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Short Sale Information

Short Sale Articles

HSBC Bank Short Sale

Short sales are among the most popular foreclosure prevention solutions offered by HSBC, a leading mortgage lender in the U.S. In an HSBC short sale, the bank agrees to let you sell your home for less than the amount you owe and accept the proceeds as payment. If you’re at risk of foreclosure and can no longer afford to live in your home, an HSBC short sale may be right for you. Here’s a quick step-by-step guide to help you get started.

1) Find a short sale attorney.
You always have the option to work alone, but HSBC prefers to work with borrowers who have professional representation. Look for a lawyer with HSBC short sale experience, preferably in your area. Ask for references and call up previous clients to get feedback.

2) Call the bank for information.
Next, you or your attorney will get in touch with HSBC to learn about your options. You may be evaluated or referred to counseling before they make their decision; sometimes, they will opt for less drastic alternatives than an HSBC short sale.

3) Write a hardship letter.
Your hardship letter is where you explain to the bank how you fell behind and why a short sale is your best option. You must provide a valid reason for your default; if you missed payments due to preventable reasons such as overspending, you may not qualify for an HSBC short sale.

4) Prepare your documents.
The bank will also want documentary proof of your hardship claims. This usually includes bank statements, pay stubs, tax forms, and your latest mortgage bills. Put them in chronological order to make it easier for the assessor to examine.

5) Negotiate your proposal.
Once HSBC has gone through your application, they will contact you to discuss your short sale proposal. Be prepared to back up your price with current market information—your short sale attorney or agent can draw up a comparative market analysis for this purpose.

6) Sell your home.
After you’ve received approval for your HSBC short sale, you can take steps towards selling your property. You can list your home the same way as a conventional sale, so make use of your resources—the MLS, local papers and magazines, online listings, word of mouth. The bank usually sets a deadline for closing, so you’ll need all the help you can get.

7) Close the deal.
The last step in the HSBC short sale process is closing the sale—formally turning your property over to the buyer and settling your mortgage. Not all short sales will completely clear your loan; you may have to pay some fees depending on what you or your lawyer have agreed on. Once everything’s signed, you can walk away from your loan with little to no obligations.