Short Sale Report - HSBC
Short Sale Report
| Avg. Days NOD to NTS | Avg. Days NTS to Auction | Total Avg. Days in Foreclosure | Commissions | Comments |
| 207 | 53 | 260 | 5% | 4 |
NOD=Notice of Default NTS=Notice of Trustee Sale Auction=Trustee Sale
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 Loss Mitigation888-648-3124
Comments
I just got an approval on a second in about 3 weeks. The borrower owed over $50,000 and HSBC settled for $5000. The only problem I had was getting the correct fax number. Call and ask one person, hang up, call and ask another person and see if you get the same numer. When the approval expired while we were waiting for the approval on the first they were very good about granting extensions.
I am interested in the home at 48270 Middle Ridge Road in Amherst, Ohio. The property was forclosed on from my son, Tomothy N. Conrady Jr. Since the property was foreclosed on, his uncle and other persons have been living in the property and paying nothing. They are destroying the property and I would like to take the property over if possible. I used to own the home in 1993 and quick claimed the home to my ex-wife who in turn sold it to my son. If you can help me, please let me know. Thank you
There is a 30 day right of redemption period in Ohio. This would have been the period to attempt to purchase the property and/or make the lender whole. I list/sell over 500 foreclosures a year and do short sales. Every bank has to adhere to the tenant law placed in effect thru recent legislation.
HI Mr Conrady,
It sounds like the bank has already foreclosed on the property and they now own it. The hold over tenants (uncle) are now the responsibility of the bank. There is no redemption period in Ohio so the only other option you have is to purchase the property from the bank. If you do wish to purchase the property from the bank it sounds like it would be in your best interest to have the bank evict the occupants.
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