National HSBC Mortgage Class Action Settlement
Borrowers must meet 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 Jan. 1, 2008 and Dec. 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
- 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.
Note: Borrowers will be 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.
Borrowers from Oklahoma are not eligible for any of the direct payments because Oklahoma elected not to join the settlement.
Proof of Purchase
United States of America, et al. v. HSBC North America Holdings Inc., et al.,Civil Action No. 16-0199,District Court for the District of Columbia
The defendants have agreed to settle in a settlement that causes the defendant of engaging in abusive practices in its mortgage foreclosure, origination and servicing operations.
National HSBC Settlement Administrator