Mortgage Express appoint LPA Recievers Walker Singleton to scare tenants off!

[stevethebroker]

thanks Patrickq1 and Caro for your comments and contributions. I will be -

1) Discussing matters with my lawyer, who is also a circuit judge

2) email a complaint to Sir David Normington

3) carry on producing the evidence to discuss an offer to MEx, so that the court can see that I am genuinely making an effort

 

I really want to take a group forward irrespective of my outcome because I have seen first hand how 2 of my biggest clients/ friends became depressed and suicidal due to this type of bullying from them. There must be a long list of borrowers who have been affected by their ways! Not to mention the facts that this is unjust and an example must be set for other lenders/ borrowers complating using such malicious strategies.

 

Has anyone here organised a meeting date or is anyone taking the lead on this matter so I do not double the work load? Please pm me your emails if you are interested in a meeting.

steve

[stevethebroker]

hi chillinlong!

did you get my email details on pm?

steve

[patrickq1]

yes chilli is and has been trying same as yourself, i gestimate over ten thousand people have suffered under MX and Northern Rock will now be going through the same , the first point is the appointment of these "Receivers" who are detrimental to your case, being that their sole duty is to MX and the Like ,they have no concern about your abilities to recover as far as they are concerned they are a profit driven company who need to prove that the "Ends meet the Needs" of what is required by MX who in turn have to show figures to UKAR who in turn need to show UKFI so all in all each company take a cut of the procceeds ,proving that this is not a profitable venture for the UK Treasury , this has not yet been pointed out to the UK Treasury Ministers that it is a complete loss making industry and saay out of every £10,000 collected the treasury will receive less than £2000. ,this is not only a loss to the Goverment it then compounds your loss and you will ultimately be footing the bill for these Scavengers or Carpetbaggers , who thrive on your misery , i am writing again to another source for it to be evaluated in depth and when you chat with Chilli and others on this thread you will see you are not the only one , i think it is getting close to the time when something needs to be done to burst this little inner circle of Scavengers and make them wholly accountable for the losses created under their own mis management and greed on the part of the Receivers who are in a position to profit for themselves only ...

patrickq1

[chillinlong]

Hey all,

Thanks for the replies guys inc La Contessa, Steve the broker and Patrick Sorry not been on for a few days. Definetley agree need to take action against these bullies!

I have ongoing action agsint these and would be good to talk to some of you guys. Please PM your details to me and I will contact you and explain all done so far and where we are going, maybe you might have other ideas or angles.

 

Patrick, thanks for link I will contact with them and see what they say.

 

La Contessa, all you have to do is send a private message to my username with your details and I will contact you and explain all so far.

 

I also have the media on the case on why are these institutions causing huge losses for the taxpayers. My problem I am having is Molloy from WS and MX are using every excuse in the book! At first they argued arrears so high sick people wanting to damage everyones lives!

 

I am ready to do everything possible to let them know I will be fighting all my life against these people!

[chillinlong]

Steve, Your PM did not come through, I have sent you one.

 

La Contessa, I have also sent you a PM.

[kali7000]

Hi, I am new to this forum and have been reading through the posts over the last few days.

I am in a similatr position as most on here. I have a portfolio of Buy-to-Let properties with Mx. One of these properties were taken into Receivership due to arrears back in June 2010. I have cleared the arrears on this single property and cleared all other arears in the portfoilo, yet Mx refuse to hand back control of this propetry. The property has been empty now for more than 18 months. Reveivers say it is not lettable and that is requires repair works and are aking for me to put £3,000 on account. I have had local contractor come back with quoatations of approx £1,000 (basically just some cosmetic works are required and a gas cert etc).

Mx now want me to agree new Terms & Condition across the entire portfolio for them to release the one single property from receivership. Receivers have now put the property on the market from approx £30k less than I owe on it and less than the Market Value.

 

Can anyone advise how I can stop the sale. I have tried to PM a few people on here, but as I am a new member it will not allow me to do this.

So far I have written to my local MP also to George Eustice MP, Vince Cable, Kenneth Clarke FOS, Sir Normington (as advised above) amongst others and await response.

