HSBC failed to follow the laws.  In an article from published in Bloomberg.com, New York Attorney General Eric Schneiderman is suing HSBC Holdings, PLLC for failure to meet requirements to give homeowners an opportunity to negotiate loan modifications and other foreclosure law violations.

If a lender or servicer sues for foreclosure in New York they must offer a settlement conference within 60 days.  N.Y. found that HSBC failed to file the required paperwork in hundreds of foreclosure cases, but continued to charge interest and fees, increasing the amounts owed by homeowners. Due to the increase in debt the homeowner may not qualify for a loan modification.

In addition, Schneiderman said in May that he was prepared to sue Bank of America and Wells Fargo (WFC) for violation of terms of the nationwide $25 billion settlement, such as failure to comply with standards for processing applications from homeowners for loan modifications.

Diane L. DrainWe have several videos on our web site.

Below are a few that might be of interest:

♦ “Lender’s Foreclosure Rights in Arizona”

♦ “Should I keep my home or let it go into foreclosure?”

♦ “Meet Ms. Drain and Suggestions on How to Hire an Attorney”

MUSINGS BY DIANE: “Despite the efforts of Consumer Financial Protection Bureau, the Federal Government, Congress and lots of states we still see mortgage companies, payday lenders, auto lenders and banks act like they are exempt from the laws.  They hatch schemes to do everything, except what the laws require.  Never trust those who have financial incentive to mislead you.  Do your homework first.  Check them out on the Internet (great and powerful tool for everyone – con artists too).

I am not a conspiracy theorist, I am just a realist.  For over 30 years I have watched as some of my own clients rip off their clients or neighbors.”

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