Short sale with Home Beneficial!

Foreclosures, Short Sales, Tax Foreclosures
1

I am in the process of doing a short sale with Home Beneficial and would like to know roughly what basis they will discount!

2

Don’t know Home Beneficial specifically. But in general 82% of BPO.

3

Home Beneficial is actually HSBC!
Thanks,
Tom

4

Good luck been trying ot close a short sale with them for 2 months and it doesnt look like were any closer than when we started and be ready HSBC will request the current owner be willing to sign a promisary note for the difference between the amount owed on the loan and the amount taken short. This is definately causing more people to be less willing to short sale because they dont gain anything they still have a house payment with no house

5

Thanks for your comments! The elderly couple I’m trying to help really are in a jam, so I’d really like to make this one work! Any comments from someone who has had success with HSBC will be greatly appreciated!
Thanks,
TB

6

I am new to the short sale process of “actually doing the packages” and am currently in the process of working on 2. My biggest concern is finding a true end buyer and or investor for current and future short sales. Do you have to prove to the bank you have a buyer up front? I am running into many people whom claim to be buyers and are not. Alot of talk out there. I don’t see why this is happening when if we all work together, this can be a win win for everyone.
thank you in advance for you response.
jbl

7

HSBC is really a tough one. Not good if this is your first short sale. One of their general requirements is that they want the Seller to agree to signing a promissory note for the short fall. If they are involved I move along to the next deal.

8

HSBC is not the worst out there by any means there are worse I should make a list in order best to worst. (that might be fun) Next time you call them laugh at the Note and tell them uh! NO they will work around it. They do it all the time.

9

Thanks for the comments!
TB

10

Shortsaleonly!
I would love to see a list of best to worst or vice versa!
Thanks,
TB

11

I’m working with an owner who has HSBC for their 2nd and having trouble just locating a phone number where I can actually talk to a real person instead of an automated system. Would love to know how to find their mortgage servicing number if anyone has it out there.
From other threads, it looks like they are difficult to deal with. Will it be the same when they are the 2nd? Any helpful hints?
Thanks for any help!

jbok

12

TommyB,
I know you are trying to “help” , however, if you know this elderly couple personally, are they 62 or older? The reason I am asking is, maybe they can do a “reverse mortgage” on their property.

13

They are pretty much upside down and the reverse mortgage will not work for them! I wish it would since I’m also a mortgage broker!

14

Forget HSBC. They’re not working shorts sales. I had one and will never try until they get the idea that short sales in our area are an epidemic. They would not blink to a short sale. Not even at 90% ltv offer. It was horrible dealing with them.

15

No, you don’t have to wait to have a “real” buyer to submit the package. These so called buyers that you run into - get them to submit a ridiculous offer. HSBC takes forever. Even if you get a “denial” of the offer, keep sending correspondence that you are agressively marketing the property and that you feel a better offer is close!