possession order on my house

[Guest TaffR]

I have attached a document above (safe I assure you) that you will really find interesting from many respects and angles and how they actually think of you...remember all they are doing, all the set up, systems (cradel to grave) and structures are all predetermined and created to protect the portfolio not you or I...we are just a commodity! Allowed and permitted by Treasury and FSA and CML! Oh...and the FOS to who you are advised to complain too (there is much you need to know in the complaints regard too and how this is so ineffectual and they know it) It can take up to 18 months to resolve...they lack investment and people!

 

Long before this timeframe....your living under waterloo bridge and have no faciltities to ever reverse their actions....actuall timeframes can be much quicker....courts rubber stamp these cases...it is like a manufacturing conveyor belt that is all.....the judges are (I promise I am not be disrespectful or sarcy...but these judges are no more than trained monkeys in these situations)! The 'lenders' (which they are not) know this!

[Guest TaffR]

I Just called GMAC. conversation went like this,

 

goodmorning sir, could i ask where your offices are based, that is the number I am calling now where in this world are you sitting,

 

answer, I am in derry. northern ireland at the moment,

 

me : is that a gmac call centre. and is that the gmac address,

 

answer: wait one moment i will get the gmac address,

 

10 second wait after which he gives me the padiham address.

 

me : ok sir what about this box no 12 skipton address.

 

answer: yes you may use that address as well to contact gmac thats fine.

 

me: thank you very much sir, have a good day.

 

I must say the guy was a bit stumped, he didnt know what in the world I was trying to get to. Anyway this is proof that they can not help you when you are in financial problems, as you are not actually speaking to gmac themself but some 3rd party that really doesnt care.

 

I will be composing a letter to my conservative mp, shortly. this is an issue to be discussed in the house of commons.

 

Derry = HML too.....

 

Now ask them if they (pretend you still think they are GMac) employ FSA Regulated/Authorised Mortgage Advisors...that is it...no more...now withojut which they cannot help you in this industry and that is proof again that they have never had any intentions too....can you see the Abbey structured in this way? The outsourcing by the way is not the problem or real issue here...it is the deceit behind their structures and the whole process from start to finish.

Edited May 13, 2008 by TaffR

[mactheknive]

taffr...re your reply to Olive......what can be "legally challanged"

mkt

[OLIVE.FAMILY]

In the not so distant future and when we are in a position to do so(about 6 months maybe), when we have got KMC to take of arrears fees and we have 6 consecutuive payments made we want to remortgage to get rid of KMC once and for all.

 

What you are saying is that basicly there is no point doing this as we are bad credit so we can only go to a sub prime. Our choice is stay put or rent(this is not really an option for us). Great there was me thinking that i can get rid of Kensington but if I do thenreally I will still be with the same peole just a different name.

[Guest TaffR]

Credit Crunch...the real reasons behind this...

 

Example...HSBC annouce £3.2 BILLION write off.

 

Inflation has gone up

Oil & Food prices up

People not spending

Mortgage rates go up

Portfolios (the losses) lose value as property prices go down

LTV = Loan to Ration Value (normally about 80% of the value of the property when accepted (remember the valuer coming around and taking photo's)?

The loan value now exceeds the property value (prob circa 150%)

Invesment in portfolio goes down and banks have to write off from their accounts the above for example.

 

It is NOT (and I really do hate this) adverse borrowers not paying their mortgage. They blame those they have already profited from. Actually, they are being priced out of their homes.

 

All these contracts are on LIBOR +.

 

LIBOR rate changes once a quarter (not like Bank of England Rates).

 

LIBOR rate is used for banks to make loan to other banks.

 

As the portfolios get devalued and property prices lose equity they will now not lend to each other to invest in this market.

 

Gordon Brown meeting with high street lenders and CML/FSA managers only to advise the public that 'they' wont reduce interest rates (B of E) for borrowers is only pertinent to prime borrowing (High St Banks etc) and cannot have any effect on subprime borrowers.

 

A lie, being misled, SPIN!! Labour are the authors of this.

 

They have no influence really on LIBOR rates other than input £50b into the finance industry to stimulate (naive) the markets again only to find the 'lenders' are firstly writing off billiions of losses (no investment monies left), property prices still decreasing (no incentive to buy portfolios) and thousands in this market being made redundant to make up losses.

 

Hope this helps.

 

Regards,

 

Taff R

[Guest TaffR]

I will try to answer these questions as best I as I know. I am not an economist or a journalist in any sense of the words.

 

The devil is always in the detail.

 

I am not writing any of this to rile anyone up, upset anyone, make anyone more angry than they are, I promise. But feel the jigsaw must drop into place first so that the right fight is taken up otherwise, I feel, some will be fighting the wrong fight and losing.

