Commonly Asked Questions


Who is eligible to receive a payment from the HSBC Settlement?

Answer:

Borrowers must have met certain minimum criteria to be eligible to receive a Settlement payment. In particular:
• The loan was serviced by HSBC at the time of the foreclosure sale,
• The loan went to foreclosure sale between January 1, 2008 and December 31, 2012 ,
• The borrower made at least three payments on the loan,
• The home (or foreclosed property address) was, or was intended to be the borrowers’ primary residence at the time the mortgage loan was obtained.
• The borrower had a mortgage loan secured by a one-to-four unit residential property, and
• The unpaid principal balance of the first-lien mortgage loan did not exceed $729,750 for a one-unit property; $934,200 for a two-unit property; $1,129,250 for a three-unit property; or $1,403,400 for a four-unit property.

Borrowers were ineligible to receive a payment from the National HSBC Settlement if they received a payment from: (i) The National Mortgage Settlement, involving Bank of America, JP Morgan Chase, Citibank, Wells Fargo, and GMAC/Ally, (ii) the National Ocwen Settlement, involving Ocwen Loan Servicing, Litton Loan Servicing, and American Home Mortgage Servicing Inc. (AHMSI) aka Homeward Residential; or (iii) the National SunTrust Settlement.

How do I make a claim to receive a payment from the HSBC Settlement?

Answer:

The Notice packages for eligible borrowers were mailed in August 2016. The Notice Package contained a Letter providing the minimum payment you were eligible to receive, a Claim Form, Claim Form Instructions, Commonly Asked Questions and a pre- paid return envelope. The notice was provided in both English and Spanish; however, you only needed to return one of the forms. If you were eligible for a payment, and chose to participate in the Settlement, you needed to either submit a claim form online using this website or complete the questions provided on the claim form and return it. The deadline to file a claim was November 15, 2016 and claim forms are no longer being accepted. Payments on valid claims mailed on February 17, 2017.

How much will I be paid if I am eligible?

Answer:

The payment amount for each loan was approximately $1,200. The exact amount is not being released to help prevent fraud.

You were only eligible to receive one payment from the National HSBC Settlement regardless of the number of eligible loans you may have had. In instances where there are  multiple borrowers on a loan, and those borrowers no longer reside at the same address, the payment was split so that each borrower that completed the claim form properly would receive equal shares.

When will I receive a payment if I submit a claim?

Answer:

Payments on valid claims mailed February 17, 2017.

What should I do if the borrower /co-borrower has died?

Answer:

For the Estate to participate in the Settlement, the executor of the eligible borrower’s/co-borrower’s estate (or someone else with the authority to sign on behalf of the estate of the borrower/co-borrower) needed to sign the claim form, check the applicable boxes, and return the Claim Form, as well as provide  other documentation.

Please note; the deadline to file a claim was November 15, 2016 and claim forms are no longer being accepted. Payments on valid claims mailed on February 17, 2017.

If you have questions or need more information, please call 1-888-538-5792.

What should I do if I am the guardian of the borrower or hold the borrower’s power of attorney? How should the Claim Form be completed?

Answer:

If you submit a claim form and you are the legal guardian of the borrower or hold power of attorney for the borrower to whom the Claim Form is sent, you were required to sign the Claim Form with your name and add your title - for example, “Guardian of John Doe.” You were also required to provide a separate letter explaining the circumstances, and attach copies of any legal documentation showing your authority to sign on behalf of the borrower. Your letter should have also included the address where payment should be sent. The letter, Claim Form, and documents were then reviewed, and the submitter was notified if the claim was rejected, or if further information was necessary.    

 

Please note; the deadline to file a claim was November 15, 2016 and claim forms are no longer being accepted. Payments on valid claims mailed on February 17, 2017.

My name is different from what is listed on the Claim Form; do I need to do anything?

Answer:

When submitting your Claim Form you were required to provide documentation stating why your name was changed, such as a copy of your marriage certificate, divorce decree or a copy of a court approved name change document.

Disclaimer

 

This site is not operated by the Attorneys General, or federal government. Please contact the National HSBC Settlement Administrator with questions at 1-888-538-5792, Monday through Friday, 8:00 a.m. - 6:00 p.m. Central Time.

Este sitio no es operado por el Procurador General o el gobierno federal. Por favor contacte al Administrador del Acuerdo Nacional de HSBC con preguntas al número 1-888-538-5792, lunes a viernes, 8:00 a.m. – 6:00 p.m. horario central.

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