Gus sent a message to Stuart Gulliver Group CEO, HSBC Holdings PLC – email address that said:
Stuart Gulliver
Group Chief Executive of HSBC Holdings.
Regarding: Mortgage Situation
Dear Mr. Gulliver,
My wife and I wanted to bring to your attention our Mortgage situation.
We purchased our first home in 1991. In 1996 my husband landed an excellent job opportunity. We decided to build a new home in 1999 for our expanding family.
During 2003 – 2010 we had several unforeseen circumstances that includes.
• My husband was laid off of his employer of eight years which left us without steady income, and without healthcare.
• My wife diagnosed with chronic pancreatitis which required frequent.
• Our son required an emergency appendectomy.
These events caused us to take on more than fifty thousand dollars in medical debt. We depleted my severance, 401k, and all savings we had.
At this time we decided to refinance to pay down medical debt try and restore our credit. The caused us to fall behind on our mortgage. HSBC began foreclosure on our home.
During the foreclosure process we submitted for a 5 year modification. We waited all summer, calling on a weekly basis to see if we qualified for the modification.
The Sheriff sale was set for September 21, 2010. On Aug 30th they told us we did not qualify for the modification because of a lean on our home. We verified we did not have any such lean on our home.
They told us we would need to pay $2,700 / month to keep our home. With the sheriff sale set for a week away we agreed to pay the 2700/month.
The large amount of foreclosure costs and attorney fees were added to our mortgage balance. HSBC changed to Household Reality Company on the new mortgage documents.
My husband landed a great job at CVS / Caremark and we were working to get caught up on our mortgage with HSBC. After three years CVS did a massive layoff and we were affected. We notified HSBC immediately before being late on our mortgage. They placed us on a six month modification.
Once the six month modification was up they demanded the past due funds from the modification to be paid immediately. We attempted to work out payment arrangements with HSBC but the payment would have been $3,500 per month.
We continued to pay our previous payment of $2,700.00 but they refused payment On April 7 2010 they returned our payment because it was insufficient to bring our loan current. We tried to refinance but did not qualify because we had no equity.
HSBC filed foreclosure on September 30 2014 then transferred the mortgage to Caliber on November 1 2014. At this time Caliber filed foreclosure on us.
We now owe 350k on a house which was recently assessed at less than 150k. We were forced into filing bankruptcy to save our home. Under bankruptcy we were able to get on a 5 year modification and our payments are $2,500 which are garnished from my pay monthly.
After five years the mortgage will payments will resume at 4k per month for 30 more years. Caliber sent information showing that our home was now worth $350,000.00 by comparing our home to several homes in California.
Currently no home in our plan has sold for more than $180,000.00.
We still owe 350k on house worth 140K that requires approximately 75k worth of both interior and exterior work. We have been paying on this home for 15 years and still owe 350k on a house that we paid 150K for. We owe 200k more than the original price due to late fees, attorney fees and foreclosure fees that never happened. Both my wife and I have poor credit rating in a result of this.
When the five year modification is up we will be in our 50’s and starting over on a 30 year mortgage. The current modification is just delaying the inevitable. We will have to foreclosure as we cannot afford a 4K mortgage.
This entire mortgage situation a huge strain on our family including our (3) children. Many arguments etc.
Any help that you could provide or ideas would be greatly appreciated.
Thank You in advance for your time and effort.
Sincerely,
Gus