 

Please don't shoot the messenger:)

 

A new strategic approach is needed and we need to stop this reoccuring and we need to (as hard as it is) take the emotion out of this as this initeslf plays into their hands. You can get angry or even but continue to believe in yourself and stay positive and take control of the situation and take the controls away from them, bit by bit!

 

In regard to remaining with KMC (and I am no financial advisor), I think you are now in the same situation as everyone else in both the prime and sub prime market and people cannot sell their properties today without financial loss. So this is not the right time anyway but certainly not to leave the subprime 'lender'.

 

Most of these products have been taken off the market now anyway. Taking out another subprime loan doesnt make any sense either unless you about to lose your home and you find a broker who can get you another 'loan' to save the home.

 

If you have the option to stay put then that is what I would do and fix my credit as quickly as possible. If you have the ability and facility to overpay your mortgage and reduce the capitial then do this too.

 

It is ironic, that they sell to the adverse with CCJs for example and early settlement fees are for average 3 years when they know it can take up to 6 years for the CCJ to be removed from your file.

 

It is going to be tough year or 2.

 

These changes in the industry have to come from the top...media, politicians can help that today.

 

One aspect (once all this has been proved via BBC etc) is to get the early resesstlement fees taken away via Government intevention (as they keep 'spinning' they are doing everything the can to keep people in their homes) and allow people to downsize, go into rental accommodation, move in with family etc and fix their own credit and get back controls on managing their own financial affairs again and get out of these restrictive mortgages and processes that you feel you were deceived into entering into.

 

It is better to make a mitigated losses now so when the good times come again, you can get back on the property ladder. At the moment they have a total (and in my mind) unfair strangle hold on you that can only benefit them

 

Sorry, just my thoughts that is all. No shame in doing the above but it will provide people with a new sense of freedom and self control on their own desitinies and choices in the future.

 

For new people thinking of entering into this market.... SHOUT...STOP!!!

 

Taff R

Edited May 13, 2008 by TaffR

[Guest TaffR]

Here some ideas (and I will jot these down as they occure to me but could also be ill thought out and silly)...

 

Write to the HM Treasury. Ask them (under the freedom of information act which they must comply with) for all the consultation documents and a list of those involved in the consultation towards the formation of the FSA, and include all commercial/private entities.

 

I have done this and they sent me a mountain of paperwork.

 

In this it tells you the real influence these commercial practices have had on the regulations. The sheer volume (at this time) of these requests will indundate them and show that 'something' bad is happening out there. The people are revolting (as they think we are anway) and there is unrest out there.....

 

Write to the FSA and assk them what the conditions are for companies to be authorised as 'lenders' (as we know this is only to provide the public confidence and how the heck can an spv (who does not lend or advance loans and is only a shell company that cannot emploty people) be a lender?

 

Bombard the Torys....make it known that this is Gordon Browns baby...in this political climate (and if there are enough (10+) writing every 2 weeks complaining of this market...then they will sit up and listen.

 

Write now to your 'lender' (grrr)...ask before any problems occur...that you demand to know IF and I mean IF there were a problem what facilities, possible solutions can they provide...and mention:

 

Can you:

 

extend the morgage (remember this is a form of lending)

capitilise the mortgage (as above)

provide holiday periods (as above)

Except reduced payments for a period and if so what period?

Any other?

 

Inundate them with letters....demanding to know....when they reply with answers such as "refer to your mortgage contract" then dont accept this?

 

Ask them what thier repossession rates have been over the last 3 years?

 

Ask them how the portfolio is doing in regard to value and return on investment and how much risk your mortgage is in considering the climate and the bankruptcy occuring in the financial markets.

 

When I say ask...I mean demand and if your not happy with the answers (lack of detail etc) then keep going back to them....tie thier time up with you....when they are keepiong their attention on you with these letters they are not handling or concentrating on thier every day jons of chasing people with shortfalls?

 

Results, before going to court they will find it harder to defend thier actions.

 

Just some thoughts... (it works by the way)!

 

Go to the fsa site and look up your lender...you can search their databases...here it normally provides the contact persons name, the parent company, thier telephone/fax number and email address...inundate (but dont be a pain) directly.

 

When I say write...fax if you can...it makes it faster and they have less time to answer.

 

Give them 3 days and write/fax again chasing answers.

 

TaffR

Edited May 13, 2008 by TaffR

[Guest TaffR]

sorry about the typos!

[Guest TaffR]

Write to HMCS (her majesty court services) and ask them that you want to know what the repossession rates or applications for repossessions are for your lender.....demand to know. The latter they should/will know.

 

Write to the CML and ask why these FSA authorised 'lenders' Grrr! are not CML members and ask if they actually account for all these SPV repossessions (the answer by the way is NO but they will tell differently)

 

Taff R

[Guest TaffR]

get your local paper involved and CAB....specifically during this climate today....local papers have a lot of influence on the national media and papers....they pick up stories of interest via special software they have between them...local papers hate their own communities being treated with such distain and for councils/charities picking up the bill....all this breaks up community relationships and spirit.

