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Monday, December 24, 2012

HSBC Mortgage Modification

HSBC Bank has the following mortgage modification programs:

  • Special Forbearance or Forbearance Agreement: You can have your monthly payments reduced or suspended for a known period of time under this plan. This is a practical approach if you have recently faced a major financial setback due to illness or any other reason, and need time to recover from your hardship.
  • Repayment Plan: Under this settlement, you can pay a portion of your past dues along with your regular payments for a known period of time. This plan helps you keep current with your payment and avoid the probability of a foreclosure.
  • Stipulation Agreement: Through this program, HSBC offers you an option to save your home even when the process of foreclosure is on. Upon your agreement to pay up your past dues along with your current payments the foreclosure action will eventually be cancelled if you clear all your outstanding dues.
  • Loan Modification: This is one solution in which your lender agrees to bring a change in the loan term and interest rate in order to make your monthly payment more affordable. Moreover, the total amount of your delinquent payments will be added to the principal balance in order to bring your account current.
  • Claim Advance: Applicable for FHA loans and loans with PMI, this plan allows you to make payments through an insurance company. Using this option will lead the placement of an addition lien on your property.

HSBC Mortgage Modification Help

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