Mortgage Predators

I am amazed at the process of HSBC. We have been hit by a hurricane that damaged our house quite badly. We have been dealing with stinking carpets and wet walls from past 45 days. Our insurance company processed the claims and sent us a check that requires our mortgage company to cosign the check. HSBC says that they will monitor the funds and deposited the funds in their account. They want us to to spend our own money and repair the house and then they will release the funds after reviewing the reciepts and they complain that they are overwhelmed with the hurricane claims. Here we are overwhelmed trying to find a contractor to replace the roof and people to repair the house and living in a stinking environment, waiting for the funds to be released so that we can repair our house and HSBC takes the money and is overwhelmed with the money. Beware of such banks that are predators and treat the customers as slaves. They are saying that they will release only 3rd and will release the funds in bits and pieces in their own time. We got our roof replaced and also got it inspected to make sure that the job was done well. HSBC says that they will not accept the inspection report and will send their own inspector and then will release our funds in bits and pieces. They slam late charges on our mortgage if we are even a day late but they can keep our money until they are comfortable to release it. It is very frustrating to deal with the hurricane damages and deal with such insensitive predator companies who have the audicity to say that they will hold money against defualt mortgage payments if we do not restore the repairs. Our house is more important for us and we want to see it restored much faster than them making sure. We are terribly frustrated with this lender. Our insurance company also claims that they never heard any lender being so ridiculous. I don't know how long we have to wait to get our money back.

Comment On This

You are idiots. It is written clearly in the Section 5 Deed of Trust of your mortgage agreement that your mortgage company can monitor the funds as they see fit. They can require documentation and inspections and send out draws in 3rds, 50% or however they please. If you wan the work to get complete, it is best for you comply and send in the paperwork and endorsed claim checks for your money. Get the inspections done and get more funds. The more you're on top of this the faster and easier things will flow. Being a whining A$$ will not help you any and your file/paperwork/funds may get lost in limbo for periods of time. Just do it. Stop whining, after all...you signed an agreement. And, if you don't remember reading that Deed of Trust portion, it's no one else's fault, but your own. Have fun and get your paperwork in to fix your house.