 

Demand to know from them why these spvs were set up like this...why you feel duped into thinking these and others were traditional mortgage companies and then you find they cannot help.

 

By doing somethings positive like this can be cathargic and make a real difference to you and others and all of us here will have the feel good spirit between us too....

 

Sorry, just trying to help. I am actually very upset going through reading these threads....multiply this by another 5000 people per month then the stories just get worse.

 

Taff R

Edited May 13, 2008 by TaffR

[Guest TaffR]

I'll shut up now.

 

[Guest TaffR]

Oh...and get as many people you can or know to subscribe to this thread...prime borrowers as well.

 

Most people do not know the extent that their savings have been used to purchase these subprime loans by their high street banks etc.

 

They do it by the backdoor with no accountability...they will be outraged...for example...

 

Brittiania Building are one of the biggest investors...they also own platfrom mortgages, Western Mortgages (Money Centre, Plymouth and by the way stay away from any organisation with this address...it cant be good) and Mortgage Agency no 1, 2, 3 5 and 6 and so on....all SPV's.

 

Taff R

[Guest TaffR]

Following the last attachment...Day 90 onwards...however...they can't help...all calls are outbound in their timeframes...never returning calls...as they cannot help...regardless of their typical timeframes....missed payment to eviction can take less than 100 days.

 

Honestly, I am trying my very best to help....and to join all the dots.

 

You (we) never stood a chance but we can fight back and make a difference!

 

Regards,

 

Taff R

Sample HML arrears management timeline.doc

Sample HML LITIGATION management timeline.doc

[Guest TaffR]

you really do not want to see the next stages:(

 

They say...that it takes approximatly 5 months to sell the property.

 

TaffR

[OLIVE.FAMILY]

WOW this is good stuff. This is all helping me understand more of who I am fighting. Basicly It is the hole sub prime market and not just KMC. I like that. Thanyou x

[Guest Legallychallenged]

It all makes it clear that people have been conned and duped by these so called clever people who saw a quick buck to be made. Now we are all suffering thru large chunks of their investments in the subprime market having to be written off! Government bail outs with tax payers money! I understand the securitisation of credit cards, loans etc. But peoples property?? They are preying on peoples dearest wish....to own a home!! we have to make this public knowledge and STOP this in the future!! Wipe them all off the planet I say!!

[Guest TaffR]

Study, digest, think attitudes, think predetermined, think orginal set up and what they had in mind for you when then they accepted your mortgage, get mad, calm down, get even. Intelligent debate...or power of the general public...is this really acceptable in 'our' society?

 

Please see 3rd and last installment of the timeframes involved and then divide by 50% in todays market and desperation.

Sample HML arrears management timeline.doc

Sample HML LITIGATION management timeline.doc

Sample HML arrears possession process timeline (2).doc

[Guest TaffR]

sub prime....the phrase was derived from the less than better cuts from meat...!!!

 

Makes you wonder how they perceive us, lure, profit and accuse.

 

I do not know anyone who will not have a problem with a mortgage payment due to 'life' concequences....I know that the Treasury (labour government) spun that we can get more people owning their homes...as if these 'lenders' Grrrr!! are doing the government a favour. In one way they were but more significantly 'lining their pockets' by lying to you and I.

 

My thinking is that if you are going to lend to the 'adverse' and there are 5 different levels of this...then they need MORE protection and not less:(

 

The whole aim (spin) was to help those with adverse credit get back on track....what a load of BS! There is absolutly nothing about this that accomplishes this. None of it stacks up!! SPIN!!! Actually, it makes them worse off.

 

Unacceptable in todays UK society.

 

There are now 1000%+ more people with CCJ's today than ever before....not all are 'subprime' human beings. They cannot have it both ways!

 

There are more and more (reality check folks) 40+ getting made redundant today than ever before and using their redundancy money to start new businesses. Sadly, these people are not entrepneurs and 80% of all new businesses fail in the first 12 months....they have expanded their business with teaser rates to the weak and vulnarable, with equity in their properties and taken real and moral advantage.

 

We have been highjacked.

 

Taff R

Edited May 13, 2008 by TaffR

[Guest TaffR]

Interesting link....

 

The UK Mortgage Forum Mortgage Complaints Mortgages Remortgages County Courts Repossessions Eviction - Did the Halifax kill Mr Ian Beech?

 

Spread the word as far a field as you can.

 

Taff R

[Guest TaffR]

Look around this forum....then mulitply it by 5000+...CML repossessions do not include subprime (SPV's)

 

 

Hello Nellie

i found myself in a similar position last year, well nov 5005 up until april 21st 2006.

