Are you over your head in your home loan with HSBC? Each month, you wonder if you will be able to stretch your budget and pay that house payment. You may be leaving other bills and obligations unpaid or late in order to make your mortgage payment on time. Or, you could already be in default, waiting helplessly on the inevitable foreclosure to take place. Did you know that a HSBC Loan Modification through President Obama’s Making Home Affordable Program could possibly help you afford to stay in your home?This federally-funded MHA program is part of the 2009 Stimulus Package. It will be in effect until December 31, 2012, helping homeowners avoid foreclosure. Luckily, HSBC is participating in the program; they are on the approved lender list.If you meet the eligibility guidelines for the program, you could apply through HSBC to have your loan modified. This involves changing the terms of your original loan to get your monthly payment down to 31% or less of your gross monthly income. This payment amount would include your taxes, insurance, and even homeowner’s association dues! That could make your home much more affordable, could it not?There are, as usual, some specific guidelines for this program. The loans must be serviced or backed by Fannie Mae or Freddie Mac in order to even be considered. If your loan doesn’t fall under this or other specifications, you could possibly negotiate a traditional HSBC Loan Modification through the hardship programs they might have available at that time. These programs do not usually afford as favorable terms as the Making Home Affordable Program.
