HSBC Loan Mod Question

[ChampagneMD]

Hi All,

 

I've got a fixed HSBC FHA loan. I'm a General Contractor and business has been WAY off this year. I've been about 90 days behind since May. Via telephone they tell me I could qualify for hardship with the possibility of tacking payments to the back end and possibly give me three more months of no pay option; 6 months on the back end.

 

I was speaking with an agent to make a couple of payments and he asked why I hadn't gotten the paperwork back to them. After going through some of the scenarios and hearing that ever present, "this is an attempt to collect a debt" speach, I was leary.

 

I asked what would happen if I sent them my three months of bank statementsand the income was say, 50% less than I showed to qualify for the loan? Would that be a factor in possibly calling the note and accelerating a foreclosure? He wouldn't say no to that question.

 

I wonder if anyone has heard of or had any experience with this sort of scenario.

 

Thanks.