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HSBC
Short Sale Report
| Time to Acknowledge |
Time to Approve |
Commissions | Full Release Available |
Comments |
| over 5 days | 60+ days | 5% | Sometimes |
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.
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.
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