed to Destroy Homeowners who want to Avoid Foreclosure.

I currently have a client who has two liens on his home. The first lien is with HSBC and it’s a conv. fixed rate 30 year mortgage. The second lien is with US Bank and it’s a Home Equity Line of Credit. In order to avoid foreclosure, my client originally approached both lenders and requested a Deed-in-Lieu however, the lenders advised him to complete a short sale. He finds me, we list the home for sale, and get an offer that pays off the first lien in full, as per the HSBC pay off letter and pays the second lien nearly 60% of what they are owed. This past weekend, we received notice that HSBC has decided to set a foreclosure sale date of 10/24/2013. We notified US Bank of the pending HSBC foreclosure and they have opened an Expedited / Assist request in order to escalate our offer through their system for a quick decision on the short sale. We have contacted HSBC to notify them of this development with US Bank and requested HSBC to postpone the foreclosure 45 days in order to give US Bank enough time to complete their process. As of right now, HSBC is refusing to postpone the foreclosure any length of time.

The baffling part of this issue is that it appears, by HSBCs actions, they would rather incur the cost of foreclosure, attorney fees, court cost, preservation cost, disposition cost and REO cost in general in order to purposely avoid the short sale and avoid getting a pay off in full. So, my question is, why would a bank do this? Do the bank’s executives know this is how their short sale / foreclosure / loss mitigation departments are being run? Do the bank’s executives know that they have policies in place that hurt themselves, hurt the homeowners, hurt the local communities, creates a situation where no one wins?

I suspect that if an Executive at HSBC saw my clients case, they would step in and fix this. I suspect that if an HSBC investor saw what was going on here, they would step in and do something. In fact, I suspect that if anyone at HSBC would stop, look at this situation, evaluate their policy and see how this doesn’t make any sense what so ever, they would step in and help us but, so far….no help at all.

In order to bring national attention to this issue, I am going to use my network to its fullest capability. I am going to list the names and dates of the people I spoke with at HSBC in hopes that someone…anyone who can do anything….even if it’s nothing more than some advice, will step in and help.

A list of HSBC employees who haven’t been able to help us or haven’t been willing to help us….

10/8/2013 @ 8:11 am cst called into 1-855-698-7627, Got a call from Mrs. Mantra who was calling me on behalf of Mrs. Danielle Paschale. I was transferred to Sandra Scott who transferred me to supervisor Dania. Call ended with no resolution other than I needed to talk with Foreclosure.

10/7/2013 @ 4:06pm cst I called HSBC 1-800-395-3489 and spoke with Sandy, who said I needed to talk with my Single Point of Contact Danielle Paschale. Danielle wasn’t available so I was transferred to Chris in Modifications. Chris said I needed to speak with Danielle Paschale or someone in HSBC’s customer relations department. Transferred me to customer service who gave me Danielle’s number and said I need to call her.

So, the end result, no one was able to give me an answer, no one took accountability for the file and in fact, I am back to where I started, with a call into Danielle Paschale who is likely going to have Mrs. Mantra call me to tell me she can’t help me so, who can? Better yet, who will?

Alright, so, I sent out that pesky little Survey a couple of weeks ago and, as you know, I have made some changes accordingly. One of which is the weekly broadcast message briefing you on some of the weeks activities. I just started that last Friday and the response was good. So, I will continue to send it out each Friday. Of course, if you don’t want to get these messages you can control the messages you receive from by clicking the bottom of the message that says, “Control the messages you receive” Another change was the search by State. Don’t forget, to set this up, you need to go into the Profile section of your settings and type in your state where it says, “enter your state”. Remember to include abbreviations because some people may only search by such. For example I typed in Tennessee, TN, Tenn. Now, we have had a lot of request for advertising…..granted I was a bit surprised when 2 un-solicited request came in. Once I was aware of the need, I went ahead and put out on the home page that if anyone was interested in advertising to contact me. Well, I was a bit overwhelmed by the response and therefore, am bringing on a friend of mine to get the banner advertisements up and running. I have already seen the prelim ad’s and I am sure you will be impressed. I hope to have those up soon. Now back to the survey, ok, I heard you, you want REO listings….well, ok, let me pull those out of thin air for ya, just kidding. On a more serious note, let me explain to you what I am up against when I tell these banks, asset managers and lenders that I have a great pool of REO Professional Agents that would love to do business with them. They say, “how do we know they are really any good?” Well, ok, I get it, they need to know you can sell REO and do it well before they want to deal with you so…..um…..here is my thoughts. The money I raise from the advertisements will go right back into REOPro and start a “Certification” training program. Now, the best part, I plan on not charging for it. That’s right, a free REO Certification plan that actually will benefits it’s graduates with REO listings and BPO Opportunities. I know…..ground breaking, right!?!? My plan is to raise the funds from the advertising so, I don’t have to charge Realtors a fee for the Certification. Now, I have heard a lot of concerns from others I have shared this plan with. One argument is that, if I don’t charge for the Certification, then people won’t take it very seriously and, I truly understand that but, my argument is, the training program is going to be so intense, that only really good agents will be able to obtain it. What are your thoughts? Now, as for this Certification program, it will take a while to get up and running, I suspect 6-9 months but, in the mean time, I am working on getting some banks or at least an anonymous Asset Manager to come on and write a “Dear Abby” article once a week. This was a great suggestion from someone who responded to my recent survey and, I think I may have just the right Asset Manager. Hopefully this will give some invaluable insight as to what they are looking for and how to get more listings. Well, anyways, I got to run but, I wanted to give each of you a heads up as to what is coming down the pike. I look forward to each of you being successful and I hope I can be a part of it. Thanks for your continued support and, lets make REOPro a REO Power House!

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HSBC Bank Policy Designed to Destroy Homeowners who want to Avoid Foreclosure.

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