house sold by Mortgage company at a loss

[joedachef]

Last February my house was sold by Paratus amc with a shortfall of 88k,plus a 2nd mortgage of 22k to welcome finance

It took a year for someone to contact me,I told them i couldn't pay as i was on pension credit and housing benefits

I am trying to make ends meet by being self employed market trader but i don't make much money

Lowel people have accepted £1 a month on a couple of loans and i have offered the same to other companies

 

The ones that worry me are the outstanding mortgage and 2nd mortgage DCM are now handling the case with paratus and are investigating the way in which i gave the house back,I originally told them i couldn't afford the payments in Jan 2013 and said i wanted to sell up and ask for 6 months to do this,they wrote back and said fine they would help all they could,but 2 weeks later they said they were going for repossession as the arrears were to high,so i gave it back and left in June

i have a valuation from an estate agent for between 220k and 230k as a selling price,and he said i would probably get between 210-215k,that would have cleared 95% of debts,they sold it for 158k

I told DCM i was not happy with the way they sold my house ,so a complaint is going through the system now,and also the mortgage i was sold through a broker 1-2-1 mortgages went bust, was misleading so i have to get in touch with FSA I think,to get compensation

 

 

I not heard from welcome but a 11k loan has gone up to 23k plus 88k =110k which i don't have

what to do,I went for a small loan for my business through SWIG,who give loans to small business who cant get loans the normal way from banks etc,but i feel they will not lend due to this.

 

sorry gone on a bit ,but thats roughly the facts

[citizenB]

Ouch, that was some loss they sold it at You can ask them for a breakdown of how the balance outstanding is made up and how they actually sold the property.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387500-Mortgage-shortfalls-Request-Breakdown-of-balance-owed-**Correct-as-at-October-2013*

 

Were there any charges or default penalties added to the original mortgage. Was there any Insurances that would have been of no benefit ?

 

I think you might mean the FOS for compensation as the FSA is no longer. The FCA is now the regulator, so if there were any breaches of the regulations, the FCA will look into those.

[joedachef]

I found this at a site,which applied to me at the time

"Self Certification mortgages

Were you asked to provide evidence of your income, for example, payslips or audited accounts that could prove your income?

If not, were you encouraged to take out what is known as a ‘Self Cert’ or ‘Fast Track’ mortgage, where you didn't need to prove your income?

These mortgage products paid far higher commissions and were very popular among some brokers for that very reason.

If this applied to you, your mortgage may have been mis-sold."

I was so mis-led