Average Days from Notice of Default to Notice of Trustee Sale

145

Average Days from Notice of Trustee Sale to Trustee Sale

64

Total Average Days in Foreclosure

209

Time To Acknowledge

Over 5 days

Time to Approve

60+ days

Commissions

Full Release Available

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.

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