Someone on here advised getting an Injunction to stop any further action by Receivers. Please can someone kindly advise me on how to go about this.

 

Thanks

[chillinlong]

Hi Kali700,

I am sorry to hear, you have come to the right place for advice. I would advise you to get legal advice urgently as I am sure they cannot do this as you have effectively returned the mortgage to a normal state and not in a continous breach. Try to get as much evidence as possible by recording and get emails of them confirming this etc. They have got all sorts of dirty tricks they use to get power over you. Ask them on what basis they are bullying you to sign new agreements on all of the mortgages? Have you got it in writing that they will only release if you agree new terms on all portfolio? Surely there is a Credit Consumer Act breach that has to be taken into account.

 

Hopefully others on this site can advise on what to do. But if you explain more information how they have communicated this to you etc and we will try to see where we can help.

 

Which reciever is it? They are all stupid as they effectively dont allow us to go anywhere near but dont do anything themselves with the properties apart from estimate that it is seriously needs repairs etc. Other thing you can do is be naughty to do the repairs and let the property and then pay the mortgage this way, they cannot evict your tenants that easily. Or to apply for an injunction on unfair relationship and unfair contracts on the basis no arrears etc and that you want to issue proceedings against them on basis of breach of contract that you cleared arrears on basis property would be returned to you but you have been conned etc. All depends on what your evidences and promises were made to you.

 

I have media interested if anyone wants to PM me their story urgently with contact details. Watch this space!

[chillinlong]

Does anyone know why the PM rules have changed? Noone can PM anymore...

 

I sent a PM to a user and got a warning from a Consumer monitoring guy saying that personal details should not be sent. How can we connect with others on here if this is not done?

[kali7000]

Thanks for you advise Chillinlong. The receivers are Jorden Salata. They say they will resign if asked to do so by BBG/Mx. They have confirmed this in an email, but MX refuse to instruct them to stand down and bounce onus back to the Receivers stating that it is for Receivers to decide whether to continue with the receivership on a strategy of 'Sale' or a strategy of 'Let'. This all seems like bueracracy and delay tactics so that they can justify the sale of the property.

 

My situation, briefly as possible and without giving too much personal info - is as follows:

 

I have maintained the mortgage payment on this one propertywhich is in receivership for the last 18 months despite not being allowed to let it out. The account remains up-to-date.

 

Over the lst 18 months goal post have changed several times, unfortunately most of it is not in writing, but discussed and agree at face to face meetings with the portfolio manager. Goal Post 1 - Clear arrears on this single property to get control of property back off receivers. Then Goal Post 2 - clear all arears on MX portfolio. Goal Post 3 - Clear arrears on an Ex-Gmac account. When lump sum offer was made recently to clear this - goal post 4 was put to us - Goal Post 4 Clear arrears on Ex-Gmac account and adopt new Terms and Conditions across the entire portfolio (Only this is in writing by email), and now subject to approval of Credit Risk Committee (First time we heard of this department at goal post 4).

 

The new Terms and Condition are unfair and would disadvantage us as a borrowers. One condition is a reduced term of mortgage to 10 years. Many of my mortages still have 15-18 years still remaining. There are also other 'Loan-to-Value' restricting terms, (which is my main concern) where they can demand capital repayments at any time should LTV drop below a certain level. (Many of mine are now probably 100% LTV if not less). They unfairly justify these conditions based apparantly on my 'history' of the arrears which accrued back in 2010, even though I have now remedied these arrears.

 

Any further advise would be greatly appreciated. Can I do the Injunction myself. What court forms would I need to fill in. What should I state on the forms. Approx how much would or should a solicitor charge for doing this on my behalf.

Thanks

K7

[BRIGADIER2JCS]

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[chillinlong]

Hi Kali,

Have you got evidence they agreed to give you properties back if you cleared arrears and if so what evidence?

they cant keep changing goalposts as it is unfair...

Have you done a subject access request?

[stevethebroker]

Sorry to hear Kali. My business partner had Jordan salata. Their aim is to sell the property and then come after you for the debt. This would hopefully lead eventually to stat demands and eventually bankruptcy. Even if you are solvent, their aim is to wear you down on legal costs.

