B+B Mortgage shortfall sold to mortgage express now DCA Chasing.

[twofoot]

At the end of the day when it is sold and they take you to court for the shortfall you'll have a case that the shortfall is more than it should be due to their own stubbornness. I would think a judge would be on your side. I certainly would not be signing any form that makes me totally liable and would be telling them as much. Signing would give them a blank cheque.

[confusedbunny]

they say that if i dont sign they are not giving consent and will not put it in writing,

they say they are going to write and say that i did not return the form

so my 'application at shortfall' cannot be processed!

 

 

they are not going to say i refused to complete and sign!

 

 

what do i write in my formal complaint letter?

 

 

what are my reasons for refusing to sign their 'form'? HELP!

 

the facts are:

 

1. i have given them proof that i have obtained the best price possible.

 

2. i have given them proof of a potential buyer and their offer.

 

3. i have told them in writing i am NOT signing their 'form' and make their decision based on point 1 & 2!

 

should i write this in a letter AGAIN! but as a complaint as they are refusing 'to make a decision' until i sign what they want!

[BRIGADIER2JCS]

Personally I think as the DJ advised you to go

for an order for sale because he could see the

intransigence of the other side, just in the way

you are seeing it now.

I would humbly suggest that you seek legal advice

locally, go armed with all the paperwork, notes

of the telephone calls especially the refusal to

put their statement in writing, and what amounts

to threatening language regarding what will happen

if you don't sign the form.

You must protect yourself as much as you can.

As good and reasonable the advice given here it

cannot be a complete substitute to first hand qualified

advice.

 

Brig.

[confusedbunny]

Does anyone know the timescales as to how long a mortgage company has to respond to a formal complaint? are there any templates on here that can help me with this letter? Any help is greatly appreciated....

[confusedbunny]

ok, i have written the formal complaint and given them 7 days to make their decision based on me not signing "their" form....if they ask me for my own I & E form, shall i submit it?

 

If they decline to allow the sale to proceed what do i do next? I have a 56 day suspension of the possession order (for the 2nd time!!), shall i just let them have repossession one they request a bailiff warrant? my worry is that both will take approx another 2 months, inturn, my costs are just rising!! I am so scared.........(:

[Ell-enn]

From what I can see they are asking you to make proposals for payment of a shortfall debt the amount of which has not yet been established. Why on earth would anyone sign to acknowledge a debt where they do not know the true figure? I certainly wouldn't.

 

If your sale falls through and the property is repossessed and later sold/auctioned at a lower figure then they are culpable due to their delaying tactics. In that case they would have to take you to court for the shortfall and you would then defend the figure they state is the shortfall. I'm pretty sure a judge would not look favourably on their case as there was every opportunity for the property to be sold at a higher price.

 

The two options are - let them repossess and then challenge the shortfall; or apply for an order for sale - not an easy choice and one only you can make. Personally I would let them repossess and then challenge the shortfall and any costs they add as being unneccessary, but as I said - it is a decision only you can make.

 

Whatever way you decide to go, you know you will get the support of all of us on here

[confusedbunny]

i just do not see the logic in the 'form', only negative for me in the sense of acknowledging the debt and divulging my every financial details! its pointless giving I & E info, as this could change and the debt would have to be final then dealt with via the courts once i have challenged the shortfall figure, right? it just seems like they are jumping the gun as their main interest is my possible other assets info!

[BRIGADIER2JCS]

I think you are right, they are

certainly not I think interested in

your day to day finances but are

eyeing up and major assets you may

have.

[confusedbunny]

i think the same too now!

[gezwee]

i think the same too now!

 

Ditto

 

Keep written records of everything from now on in..........., secured [mortgaged terms] have a shelf life of 12 years!!

 

Gez

[confusedbunny]

please dont remind me! (:

[gezwee]

You'll do just fine, I have a feeling there's a consent on the horizon....... it may seem an expensive option but if a consent order appears at any stage try to raise a little cash to have it checked over by a good consumer law specialist. A draft consent is a first test of your resolve and can be amended by applicant if you force any issues within. Oh and [assuming my gut feelings are correct], make sure its sealed by the court, a consent or Tomlin can be presented by the claimant prior to sealing...... its cheaper for them if you agree prior to filing.

 

Gez

[confusedbunny]

Oh i see, thanks for the thumbs up on that info!

i hope you are right!

I assumed they would just give a one paragrapgh response to my solicitor to proceed with the existing buyer-but now i see, there will probally be strings attached! Hmmm.......

 

I am still debating over whether to hand the keys back to them before the suspended possession order expires or wait till it does the do not try to stop it when they obtain a warrant.....the latter means i will incur more costs onto my already large bill and as if they fail to give consent then maybe i am delaying the inevitable! saying that, even if i hand the keys back now or when they get a warrant they can keep the property for however long they wish and charge me until it sells right? I have heard horror stories on here, where they leave it empty for six months etc!!