I was with gmac, they took us to court, i didnt know that i could put the house up for sale because they had gone for repossesion and therefor when in court (with a horrible judge) he said that "we had done nothing to eliviate the problem ie putting the house up for sale" and then gave them gmac 28 day order.

I tried to explain that i didnt know if i could put the house up for sale as they gmac had put in for a repossesion, he wasnt impressed.

 

But i went back to court and asked for an extension, this time a good judge see that we had done eveything we could in order to sell the property and explained that he was aware of the financial/medical situation, and stated

to the solicitor who basically just wanted our keys:

"are you trying to tell me (the judge) that a mortgage company are in a better position to sell a property than and estate agent"

I had brought proof into court that the property was up for sale with an estate agent.

I offered to pay a sum whilst this was all going through from my DLA and wifes Carers Allowence, this was no-where near the amount of the mortgage, although this was hard for the time it did give us a bit of time to play with.

He worked out some figure and see like you there was about 30k left in the house and decided to give us another 2/3 months in order to sell the property.

I want to add, here also, that this time he gave us was not for completion, this was basically to show that yes someone was interested in it and that they had a mortgage sorted out, and things were progressing, it just so happened that the property was sold within the time frame, and things did eventually work out.

 

Although now in rented property (it isnt as nice) but ive got gmac off my back and im now going after them for the early redemption.

 

I hope this is of some use to you?

[Guest TaffR]

servicing the debt...HML and others: A recent research paper (secret)....

 

as of 01 April 2008

 

Make-up of servicing in the UK

Servicing in the UK is carried out either by the mortgage originator, or a third-party

vendor, with prime mortgage lenders usually servicing their own portfolios and the UK

non-conforming lenders normally using an outsourced third-party servicer. The

perception among some investors is that an in-house servicer has a greater incentive to

service most effectively, especially if the lender has a vested interest, for example,

holding the equity piece from a securitised transaction. However, third-party servicers

offer cost efficiencies through economies of scale and expertise, and as the servicing

role is their primary source of revenue, it is in their best interests to ensure they provide

the best possible servicing facility. Third-party servicers are more prevalent in the UK

non-conforming sector largely owing to their use of expertise and cost synergies.

The process of servicing is commonly broken up into three main areas, termed Primary,

Special and Master servicing. Rating agencies assign servicer ratings based on these broad

categories. Our discussions with servicers highlighted that there can be some confusion, or

variation, between definitions of these functions, particularly when primary servicing

becomes special. Furthermore, these definitions may differ between rating agencies.

Edited May 13, 2008 by TaffR

[Guest TaffR]

Servicers are playing a vital role in today’s mortgage market as headline risk continues to

cause palpitations in the financial markets. They are a borrower’s first point of contact if

they enter financial difficulty, or have an account query and therefore, their role and

expertise has a direct impact on the level of arrears and losses seen in the wider mortgage

market and hence, securitised transactions. We are therefore surprised by the lack of

attention and commentary on servicing over the previous few years, particularly given

servicers’ granular impact. We advise investors to look closely at the servicing arrangements

in transactions in addition to vital pool characteristics, when assessing trading

opportunities, due to the significant impact that can be had on arrears and loss mitigation.

[Guest TaffR]

Recently, with continued problems in the credit markets, and commentary on loan

modifications for borrowers in arrears taking centre stage, market counterparties are

watching intently the impact of US government proposals on the servicing industry in

the US and if (and how) they may play a role in the UK.

[Guest TaffR]

A number of industry and press reports have highlighted the potential for arrears to

increase, particularly in the UK non-conforming sector, as the withdrawal of mortgage

products has meant that refinancing options have become limited or unviable as interest

rates are likely to be higher than in their current deals potentially resulting in a “payment

shock”. An example of the scale of withdrawal of products was highlighted by Moneyfacts

recently – it estimated total deals available to homebuyers last July at 15,599 versus only

5,785 products currently available. The potential for “payment shocks” has caused investors

and regulators to worry that this may lead to an increase in arrears and then losses,

accelerating any downturn in the UK housing market. Given the roles servicers play on the

“front line”, we review the various measures they are considering to help borrowers.

We initially discuss the roles and make-up of the servicing industry in the UK, with

particular focus on the non-conforming sector, where borrowers are most at risk. We

canvass further opinions from three significant players in the servicing industry to

gauge their opinion of the market from a granular level 1, and provide details on

Capstone’s proposed new servicing strategy.

[Guest TaffR]

Commonly, the definitions are:2

Primary servicing: Responsible for the day-to-day administration of mortgage

loans, from collections to every-day queries.

Special servicing: Manages mortgage loans that are in arrears, or in default,

encompassing legal actions and foreclosure procedures.

Master servicing: Does not have direct borrower contact but monitors the performance

of the primary and special servicer and ensures that accurate reporting and service level

agreements are upheld. Master servicing is also required to manage the process in the

event of termination of one of the primary or special servicers.