I consulted with another firm of lawyers today and he said that he had many clients who just had to give in because of the financial costs. He felt that these lenders simply do not want ths kind of businesses anymore and they will do whatever it takes to sell off our portfolios. It's not just mx. Lloyds and Santander are at it too, on their newer loans! It is not uncommon to see these new mx terms on new commercial loans. So mx is simply following the new commercial lending model.

Sorry, it's no good news but I must stress that the only way forward IMHO is a class action lawsuit. I know people who had written to mp's as well as lawyers writing to mp's / authorities. It does not make a damn difference because they can always say that the volume of complaint is insufficient. Besides, they can always use the breaches against you. Buy to let's are commercial enterprises rather than your own resi home. Therefore, it will never fall into the category of 'repossession Is the last resort!'

Apologiies for being crude and blunt but when will we all decide to work as a united group? I am 100% in for class action, even if I get a deal with these guys. These lenders are taking advantage of the fact that it's each man for himself and that's why they are getting away with it. Please pm chillinlong or myself and let's give these guys a piece of our minds.

Edited February 23, 2012 by stevethebroker

[chillinlong]

There is a business plan on the BBG website, more or less contradicts everything in how they should be dealing with borrowers in difficulty:

 

http://corporate.bbg.co.uk/~/media/Files/B/Bradford-And-Bingley-Corporate/pdf/results-and-publications/year-2009/publications/bussiness_plan.pdf

 

However it also confirms they want to get rid of the mortgage books simply!

 

How can they balance both of them in a logical manner, not possible. You would think they should be sticking to their word and we should be sticking to our word as we are both caught in the recession therefore we shouod be working together until the recession is over. Not forcing the banks troubles onto the consumer so they can push their losses onto us the consumer.

[stevethebroker]

Totally agree with chillinlong here. If a major bank like MEx/ BBG needed bailing out then what chance would a small (landlord) business have? The only difference here is that there is the bailed out and then there is the ignored! I guess that I speak for most enterprising / hardworkers here on this thread, when I say that most of us do not necessarily needed bailing out (like the lenders) but we just want to be left alone to get our businesses back on track.

[chillinlong]

Hi again all,

I was thinking to kick start this maybe if we all complain to the relevant authorities of the same bank ie Mortgage Express and the same Recievers ie Walker Singleton, Templetons and Jordan Solatas. If we all add into the below and make it a sticky on this thread perhaps? So that everyone who looks knows the procees and reports to all the right bodies. As the bodies say they are not looking unless they recieve several complaints on the same company.

 

We need to be complaining of a common ground within each body:

 

SAR:

On both lender and Recievers...

 

OFT: I checked the website and it directed me onto a consumer trader website when then eventually said get legal advise to take next step. Have I understood it wrong?

 

Financial Ombudsman:

Complain about the actions of Mortgage Express and its Recievers. ie unfair charges, unfair intimidation and bullying not offering fair arrangement plans to clear arrears, enforcing on arrears straight away without choice, not informing us of implications and how to resolve at the beginning before appointment of Receivers, portfolio managers talking rubbish and looking for weaknesses and accusations with no intention of helping, bbg plan is to wind down mortgage books not work with customers, losing taxpayers serious amounts of money, interfering with recievers, failing to provide all SAR papers, the list goes on, welcome to add more.

 

FSA:

Unfair charges, excessive fees, and all of the above with intmidating collections strategy, ie no other choice even if you pay arrears you are still not getting properties back and they will continue adding monstrous fees on etc.

 

ARLA:

Complain about their actions with tenants mismanaging, not dealing with repairs, bad communications, not delaing with rents etc in a proper manner, unfair evictions, etc

 

RICs:

Complain about the undervalued properties being sold off, all action that they are doing to properties to ensure the value goes severly low. They have no experience of managing properties, how are hese people qualified to be a RICs? Etc...

 

Parliament:

David Cameron, Vince Cable, The actions of the government bailed banks subsidiary UKFI, UKAR, BBG.

 

Any more anyone?

