Mortgage Express Appointed LPA Receivers

[caro]

If they are signed up to the BBA I believe they should only hound for 6 years. The banks aren't worried about spending money to keep BTL (or any) properties viable when they can get more by selling off for a quick buck, and have 6 (or 12) years to get the rest of it.

[Angry Landlady]

I have seen your effort to save your properties. Is your portfolio a big one? If you get on well with your tenants you can ask your tenants not to speak to the recievers. It really helps. They can do nothing without the rents. I dont know if this is bad advice but in my tenancy agreement, I have it where after 14 days, if the tenants have not paid their rents, I can use the deposits to pay to pay my mortgage. Or ones that have fallen through the net, whilst the recievers are paying I have continued to pay alongside the recievers which have drastically reduced the arrears and eventually they send a letter cancelling recievership. You have to beat these buggers as they are very crafty. They even hound the tenants and terrorise them, telling them that the property is not yours. We should work together to stop this. It is crazy

[Angry Landlady]

From experience an N244 will not work unless they have gone for repossession in the courts. If it is the reciever some how you need to get the tenants on your side as they cannot do anything without the tenants rent. They cannot force the tenant to give them the rent if you put the tenants in the picture as best as you possibly can. or if you have a case of arrears you can pay along side the money collected by the recievers from the tenants (if you can) which can significally reduce the debts. Recievers have nabbed 4 and then 3 and then 3 of mine since 2008, but I now have them back as the mortgage company have no other option but to cancel receivership if your arrears have been drastically reduced. Honestly it works everytime. Dont panic, dont agonise, just organise.

[pigland]

Hi Angry Landlady,

 

Welcome to the fight! Thanks for your words of encouragement! This situation is pretty awful.

 

How much do you think it has cost you in fees etc?

 

Glad to see you're getting yours back! Who are your mortgages with?

 

Kind regards,

 

Pigland

Edited January 6, 2010 by pigland

[chillinlong]

Hi angry landlady,

 

Thanks for your post, I have tried this in the past it did not wor very well as the tenants got so scared of them that they vanished in the end as Walker Singleton kept telling them that the properties have been repossessed and that I no longer own them.

 

I could try and arrange payments alongside but it will cost so much as they are making so many mistakes and losing some of my tenants through lack of real property management. Because it is a large portfolio it would be a lot of money to pay, however because the interest rates are down effectively the rents are decreasing all the properties arrears every month where they are collecting rents.

 

If we managed to pay them back, what if they decide to sell them in the end thats the problem I have.

 

Also, some of my properties are actually in positive, Mortgage Express have said they will not hand back any until all of the properties are in positive. They have now consolidated my individual mortgages into one big loan which is a worry as I understood at the beginning they will hand back individually once they are in positive but have since changed their minds.

 

If Walker Singleton were managing the properties properly in the first place I think this situation would be a lot easier to clear quickly.

 

Thanks again

[diddled]

What provisions are contained in the mortgage documents that purportedly allow ME to consolidate all the mortgages?

[chillinlong]

Hi Diddled,

 

To be honest, I cannot see any provisions allowing this.

 

There was one term that said they can take any money in current account to offset the balance of the mortgage but does that mean they can take out of other mortgages I am not so sure.

 

I am wondering are Walker Singleton coming to the year end of their accounts and want to make some sales as they seem to want to sell whatever they can right now. Maybe the have realised they cannot manage properties .

[diddled]

It just doesn't sound right that ME can consolidate your mortgages, think thats an area that needs specialist advice.

 

WS - their accounting year end is 30th April, and their accounts for yr end 30/04/09 are due by by 31/01/10, will be interested to see this set of accounts.

[chillinlong]

Thanks again diddled, that sounds like why they are looking for any excuse to sell about now.

 

I am waiting for a response on this at the moment, we will see how it goes.

[Orbital]

My thoughts to Pigfat in relation to this thread, and his other thread in the mortgages section I've just posted on.

 

I think it is fair to offer my balancing view to this. Not to flame up arguments, but because sometimes repossession is the correct course of action in the circumstances. I lose respect for the more committed posters here who help those struggling through little fault of their own, also giving assistance to those who have made their own beds. Lots of beds in fact, in many of the properties they kept on buying with extra debt.

