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

[confusedbunny]

yes, i agree with there intention. as my payment proposals on the form wil be NIL and they already know this! i think they are forcing my hand to complete the form to see what assets i have. they have forced me into a corner now, what can i do?

[gezwee]

As i see it you have 3 choices, either;

 

1. Ignore

2. Send them a letter asking them to confirm the purpose of the forms.

3. Complete the forms.

 

Personally, I wouldnt consider 3 without sending 2 ....... and then I still wouldnt consider 3

 

You need to consider whether you want to attend the next hearing armed with the evidence that you have tried to enter correspondence with the other side or........... attend and find that they try to paint a picture of you as the party ignoring all efforts to 'assist' you.

 

 

Gez

[confusedbunny]

yes. they are portraying it like they aqe trying to assist me and i am making it 'difficult'! i just think no1 would be best as it would put me in a better position when i dispute the even larger shortfall which is inevitable when they put it in auction or whateva they decide! i have given them ample to take the better price i achieved!

[gezwee]

It's what they do unfortunately, if they can guide the judge to form an opinion of you they will.

 

I've often been advised that you need to be seen to be acting on any new issues or correspondence, if you raise an issue during a hearing the judge will ask what you have done to resolve, If your only response is 'nothing your honour, I ignored it' it won't do you any favours. I don't mean to sound harsh but it can and does happen to LiPs time and again.

 

Sending them a letter does not mean that you are prepared to complete the forms............ but, when asked in court, you can at least state that you have tried to negotiate the possibility of sale to the benefit of the claimant but they have remained obstructive and lacked candour in responding to your reasonable requests.

 

Gez

[confusedbunny]

Thanks for that. Funny you mention this as they are portraying me as being "non-compliant" by not completing the form and say the form is the only option to move forward......what do you suggest i write back? (for the benefit of any judge in the future to see)...

[gezwee]

That'd be about right........ 'We've done everything we can to assist but the respondent has rejected all offers' - can see it coming a mile away when they start lumping costs on

 

How about something along the lines of:

 

Dear desk jockey

 

Your reference................

 

**Text removed at confusedbunnys request **

 

Hi Confused...... don't forget, anyone previously subscribed will have a copy in their e-mail account so will be able refer back if you have any need for further input.

 

Gez

Edited September 24, 2011 by gezwee
Text removed at OP's request

[confusedbunny]

Thank you for that guidance-I will PM you now. Ultimately, the property will have to be sold via whateva method, how can i request that i stay in the property until it is sold/sale completed? (would that request be done via the court?)

[gezwee]

Hi

 

It's really for your protection in any future action, mitigating costs to a bear minimum when they come back for more. Won't matter what you do for the short term, the 'machine' will carry on pretty much uninterrupted. My thinking is a little more in the direction of managing your exposure to costs further down the line.

 

Not sure about staying in the property, think that would be at consent of parties and require an extended suspension? Maybe try a PM to Ell-enn for a bit more input on here.

 

Gez

[confusedbunny]

That'd be about right........ 'We've done everything we can to assist but the respondent has rejected all offers' - can see it coming a mile away when they start lumping costs on

 

How about something along the lines of:

 

Dear desk jockey

 

Your reference................

 

**Text removed at confusedbunnys request **

 

Hi Confused...... don't forget, anyone previously subscribed will have a copy in their e-mail account so will be able refer back if you have any need for further input.

 

Gez

 

Sorry, can you clarify what you mean by this paragraph....."In order for both parties to find a way forward, I once again request your written confirmation detailing your decision process for presentation of forms received at [date]....."

 

Hi

 

It's really for your protection in any future action, mitigating costs to a bear minimum when they come back for more. Won't matter what you do for the short term, the 'machine' will carry on pretty much uninterrupted. My thinking is a little more in the direction of managing your exposure to costs further down the line.

 

Not sure about staying in the property, think that would be at consent of parties and require an extended suspension? Maybe try a PM to Ell-enn for a bit more input on here.

 

Gez

 

Yes, the mounting costs are worrying me.....ok, i will PM message Ell-enn now........

[gezwee]

You have sourced a buyer at market value, they have rejected the offer, ergo; you are acting in the interest of all concerned parties.

 

They on the other hand, have presented you with forms for completion which have no bearing on the offer. It may be their company policy but it certainly can't be tortious upon you to complete an unknown form without first making enquiries as to their purpose or effect on the current offer.

 

If they decline to respond, how can you be expected to make a fair and balanced decision?

 

Highly probable that they won't respond, but that would then leave the onus on them to present a case for shortfall to court at a future date with no justification for their current refusal to enter into dialogue on a proposed sale.

 

Gez

[confusedbunny]

can i ask them in the letter also their "intentions" with the property once they gain full possession?

i.e. whether they are going to put it in auction, re-let it? or put it back on the open market? (or is that question meaningless....)..

 

 

.i was thinking this would be open for negotiating for me to occupy the property whilst they dispose of the house via whateva means (as its currently empty/unoccupied, and vulnerable to squatters and deterioration).....

 

Oh yes, i see! thanks for the clarification!

