does anyone know the new laws on short sale?

Question

we have HSBC for a morgage company and when we had to replace our roof for 20,000 we fell into finacial hardship.we are not behind but they have turned us down to qualify for any help. They are awful to work with and we had to put the house up for sale but the value is less than what we owe. forclosure is a strong possibility. I think they will fight us to the end they have already turned down our hardship letter. I also took a lower paying job for health reasons. What can we do about a company who is only out for money?

Answer 1

Did you get the idea that HSBC was run by Mother Teresa's order of nuns or somesuch? While I sympathize with your assortment of plights here, you must understand that HSBC and other large lenders are NOT charities.

These lenders are public companies, and they have shareholders who expect them to turn a profit on their investment. It is not THEIR fault your roof needed replacement, or that the real estate market has gone down in value.

Even if it is difficult for you to make your mortgage commitment, you are still expected to honor the terms which you signed.

Answer 2

What kind of help were you asking for? What are the fighting you for, their money?

OF COURSE the company is only out for money, lenders are not philanthropic entities, they are not in business to go broke over people who commit to loans and then choose (for whatever reasons) not to pay them.

HSBC does not want your house. They don't want to deal with the foreclosure. They just want you to make your payments.

I don't understand what type of help you asked for, some payment forgiveness or a reduced interest rate, but try asking for something reasonable. Most lenders are trying to work with their lendees, and since you are current, I would think if you asked for a reasonable accommodation, they would be willing to meet that.

And because lenders are typically big businesses and policitically influencial, don't expect any sweeping new short sale or anti-foreclosure laws anytime soon.

Answer 3

Well, they are only out for money that they gave you in the first place. If you are worried about their ethics look at your own, you took money and now are not wanting to pay it back.

The new laws on short sales have to do with how they are listed in the MLS. There is no law forcing them to loose money they gave you and agreeing to a short sale. Most of the short sales are presently happening AFTER the bank took possession of the property THEY paid for.

You need to go by the contract you signed or renegotiate something else with them. Your demands are unreasonable though, you are having money problems because you choose a lower paying job and you choose to spend money you do not have.