 

Especially when people have taken greedy risks to acquire more and more properties, getting deep into debt, with little in reserve, all done without much caution or taking regular professional legal advice.

 

As a would-be first-time-buyer who has spent 8 years hard saving towards putting down a deposit, only for HPI to race away during that time... I have difficulty with this thread. I'm also not the only one. Many FTBs and those who actually hope to get on the ladder keep an eye on this forum.

 

Firstly, I don't consider any of your BTL people to be genuine consumers, and aren't consumers who this forum is supposed to be helping? I really don't mind this forum helping people who are struggling through little fault or recklessness, and trying to fend off repossession of their own homes

 

However you are more commercial borrowers, in business and generally in law, you are supposed to be more aware. Perhaps rather than continuing to buy properties some money would have been better invested in solid professional advice about everything involved in BTL, including LPA receiver action with fewer requirements on the lenders to run things through the courts.

 

Secondly, Pigfat has been 'in the business' for 15 years? At least 4 properties in arrears? How many smegging properties do you own? How many did you need for this golden retirement? Some of you don't seem to know you are born, compared to the epic reach many FTBs need to have to even get on the ladder with a basic starter home at current prices in so many areas.

 

Yes, the market needs landlords... but the market also doesn't need a mania of existing owners 'releasing equity' on their home to by a BTL, to release equity on that after and buy another at an ever higher price and so on - helping to force up values and putting would-be First Time Buyers at an ever greater advantage.. also competing for their homes.

 

You whine and moan about them being 'government' banks, which the 'taxpayer owns', but they been put in such a position by inability to offer further financing - but also by borrowers not coming good on the epic commitments they've taken on.

 

It seems to me that many of you have stretched yourselves too far, with too many properties. I'd take a guess that Pigfat would have been in a far superior and secure position if he'd limited his BTLing to just one or two properties in those 15 years. Perhaps now the mortgage paid off and generating secure positive cashflow, an easier life with 2 rentals coming in each month, and the security of fully owning an extra 2 homes, on top of your own home to pass down to children.

 

Continuing to buy lots of further properties, with debt, you keep buying you add to the risk, and render yourselves increasingly crisis-prone. What you are experiencing is a consequence of extending claims on resources to an extreme that could be supported only if boom and easy credit conditions were sustained uninterrupted into the future. Take your medicine.

[pigland]

Hi Orbital,

 

Thank you for your reply and advice. I can see you're angry and have noted that you have edited some of your other posts and removed your derogatory remarks following a rap over the knuckles from others.

 

I feel I speak for many; We are all consumers in different formats and are on this site as we require some form of help and at the same time hope that in highlighting situations and discussing it we can help others too.

 

I am sorry if my openness has previously offended you, my intention is to bring this to the open for the sake of many others. The banks rely on us dealing with things as individuals, that is how they get away with so much. Collective consumer power and this site brings the problems to the forefront, I feel if we stifle this we will all end up being at the mercy of the banks.

 

Many decent landlords have worked very hard during their life. Their pension is their Buy-to-Let portfolio. If we all had the hindsight and could predict the credit crunch and the unscrupulous ways banks have treated us as consumers, I'm sure the majority of us wouldn't be here!

 

We are all human beings and all need friends and interaction with others. This is how we learn!!

 

I do feel you have some valid remarks, If after reading all of the threads you still wish to buy a property, then good luck. If you wish to rent, I hope you find a property that is owned by a decent landlord that has a mortgage with a decent lender. I also feel you have a reasonable amount of knowledge on subjects and hope you can use this to gain what you want and at the same time spread that knowledge more positively to help yourself and others.

 

Kind regards,

 

Pigland

[chillinlong]

Has anyone else had their Mortgage express loans consolidated all of a sudden according to section d?

 

I am sure that this is not legal what has happened here. I am wondering of others experiences.

 

Thanks

[pigland]

Hi Chillinglong,

 

Have they done this to you?

 

 

PL

[chillinlong]

Hi Pigland,

 

Yes unfortunately. It seems like they have changed the rules further down the line all of a sudden, am trying to find out whether they can do this or not?

 

Thanks