- Average Days from Notice of Default to Notice of Trustee Sale
- Average Days from Notice of Trustee Sale to Trustee Sale
- Total Average Days in Foreclosure
- Time To Acknowledge
- Over 5 days
- Time to Approve
- 60+ days
- Full Release Available
1sts – You can usually get someone to talk to. Experiences seem to be uneven – some o.k., many not so o.k. Not fast movers, budget over two months for an approval.
The good news is that they seemed to have adjusted some policies and they WILL give a full settlement release.
2nds – For some reason HSBC uses Century Credit to collect documents on junior liens – then Century Credit starts calling for file updates. Go figure. Watch out for the HSBC recovery department after a “charge off.” Not very nice overall on 2nds. Frequently takes the position that if the homeowner doesn’t give a pound of flesh they are going to punish them with a foreclosure.
Time to Foreclose:on 3/1/11 HSBC announced a self imposed moratorium on foreclosures. This could mean a great opportunity for Short Sales. Read more: http://www.dsnews.com/articles/hsbc-suspends-all-us-foreclosures-2011-03-01.
Loan Servicing: 800-338-6441