HSBC MOD DENIed "too much disposable income" HAHAHAHAHA

[Joel Fraser]

So this just irks me. Been with HSBC for 4 or 5 years. ARM, started at 9.5%, stayed there for two years,with intentions of qualifing for lower fixed rate before arm kicks in. That really didn't happen , in fact we took advantage of every restructure they offered, even though I'm still Paying 14.74% . Borrowed $98,000. and owe them 98,000.00 today. My payments usually around 1400.00, no escrow account, and they toss $35. whopping $'s onto my principal. So in fact, my loan has never got a couple years old without restructuring, but thats what we've had to do in the past 4 or 5 years to stay in the house. so, we've really hung in there on everyone dumping their ARMs, hoping that rules and so forth would be changing quickly enough that we could try several other avenues. Even heard about programs that do not consider your credit score, but do look at the ablity to pay. Don't know where THOSE are, but HSBC explained that may be an option, they were waiting for liscencing to process those types of loans. About 6 months later, a woman from solstice capital finally got back to me to tell me they are approved. However, one of the rules is that HSBC? (or solstice?) has to have a physical address in Pennsylvania, which it does not. HSBC has been "working WITH US to bleed our pocket dry. One attempt after another to get a lower rate, always after only promising another payment or two. Can't even try this or that new program till they get your payments off you. So the modification HOOPs come out and I have to Fax sets and sets of Paperwork to them, only to verify it is all there, but get a message in a week that tells to to fax all over again, the same info they already have. another week passes and wouldn't you know that this information is no longer current when a new Bank statement cycles by or, god forbid, another mortgage payment is due. Caught onto their "cycling Trick" a year or two into the outrageous jump in % rate. So, Faxed and called daily till they had to admit there is nothing else they can request of me. Have to wait till next week to get any kind of an answer, but yes, of course, there is another payment due in 10 days and could they discuss THIS with me. NO. Lots of work to get a modification. Now here comes the good news. DENIED> too much disposable income. No need to ask for a "humane" mortgage rate. They feel we make enough money to keep sending it to $$ them $$. Sounds like they decided that they deserve my disposable income. (So we certainly do make enough to own a mortgage, But nobody should have to live with that rate nowadays.)Even at 6%, my payments would drop to 650. So right now we've kept in touch, but really had to let this fall behind enough to help them to understand that I'm not real happy about being bled for 14.74% interest payments anymore. I do need them to do something about it. Representative quick to point out that we do qualify for another restructure, but we'll still be spinng our wheels backward and continue to send them $1400 - 1500 monthly. What a farce. I got a day or two to let them know what we"ll be doing. I think I could scream about unfair lending practices, but I couldn't have landed a mortgage with anyone else at the time we did. Open to reasonable suggestions, just not ready to give up yet. Sure could rent a hell of a home in my area for this kind of money, no escrow, but have the pets to worry about then also.