[gezwee]

Would certainly do no harm to make mention of the possible deterioration, up to the point of possession both parties continue to share an interest. As for their intention post possession, it's in your interest to know and will add weight to any future defence, so once again, does no harm to ask......nothing ventured, nothing gained

 

Gez

[confusedbunny]

Yes, i agree. I will add this to the letter.......

 

I will send the letter to them this week and update you with any response (if any!), thanks again to you all for your support........

[confusedbunny]

here an update!

 

 

surprising they responded saying..

.."we are unable to possibly consider consent to the sale at shortfall as you have not returned a signed application form..

 

 

..we operate strict guidelines and unfortunately the fact we do not have signed form from you, this does not meet our requirements for a shortfall sale...."

 

they havent mentioned anything about the FOS nor my proposals for alternative negotiations nor the intentions for the property pre & post repossession.

 

any thoughts/advice on way forward?suspend possession order expires soon....

[gezwee]

What application form? Are they implying the I&E is an application to sell at shortfall?

 

Gez

[confusedbunny]

No, the one i have refused to sing "sell at shortfall application form"..

..its part i&e and part about other assets and how i propose to pay to pay off shortfall when it occurs etc...

 

 

....i dont think they are interested in my i&e at the moment to be honest,

 

 

i think its the about getting my signature acknowledging the shortfall and info about my assets to be honest!

[gezwee]

Personally, I'd sign nothing regarding liability.......... it still comes down to them to prove it in the future.

 

Ask them if they have a better offer tabled at this time and expectation at sale

 

Honestly think the possesion order will go through no matter what you do, so its still a question of mitigating your exposure at a later date.

 

Gez

[confusedbunny]

I agree, I definately am not signing it!

 

 

they did not acknowledge that part of my letter asking them for the intentions for the property after repossession or even alternatives to the form in question...

 

 

.i think i have exhausted all avenues and they are not working with me (although they will argue that i am being the difficult one) but i have copy of letter last week asking to them to work together and suggesting alternatives to the form...

 

 

...what shall i do?

Edited October 4, 2011 by confusedbunny

[gezwee]

Hiya

 

I got your original post prior, 'mitigating exposure' just another way of saying minimising your risk against any future claim....... this may or may not be weighted against your actions now.

 

If they have failed to answer your questions in full, ask them again..... and keep asking until the greedy fecks get off the fence and show candour in their response.

 

You know and I know they want an easy 'get out' clause to shortfall liability, with option to secure against other asset. Play them to repossession and use it against them in any future action.

 

Gez

[confusedbunny]

ok, so shall i write back saying they have failed to respond to my question regarding intentions for the property and as far as alternatives they state in their letter:

 

...."we are unable to possibly consider consent to the sale at shortfall as you have not returned a signed application form....we operate strict guidelines and unfortunately the fact we do not have signed form from you, this does not meet our requirements for a shortfall sale...."

 

are they saying that the form is the ONLY way? Rubbish!

[gezwee]

Hi Cb

 

Ask them to send the application form with guidance notes for each section, clearly the only form they have sent you is an I&E [not an application form] so you would need sight of correct form for consideration

 

Gez

[confusedbunny]

Yes, i will indeed ask for guidance notes! shall i say "it seems to be an i&e form and not an application form!" or is that irrelevant?....... I will keep you informed. thank you

 

should i add anything else to the letter e.g. they failed to offer alternatives other than this "form" and failed to clarify heir intentions for the property once its repossessed? (are they legally obligated to answer the latter to me once they take possession?

[gezwee]

Hi Cb

 

You reply with whatever appears correct............ if it appears to be nothing more than an I&E, tell them.......everything that casts doubt or question in your mind is relevant. If it does not appear to be an application form outline your reasons for same.

 

Can't imagine there is any legal obligation for them to respond but you have to question whether their actions are 'fair'

 

Gez

[confusedbunny]

i will write to them and keep you informed,

 

how i see it is i do not see the relevance of my CURRENT financial situation pre-repossession and how that would 'assist' in them considering selling at shortfall as my circumstances may change when it comes to being chased for the shortfall (which i wil be challenging as we have lnow lost current buyer i found!)

 

once i go bk to court to dispute the shortfall i would have to submit an updated i&e form!

 

it seems they are jumping the gun and wanting to know about assets and for me to acknowledge debt!

 

 

shall i state this in the letter too?

 

p.s. i meant 'latter' in my other msg, meaning, do they have a legal obligation to inform me of their intentions for the disposal intentions for the house when its repossessed? i ask this, as the property is current empty and at risk of detoriation and vandalism the last 6 months and i may need to live back there while they sell it if i can persuade the court to allow me! doubt it though!

[citizenB]

The way I see it, is that until you know exactly what the shortfall will amount to, you cant say one way or the other how you will fund it. Who knows.. the market might pick up tomorrow and any sale whether by your own hand or theirs might pay off the whole amount.. a fantasy, I know.. but it remains that until you know then there is little point in you completing any forms just to pander to their power trip.

 

Sorry to hear the sale fell through.. was it because of the prevarication by these plonkers?