HSBC is a physical bank location that also offers numerous online services as a way to be meet the needs of their customers. This is widely considered to be one of the world’s biggest banks, serving over 40 million people across the globe in over 64 countries. They service customers across the country, allowing their customers the benefit of having a bank with a global reach while also offering the benefits of your local bank. This bank values their customers and works to contribute to their local communities so that they can have a positive impact on the community around them.
One way that this bank shows their dedication to their customers is through their efforts to help their customers during this pandemic crisis. During this time, they are helping their customers with their mortgage and home equity payments. You have the option to defer these payments due to a COVID-19-related financial hardship. This program that they offer is a forbearance, which gives you the temporary relief that you need by offering suspension on your monthly payments. The forbearance period length will depend on what your specific situation needs. Typically the COVID-19 financial hardship period will last between 90 and 180 days, but you can request this period to last up to 360 days.
You can qualify for this help if you are unable to make your monthly payments because of loss of job or loss of hours due to the pandemic or expect to be affected by it. If you’ve been indirectly or directly impacted by COVID-19, you are also eligible for help as long as you have a HSBC mortgage or home equity loan.
After you enroll into this program, you will not be required to make any monthly payments and you will not be charged any late fees for missed payments. It’s important to know that your loan is not forgiven during the forbearance period; you are expected to pay this money back. Prior to the forbearance period ending, the team at HSBC will contact you to see what your current financial situation looks like and to determine what the next steps will be. Throughout your forbearance, it is recommended that you keep HSBC informed of any changes in your financial status. It is also recommended that payments are made to the escrow account when possible to avoid any shortages in your escrow account.
After forbearance ends, you have to pay back the money owed during that period. You can pay it in a single, lump sum payment after forbearance ends, find a repayment plan that works for your specific financial situation, and a loan modification. With a loan modification, you have a few options including just putting these payments at the end of your mortgage to extend the term or get a different interest rate.
To contact someone about your mortgage at HSBC, you need to call 1-855-527-8400. You can also contact them through their Twitter handle: @HSBC_US, where the staff is available Monday-Friday from 6am to 9pm ET and Saturday 8am to 7:30pm. This page has other ways that you can get in touch with them or access other important information.