HSBC Bank USA Foreclosure Defense

HSBC Bank USA is an American subsidiary of. The HSBC is a leading lender based in London, United Kingdom. In the United States, the HSBC Bank USA is headquartered in New York City. HSBC is considered to be the third-largest bank in the world. As a national bank in the United States, it is chartered under The National Bank Act, and therefore it must follow many rules and regulations.

HSBC Bank USA offers many services to its American customers, including home loans. While these mortgages are great investments for HSBC Bank USA and other major banks, these investments can turn sour when homeowners find they cannot pay their monthly mortgage payments for a certain period of time. If you have received notice from HSBC Bank USA that you are facing foreclosure, it is critical that you obtain legal advice as quickly as possible. There are legal defenses available that may allow you to keep your home.

The HSBC Bank USA Foreclosure Process

In Florida, lenders can start the foreclosure process when a borrower is 120 days, or approximately four months, behind on their mortgage payments. The foreclosure process can end when the homeowner brings their mortgage current by repaying missed payments, the home is sold at auction, or the lender takes over ownership of the property.

Once you are the appropriate amount of time behind on your mortgage payments, HSBC Bank USA will send you a Notice of Default. The notice will outline important information such as how much is still owed on the home loan and how much time you have to bring the loan current. If you have not been able to get the mortgage out of default on time, HSBC Bank USA will send you a Notice of Sale.

The Notice of Sale will specify that the home will sell at auction unless you are able to pay all of your defaulted mortgage payments and any associated fees. If the sale date approaches and you are still unable to pay the home loan, the house is auctioned off in a public sale.

Typically, HSBC Bank USA uses an attorney to attend the sale on their behalf and the lawyer will make a bid equivalent to the amount still owed on the home. If another bidder does not exceed that bid, HSBC Bank USA will become the new owner of the home. These properties are known as HSBC Bank USA foreclosures or HSBC REO properties.

What Rights Do You Have During Foreclosure?

If you have received notice from HSBC Bank USA that they are going to foreclose on your home, it is natural to feel stressed and overwhelmed. Many homeowners think that once they get to this point, they do not have any options but fortunately, that is not true. In fact, you have many rights even if you are in fear of foreclosure. Some of these rights are as follows:

• The right to fight the foreclosure: Unfortunately, many lenders across the country wrongfully foreclose on unsuspecting homeowners. These lenders are often at the center of many lawsuits and HSBC Bank USA is no different. For example, many lenders cannot prove that they own the loan. Mortgages are often bundled together and sold from lender to lender. During this process, important documents that prove which company owns the loan go missing. If HSBC Bank USA cannot prove that they own the loan, you can fight the foreclosure.
• The right to mediation: The Florida civil courts are notoriously backlogged. Due to this, many judges will send foreclosure cases to mediation before hearing them in court. While the mediation process may seem intimidating, it can actually be beneficial in your foreclosure case. For example, mediation will give you more control over the entire process and help you reach an agreement with HSBC Bank USA that is suitable to both parties.
• The right to counterclaim: If HSBC Bank USA has engaged in illegal tactics, you may be able to file a counterclaim against the company. For example, federal law prohibits lenders from dual tracking under the Dodd-Frank Act. Dual tracking refers to when a lender continues with the foreclosure process while your loan modification is being negotiated or reviewed. If HSBC Bank USA has engaged in dual tracking, you may be able to file a counterclaim against them to collect compensation for your losses.

You may also have other rights than those listed above when facing foreclosure. It is important to speak to a Fort Lauderdale foreclosure defense lawyer who can explain your rights and how to challenge the foreclosure.

How a Fort Lauderdale Foreclosure Defense Lawyer Can Help

As with other banks, lenders, and mortgage servicers throughout the country, HSBC Bank USA must follow state and federal laws that govern the foreclosure process. These laws are meant to protect the rights of homeowners. Regardless of whether HSBC Bank USA has the right to foreclose on your home, you may still have legal options. If any of the following apply to your situation, it is time to speak to a lawyer who can help.

• HSBC Bank USA has threatened you with foreclosure even though you are current with your mortgage payments.
• You have requested a loan modification but HSBC Bank USA refuses to review your application, or they refuse to honor it after reaching an agreement with you.
• You qualify for a loan modification, but HSBC Bank USA has denied you one.
• The bank has refused to accept payments that would bring your mortgage current.
• Your loan modification application is still under review, but HSBC Bank USA has started the foreclosure process anyway.

Our Foreclosure Defense Lawyers in Fort Lauderdale Can Advise You of Your Rights

Many homeowners wrongly believe they do not have any rights during the foreclosure process, which is why it is so important to speak to a Fort Lauderdale foreclosure defense lawyer. At Loan Lawyers, we can advise you of your rights, as well as the possible defenses in your case so you have the best chance of a successful outcome. Call us now at (954) 523-4357 or reach out to us online to schedule a free consultation with one of our experienced attorneys.