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Visit the Consumer Financial Protection Bureau housing website for more information on mortgage and home equity relief programs.

HSBC mortgage and home equity relief programs

If you’ve been impacted by the coronavirus and are worried about making payments on your HSBC mortgage or home equity, we can help.

 

For mortgage and home equity accounts, we’re offering assistance with your payments – we can forbear your payments during the COVID-19 related financial hardship and waive late fees. Our forbearance program provides temporary relief by suspending your regular monthly payment. The length of the forbearance depends on your situation. For a financial hardship due to COVID-19, the forbearance period is typically 90 or 180 days, but you may extend up to 18 months, if eligible.

Who can request enrollment? 

You can submit a request if:

  • You have an HSBC mortgage or home equity loan;
  • You’ve been directly or indirectly impacted by the coronavirus; and
  • Your ability to make your monthly payment has been temporarily affected, or you’re expecting it to be – for example, you’ve lost your job or you’re having to work less hours. 

How will this work? 

Once you’re enrolled, there'll be no monthly payment due during the forbearance period. We will not assess any late fees during this time either. Please keep in mind that a forbearance does not mean your monthly payments are forgiven – after the forbearance period ends, all missed payments during your forbearance will need to be paid. If you aren’t able to make a lump sum payment at the end of the forbearance, we will work with you on a repayment plan, loan modification or other payment assistance. Before the end of the forbearance term, we will contact you to evaluate your current situation and determine next steps. We encourage customers on forbearance to keep us apprised of any changes to their financial situation and to let us know if they can resume monthly payments. We also encourage our customers with escrow accounts to make their monthly escrow payment where possible to avoid escrow shortages.

If you make your payments by automatic draft, it will be cancelled to ensure payments are not drawn during the relief period. If you pay by recurring transfer set up through online banking or a third party, you’ll need to cancel this on your own. At the end of the forbearance period, we will work with you to re-establish the automatic payment draft. 

What loss mitigation options will be available after the forbearance? 

This is a general list of loss mitigation home retention programs that may be available to you. The actual options available to you depends on a number of factors including, but not limited to, the owner of your loan (HSBC, Fannie Mae or Freddie Mac, for example) and loan type (conventional, FHA or home equity, for example). The terms of each option will also vary by program.
 
Reinstatement - A reinstatement is the payment of past due payments in one lump sum at the end of the forbearance period.
 
Because most customers cannot afford an immediate repayment, we also have options for making up the missed payments over time.
 
Repayment Plans - A repayment plan is an agreement to repay the past due amounts over time. A portion of the past due amount is added to the regular monthly mortgage payment. At the end of the repayment period, the account will be current and normal payments will resume.
 
Modification - A loan modification is a permanent restructuring of the loan where one or more of the terms are changed to provide a more affordable payment. If you're currently unable to afford your mortgage payment due to a change in circumstances, but you could make a modified payment going forward, this option might help you.
 
With a modification, we may agree to do one or more of the following to help you bring your loan current: 
  • Add delinquent payments to the end of the term.
  • Reduce the interest rate.
  • Convert an adjustable interest rate to a fixed interest rate.
  • Extend the length of the term of the loan. 
  • Forbear some of the principal balance. This means setting aside a portion of the total debt before calculating your monthly payment. The customer typically has to pay the set-aside portion in a balloon payment when refinancing or selling the home, or when the loan matures.

What if you have an introductory or promotional rate on a Home Equity account? 

An introductory or promotional rate will continue to apply for the remainder of the introductory or promotional period. 

Can you still use your Home Equity Line of Credit? 

If you are able to keep making your regular payment during forbearance, you’ll still be able to use your line of credit as normal during the relief program period. 

If you do not make your regular payment during forbearance, your credit limit may be reduced or suspended. 

How do you request enrollment into the relief program? 

We have established a team of Mortgage Servicing Specialists (SPOC TEAM) to provide information and assistance to customers related to mortgage loan accounts and our loss mitigation process. If you would like to contact the SPOC TEAM, we can be reached Monday through Friday from 8am – 8pm or Saturday from 8am – 5pm ET at:

Will this affect your credit report? 

During the forbearance period, we will report your loan to the credit bureaus as participating in a forbearance plan resulting from a declared disaster with no payment due. If your account is current at the time of enrollment, we will report your Account Status (as that term is defined by the credit bureaus) as current throughout the relief period. If your account is delinquent at the time of enrollment, we will not report any increase to your delinquency during the relief period. After the forbearance period is over, we may report your account as delinquent to the extent permitted under federal and state law until it is brought current.

What if you’ve already missed a payment? 

You can still request participation in the forbearance program by calling us at 855.806.4657 Monday through Friday 8am – 8pm or Saturday 8am – 5pm ET.

Other resources

For more information on mortgage and home equity relief programs, visit Consumer Financial Protection Bureau website.

Important Notice

This important notice provides information on assistance available to our customers experiencing COVID-19 financial hardships. If English is not your first language and you need assistance with your account, please call us at 855.806.4657. Additional information on housing relief programs are also available in various languages on the Consumer Financial Protection Bureau website.

Language Assistance

Korean

이 주요 공지에서는 COVID-19로 재정적 어려움을 겪고 있는 고객을 대상으로 지원 정보를 제공합니다. 영어가 모국어가 아니고 계좌 관련 도움이 필요한 경우 855.806.4657로 전화해주십시오. 주택 구제 프로그램에 대한 추가 정보는 소비자 금융 보호국 웹사이트(www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/)에서 다양한 언어로 제공됩니다.

Spanish (Latin America) 

En este aviso importante, se proporciona información sobre la asistencia disponible para nuestros clientes que estén experimentando dificultades financieras a causa de la COVID-19. Si no habla inglés y necesita asistencia con su cuenta, llame al 855 806 4657. También podrá encontrar información adicional en varios idiomas sobre los programas de ayuda financiera para la vivienda en el sitio web de la Oficina para la Protección Financiera del Consumidor.

Tagalog 

Ang mahalagang abisong ito ay nagbibigay ng impormasyon tungkol sa tulong na makukuha ng mga customer na nakakaranas ng mga pampinansyal na problema dahil sa COVID-19. Kung hindi Ingles ang iyong unang wika at kailangan mo ng tulong sa iyong account, pakitawagan kami sa 855.806.4657. May makukuha ring karagdagang impormasyon tungkol sa mga programa ng tulong sa pabahay sa iba’t ibang wika sa website ng Consumer Financial Protection Bureau.

Traditional Chinese

以下重要通告旨在為新型冠狀病毒(COVID-19)疫情下遇到財政困難的客戶提供財政援助方面的資訊。如英語並非您的母語,而您需要帳戶方面的協助,請致電855.806.4657聯絡我們。有關房屋紓困計劃,美國消費者金融保護局的網站(www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/)亦提供多種語言的詳細資訊。

Vietnamese

Thông báo quan trọng này cung cấp thông tin về việc hỗ trợ những khách hàng của chúng tôi đang gặp khó khăn về tài chính do dịch COVID-19. Nếu quý vị không dùng tiếng Anh và quý vị cần hỗ trợ với tài khoản của mình, vui lòng gọi cho chúng tôi theo số 855.806.4657. Quý vị cũng có thể tham khảo thêm thông tin về các chương trình hỗ trợ liên quan đến nhà ở bằng nhiều ngôn ngữ khác trên trang web của Cục Bảo Vệ Tài Chánh Cho Người Tiêu Dùng (Consumer Financial Protection Bureau).

Arabic (Modern Standard Arabic)

(Consumer Financial Protection Bureau) (www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/)

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