A foreclosure story involving Beneficial Finance and failed HSBC short sale

Up until October 2004, my husband had steady employment as an aeronautical Engineer In early 2004 we refinanced with Beneficial Finance, a division of HSBC. Days after refinancing my husband was forced into early retirement. This also happened after hubby’s 401K plan through his employer lost 3/4 of its value. We lived carefully on a 401K plan that was on life support but in December 2007 we filed for a hardship case with Household Finance.

In order to qualify for the hardship case we were asked to fax the following items:
1. Proof of income as of 12/07 ($1,881.00 husbands SS and my SS Disability $533.00)
2. Proof of outstanding medical bills
3. Utility bills
4. Proof of disability

These items were faxed and we qualified for a hardship case. Our mortgage payment was reduced by $580.00. Interest was also reduced to 5%. The revised payment was $2,269.63 leaving us $145.63 to live on monthly. Is there any reason why we are facing foreclosure?

This was submitted by a home owner in Maryland:
When we faced the facts that foreclosure was imminent, we thought our best bet was to sell the house. Our Remax agent Jeff Wheatley after several months finally had a buyer. Mr. Wheatley contacted Household Finance but the company never returned Mr. Wheatley’s phone calls nor made any contact after receiving the short sale package.

Rather than proceeding with the short sale, Household Finance chose to proceed with foreclosure on our property.
We have tried several times to be considered for another short sale or hardship but Household Finance refuses. When the first hardship case was approved there is no doubt in my mind that this company knew what they were doing when they left us less than $200 to live on.

Of course the company takes no responsibility for the country’s mortgage crisis. It’s everyone else’s fault.