Resolved HSBC/ Beneficialpredatory lenders

We refinanced our home with Beneficial( HSBC) in Feb. 2007. As the mortgage specialist advised we agreed to biweekly payments. It became evident after a year that we would not be able to pay that kind of money every month. We applied for a hardship reduction. The hardship reduction was approved and our payment was cut in half. We received a letter stating that the payment was reduced for 6 months(August 2009). Our understanding was that after 6 months this hardship would be reviewed. After the 6 months, Beneficial told us continue to pay the reduced amount. We did so. In January, out of the blue, a deputy left foreclosure papers on our front door. The papers included a court date less than a month away. They had also scheduled our home for a sale!
Upon contacting Beneficial on how to fix this problem, we were informed we would need $4, 500(on the same day the papers were served). We called Beneficial for a confirmation on this amount and the amount three days later was over 7, 800.00!

They also tacked on 1, 295.00 in attorney fees. They also want another payment before the end of the month.

The loan amount was 138, 000.00 The balance remaining after 3 years is still 144, 000! If we were able to keep this loan and pay it off, at the end we would have over 400, 000 dollars paid to this company.

So, did they go back before the hardship and add the other half for 6 months? 4, 200.00- 2, 800.00=7, 000.00. What real reputable company does anybody know that would let a customer get that far behind before foreclosing.

They don’t take partial payments, so how is it they would let us continue to pay the reduced amount from Sept. to Dec.? They would not. Now all of a sudden, they are trying to take our home, and put 3 small kids out in the street.


  • Mr
    MrDMW Dec 11, 2012

    HSBC Beneficial are a bunch of scam artists and predatory lenders. This bunch of butt holes don't care if you lose your home or not. I've asked them five times for a loan modification and they have turned me down every time. I am paying them almost $1000 a month for a $78, 000 house. If I had another place to go I'd tell them they could just have this house. Would be home buyers, don't ever, ever, ever finance anything with HSBC Beneficial. You will be sorry. HSBC Beneficial I've got 2 words for you SCREW YOU.

    0 Votes
  • Fr
    Freonman Jan 28, 2014

    We started out with Countrywide finance in 2006 06 2007 we received a letter from Countrywide saying that our new mortgage holder would be HSBC/Beneficial, we had planned on refinancing our mortgage with Countrywide but since HSBC/Beneficial bought our mortgage from Countrywide we were screwed because HSBC/Beneficial don't refinance mortgages so from that time on we were hung with a $830.00 mortgage payment/interest [email protected] 8.7% with only $47.00 being applied to the Principal. We called them and each time we talked to someone we would be told something different and so we told them they could have the house because there is no way we can continue paying that kind of money with us being on fixed income's and at our ages(72) it is and will put an undue hardship on us. Advice: if you use HSBC/Beneficial remember they may or may not refinance your mortgage!

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  • Jo
    John_1971 May 12, 2015

    I was doing the "EASY Pay" the told me this would help me pay it off faster, which is true if they apply it, but what they were doing is taking Bi monthly payments, hold the first one till the end of the month and applying it towards the loan at the end of each month, this saved me nothing. We need a class action case against these Predators!! I tried to get the BBB to look at them nothing, these crooks have everyone paid off!! they were collecting interest from my money and charging me more interest !! they need to be stopped!

    0 Votes

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