In a relatively shocking turn of events HSBC Bank USA and HSBC Finance Corp. have quietly announced that it has stopped "all home foreclosures until further notice" and may be facing fines after federal regulators found "certain deficiencies" in the company's foreclosure procedures. This news comes as a surprise as it was only a few months ago that HSBC stated that it would not suspend its foreclosure practices and that it was not affected by the "robo-signing" allegations.
The announcement of the suspension of its foreclosures came in its annual financial report to the Securities and Exchange Commission, called a 10-K, when it stated it "suspended foreclosures until such time as we have substantially addressed the noted deficiencies in our processes." HSBC spokesman Neil Brazil stated that it is expecting federal regulators to impose a consent order mandating the procedural steps the company must take in order to fix its foreclosure problems. Brazil also announced that the foreclosure suspension actually took effect in December and that the company will be changing its "affidavit and notarization procedures, tightening oversight of outside law firms, reviewing how it uses the Mortgage Electronic Registration Systems."
If you are facing a Florida Foreclosure Lawsuit were HSBC is the plaintiff, contact a Florida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Defense Lawyer today for a complimentary case review and to determine the possible effects that this announcement may have on you.