 

when i asked them verbally a few months ago if i had paid a HLC, they informed me-NO!!

I was suspicious and asked them to verify this is writing..

...a few weeks later, i get a letter to say indeed i did!!

 

 

I asked if they had purchased insurance and they said they are unable to tell me this and to ask my IFA??

My IFA dug out my original mortgage offer and it says i didnt pay a HLC??

I am not sure why all these are conflicting..

....sorry, i raise another issue here but thought it might have relevance!

 

 

i realise that whether they did or did not get insurance it does not help me as ultimately it is my debt but i am just confused and want this nightmare over with!

[BRIGADIER2JCS]

You need I think to write to them

and put them to strict proof on the HLC.

Get the answer in writing either way.

Brig.

[confusedbunny]

I was told today i will recieve a response to my formal complaint next week (i have recieved an acknowledgement letter!)... i am just so worried as to how much my debt is going to be if they do not give consent! Do i just let the 56 day order run out at the end of october, then wait a further 6 weeks for a warrant to be issued and let them take it?

[BRIGADIER2JCS]

Wait for the response to the

complaint before deciding anything,

anything we can advise at this point

would just be speculation.

 

Brig.

[confusedbunny]

Update-I have recieved a response to my formal complaint and they still say they refuse to allow this sale to proceed at shortfall unless i complete their "form"-even then its not guaranteed to allow me to sell.........part of the letter states:

 

"An agreement to a sale at shortfall would leave us with an unsecured debt outstanding that is repayable in full".........they go on to say that their internal complaints procedure is exhausted and i would need to write to the Financial Ombudsmen within six month should i feel the need..........

 

My 56 day order expires at the end of October 2011, my question is what shall i do from here?.....Surely, its going to be an unsecure debt whether or not they consent to let me sell it and i have obtained the best price and have a buyer ready to complete on the purchase?...

[BRIGADIER2JCS]

Not my field so:bump::bump:

[gezwee]

I think you have an answer to their intent in their response [unsecured debt]

 

Hard to see what benefit completing their forms would hold for you, if nothing else they appear to be asking you to discharge their responsibility and agree to meet any shortfall at your detriment.

 

Ask them outright if they have any possible shortfall 'solutions' they'd like to table so that you can further consider the significance of the forms previously presented.

 

Gez

[confusedbunny]

Thanks for your response. You say ask them about "possible shortfall solutions", what do you mean? Like, their "intentions" to recover the outstanding debt?

[gezwee]

Hiya

 

Yep, exactly that......... find out their true intent, do they want table a regulated agreement to meet shortfall, are they after a charge on second property? - Their solution would not necessarily be yours but it may open the way to a little negotiation.

 

I can understand that your concerns are immediate re: order for sale, but I'd be looking to consider all options, apparent or not.

 

Gez

[confusedbunny]

I assumed proposals to pay and solutions would be dealt with after the sale as gone through via whatever means

i.e. by me finding a buyer (with a shortfall) or them selling at auction (with a shortfall)..

 

 

...its all going to be verbal now as they said they are not writing to me no more as this is there final decision.

 

 

...if i complete the "form" i just do not see what benefit it would have for me,

other than them having all my financial details and then possible could cause me problems when the property is sold and i have to deal with the shortfall dispute..........

[gezwee]

Its just bullying, you can't complete the forms without knowing their true purpose. If they won't disclose their purpose then logically you're not in a position to complete them.

 

If you put the question to them now and they decline to answer that's their problem. You're not agreeing to anything, just putting them on the spot. The worst that can happen is that they confirm what you, I, and everyone else reading this thread is thinking.

 

Out of interest, how much is the shortfall looking to be [assuming it went at today's market value]?

 

Gez

[confusedbunny]

the shortfall is approx £45k including arrears and their legal costs!

 

 

i can not commit to any payment plan as if i had surplus i would try and keep the house and use that same money to pay off arrears

 

 

i simply cannot and do not see the purpose of the form. if it goes to auction they will get alot less than what i have achieved and resulting in an even higher debt for me!

 

p.s. is there a difference in negative equity figure and arrears amount due to date, combined does that equal the shortfall?

 

 

i ask this because when i was in court last the DJ said to there solicitor that effectively i owe the negative equity difference and advised them to take the current buyer money and cut there losses! the DJ didnt include my arrears figure!

[gezwee]

That's kind of made my mind up regarding their intent...... shortfall of that value would preclude CCA regulated agreement so I think they are looking for any possible security they can go after.

 

The outstanding mortgage would include the arrears total anyway which would equal the neg equity at sale.

 

Gez