[chillinlong]

We managed to get some media focus on the mail on sunday today with a small article which leads onto this spread on their website:

http://www.fmwf.com/media-type/news/2012/02/emergency-bank-overseeing-northern-rock-and-bradford-bingley-mortgages-treating-landlord-borrowers-unfairly/

 

I advise everyone who is in similiar situation to write in to the journalist Richard Dyson explaining their story. They are looking to write about more stores of this which will hopefully raise awareness of this for thousands of both landlords and families being evicted needlessly.

[caro]

Well done for raising awareness chillin.

 

Some disappointing comments on the article though. Perhaps some caggers could add their own here. ;-) http://www.mailonsunday.co.uk/money/mortgageshome/article-2105915/Northern-Rock-B-B-bad-bank-forcing-sell-loss-buy-let-landlords-claim.html

[chillinlong]

Thanks Caro.

At least it will raise some awareness about UKAR, UKFI and Mortgage express with its recievers tactics.

 

I think a lot of the posters are not really understanding the article, it is not really about us losing money which we accepted when we took the risks but it is about how taxpayers money is being lost massively with the tactics being undertaken and not to mention the thousands of tenants losing their homes... And that their is a way out of it by not selling right now and waiting until the markets improves...

[stevethebroker]

I would like to add that a lot of the readers of that article did not understand that a lot these btl businesses already had arrangements with MEx! UKAR just came along and threatened receiver action based on breaches that had past arrangements being agreed! I have letters from MEx that stated clearly, 'we are writing to confirm our arrangements......'

Now I am faced with hefty legal bills to push that point whilst UKAR will send in receivers if I do not sign new terms! How is that fair? How is that different to some dictator turning a your door and then claiming your land?

[caro]

Sounds like you should contact the Office of Fair Trading Steve.

[Jim Orr]

I had 2 Buy to Let mortgages with Mortgage Express and I am also a cemap qualified Mortgage Broker.

 

Following a period out of work I fell into a serious arrears situation on both properties. Walker Singleton were appointed. Apart from making a total mess of the management of both properties one property in particular fell into a serious state of disrepair and cost me over £2,000 to put right.

 

All of the arrears were cleared in May 2011 and Mortgage Express refused to hand the properties back.

They said I would need to make 3 mortgage payments by direct debit and insure both properties, which I did. They then said I had to pay 6 months mortgage paymenst which I did. They then said I had to hand ALL of the rent over as they were not happy with the Loan To Value Ratio. It says in the Mortgage Express mortgage conditions that they may appoint an LPA Receiver to collect rent on their behalf "until such time as the matter is rectified". It was rectified in May 2011 when the arrears were cleared.

 

Their Mortgage conditions also go on to say that the Receivers are MY AGENTS. In this capacity I "sacked" Walker Singleton and started to collect the rent again via my Management Agent. I was not financially advantaged initially as all of the rent was ploughed back into repais that cost me over £2,000.

 

Walker Singleton then appointed Drydens Solicitors who scared one set of tenants off when they served them with an Eviction Notice. Drydens are trying to get me in Court for Possession of the properties.

 

To add insult to injury I asked who would be settling the Solicitors account as I did not appoint them and I was told it would be added to my Mortgage Balance, but surely this is fraud?

 

Walker Singleton have invited me to attend a meeting with themselves, Mortgage Express and Drydens Solicitors. The meeting is in their offices in Huddersfield, I am expected to drive there lose a days pay as I am self employed and they will not reimburse me for my costs.

 

The Mortgage Conditions constitute an unfair contract and I have been subjected to a 9 month ordear of consistent hassling against myself and my tenants. This has reached the point where it is a personal vendetta against me.

 

I have written to David Cameron requesting that Buy to Let lenders are regulated by the FSA who have a doctrine of "Treating Customers fairly" I know this as I am regulated by them.

 

I have written to the Solicitors Regulatory Authority and reported the miscionduct of Drydens.

 

My only hope to regain control of these properties is to take all 3 parties to court.

 

An on line court application with Compensation of £15,000 to £50,000 costs £340, and I shall be issuing Proceedings against all 3 parties in turn. These bullies must be stopped.

 

 

 

 

 

 

Hi All!

 

 

Chillinlong,in reply to your posts and in my view:

 

1.You should sue the LPA Receiver for breach of its implied obligation to get the rent less the agreed management fees.

 

2.If you had tenants in your property before this LPA Receiver appeared on the scene and they left as a result of the LPA Receiver's Actions,you should sue them for the loss in rent.

 

3.It is worth mentioning that although the LPA Receiver is appointed to manage the property but it has both a duty and obligation to you to collect the rent less its fee - normally 10% of the rent and pass this onto to the lender.

 

4.I think the objective of the LPA Receiver here might be to force the mortgage payers in repossession,sell to contacts at a below market value then chase the mortgage payers for the shortfall after the sales too.

 

5.Actually,Mortgage Express has previously done this in the past by selling a property at a shortfall then chasing the mortgage payer for this shortfall and it turned out that Mortgage Express sold it to one of its other companies! And lost the case....Heartbreaking isn't it?

 

If I find the link to the case I will post it here for you.

 

Anyway,please do not say that you have not been warned!

 

I hope this helps.

 

If you have any other questions,please feel free to ask as I am a private landlord and have worked in the mortgage industry too.

 

All the best! Keep us posted!

[chillinlong]

Hi jim,

Very sorry to hear of this, first of all have you got it in writing that they keep changing the goalposts on you? Unfortunately they have been playing the same game with all of us leading us down the garden path.

 

Good old Mr Fox from Drydens, and Molloy from WS, do not trust them for one second! Make sure you have everything agreed on paper of what is said in the meeting if you go. Find out what is the agenda of the meeting from them? If need be, take a legal representative with you. They will ask you to bring all info with you, then they will send to the tenants and take over management again behind your backs, if they can evict the tenants so it is harder for you to get the properties back.

 

They are fishing for more information to find out whether you are able to fight against them or not. Remember their strategy is to wind down the mortgage books even if it is unfair.

[Jim Orr]

Hi,

 

They have tried to grind me down over a 10 month period. Their tactics are highly unethical and stink to high heaven. I am a cemap qualified mortgage broker and can read a set of mortgage conditions and interpret them in my sleep.

 

I will go to their "bully boy" meeting next week. I will lose a days wages as I am self employed, drive over 300 miles stay in a B and B for the night and not get reimbursed for my expenses.

It will be a complete farce as usual and heavily biased in their favour.

 

Drydens went for a Possession order on one of my houses and the case has been adjourned.

 

After the fruitless meeting next week I will get the case reopened and I will expose them for what they

are in front of a Judge. This will force the issue and they WILL give me houses back.

 

I will then sue in turn each of the 3 parties. I shall go for the £340 court fee which offers me compensation WHEN I WIN for between £15,000 and £50,000.

 

This may go some way to my recovering the massive loss of income these bunch of imbeciles have imposed on me over the past 10 months. My file of correspondence now stands at nearly one foot high.

 

I am very interested in any comments you may have.

 

Regards,

 

 

Jim

[stevethebroker]

hello all... I have just setup an e petition. is is been checked for compliance and I shall have the link (hopefully) in 7 days. we need 100,000 signatures in the next 12 months to ensure it gets debated in the house of commons! A big number but the abuse and bullying tactics employed by the appointments of lpa receivers is not limited to UKAR or MEx. The fight must be taken on restricting secured lenders' uses of LPA receivers.......

[stevethebroker]

jim orr- many of us have spent thousands of pounds fighting with these bullies. So far they succeed on the fact that we are not united and eventually there comes a point where each person will give up due to the heavy legal costs. I had a meeting with UKAR/ MEx 3 weeks ago where they threatened receiver action. They only put it on hold as I advised them that I had the monies to pay. During the meeting, all they were interested in was getting hold of my total assets and liabilites! I guess they just wanted to get more money from me before instructing receivers! I was advised that they would email me a deed of amendment to my mortgage terms so that I could review it with my lawyers before our next meeting. In fact they chased me the last week explaining that they really needed this information so that they could finish the draft the deeds before the meeting. Today they moved the goal post and said that they could not finish the draft but one would be avaiable for me to review during my next meeting with them! The main thing to remember is that they are not here to help. They will lie to you and coerce you into giving them information by giving hope. The goal posts consistently move everytime you give them another inch. Both my business partners were hung financially in the same ways. They ran out of funds after 2 and half years!!!!