Mortgage express - urgent assistance needed

[columbo2000]

Hello all,

 

I have been reading posts over the last few weeks, trying to get as much info, not to mention the strenght to face my financial worries. I am in dire need of assistance - I do not know what to do and just hoping I can get some help from CAG.

 

To cut a long story short, I have a mortgage with Mortgage express. I am have missed some payments and currently have approx £12000 in arrears. I have recently received a letter from them. I should mention this is a buy to let property and tenants have moved in. I could not afford to pay the mortgage on a single salary and a buy to let at the time seemed like a good idea......

 

I am trying to scan the letter.......

[columbo2000]

ok - managed to scan but not sure how to post a copy of the mentioned letter on this forum.

 

Can anyone please help with this??

[cat100]

Think you have to have 5 posts before you can do that?

[OLIVE.FAMILY]

Hi there columbo2000. Welcome to CAG dont worry you have come to the right place. We are all here to help and we have all had experience in some shape or form.

Is the letter saying if you do not pay then they will take action???

 

You need to goto photobucket(google search it)scan the picture into that and then in the control panel(where all your details are) add it as an attachment. Sorry really rubbish at expalining technical stuff.

 

Olives xx

[columbo2000]

I am not able to upload the letter received. I have no idea how to do this. I thought I could do it via photobucket.... Anyway the letter reads:

 

Dear xxxx xxxxxxxx

Account Number: xxxxxxxxxxxx

Property address: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Because you are in arrears you have defaulted on the terms and conditions of your mortgage agreement. You are £xxxxx.xx in arrears.

We have appointed a Law of Property Act (LPA) Receiver for the property. The LPA Receiver charges a standard fee of £1000.00. This fee will be added to your mortgage debt.

Now that the LPA has been appointed they will manage the property. Control may not be handed back to you , even if the arrears are paid. The LPA Receiver will contact you.

The LPA Receiver will arrange for an inspection of the property. If any urgent repairs are necessary the LPA receiver will arrange them. The cost of any repairs, and any associated costs, will be added to your mortgage debt. The LPA Receiver will also assess if any gas appliances need servicing and appoint a suitable contractor. Again the cost will be added to your mortgage debt.

I must advise you we will charge £30.00 adminstration costs each month your account is in arrears. This amount will be added to your mortgage debt.

I must also advise you that your credit rating has already been affected because your account is in arrears. This may restrict you from obtaining credit in the future.

If you have need to discuss this letter please phone me on ........

Yours sincerely

Customer Service.

Can I please please please have some advise on what to do....

[columbo2000]

Thank you CAT100 & Olives.....

 

I have only just seen your offers of help.....much appreciated.

[cat100]

Who is the mortgage lender?

[columbo2000]

Who is the mortgage lender?

 

 

Mortgage Express.

[columbo2000]

Can anyone please offer some advice. I really am desperate and do not know what to do nor do I really understand the letter.

 

please help...

[gizmo111]

Is the rent from the tenants covering the mortgage? If so why have you not been paying the mortgage. are there special circumstances? When did you last pay?

Can you afford to pay the arrears?

Have you got the gas and electrical safety certs?

Which bit of the letter are you struggling with?

[caro]

In case you aren't clear what an LPA Receiver, this information may help. Powers of an LPA Receiver

 

Did you receive any correspondence before about your arrears telling you this might happen?

[Tawnyowl]

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/157969-mortgage-express-arrears-help.html#post1737724

Something similar with ME .They seem to like appointing the LPAs A lot of arrears 12 thousand if Ive read properly.Maybe best to have serious think about this.Do hope things work out for you but certainly going to build up so many costs for you.Gizmo 111 questions good have you certificates etc and after sept 29th new cert showing house upto standards insulation etc if tenant moved in then.Tawnyowl

[nuke em]

i have had quite a lot of experience with LPA receivers , basically it works like this (in real life)

 

under the LPA Act the lender can appoint someone to essentially "repossess the property on behalf on the lender"

 

This means they have "repossession" of the property WITHOUT going to court. On a buy to let, The LPA receivers will continue to collect rent on a valid AST tenancy agreement, the LPA receiver basically can then do whatever he/she thinks fit for the property including selling it to "an associate" obviously it wont be put like that but that happens in practice.

 

i refused to acknoledge the appointment of the LPA receivers, not helping them or communicating with them at all, after all they they are agents of the lender. i did however point out many times in writing to the lender that they have a duty of care towards me, the borrower and if any attempt was made by "THEIR" LPA agents to sell the property undervalue then a counter claim would be made against the lender AND the LPA receivers ( who also have a duty of care towards you)

 

This is just one big [problem] to add more charges to your account, if you can't payoff the arrears and have no reasonble chance of paying it in the foreseable future (and you can stand the default notice on the credit ref agency's mortgage register) then i suggest you sit back & pay nothing , dont help them in any way, they cant chase you for a shortfall untill the property is sold andthat could take a long time as the LPA receivers will prob advise the lenders that "now is not a good time to sell" ( also they get paid a % of your tenant' s rental income have have no desire to break that gravy TRAIN anytime soon)

 

THE GAS & ELECTRIC CERTS are the problems of the LPA receivers, if appointed, as are the repairs, the problems, the insurances, etc & so are any leashold charges/ground rent charges etc

 

Rememeber dont write to any LPA recivers ( they will send you threat-o-matics saying by not helping them its your fault if we give your property away etc), only write to the lenders and when you for the first time do say something like this:-

 

I refer to your recent letter dated ***** detailing that you are considering instructing a firm of LPA receivers to manage the above propery.

My questions regarding this are as follows.

1)What exactly are “LPA receivers” and how will they operate? Am I to take it that you are in essence, proposing to re-possess the above properties, by using “LPA Receivers” to act on your behalf?

2) I am unable to locate in your mortgage conditions the section that states that LPA receivers can be specifically appointed, therefore I should be grateful if you would forward a copy of the mortgage conditions, for the above account, as signed by me, outlining the section that relates to the specific appointment of “LPA receivers”.

 

i look forward to receiving the info blah blah

 

your faithfully

 

you

 

 

you are sending the above to confirm that in the Mortgage conditions they have the right to appoint LPA receivers in the first place, 'cos if doesnt , they can't

 

if,when they reply ...

 

then lenders like this one...

 

name

adress etc

 

account no

 

dear sir,

 

 

The appointment by the {YOUR LENDER} of [ name of LPA Receiver] as LPA receivers is being done by you to effectivly create yourselves as “Mortgagee in Possession”. Clearly you are using [ name of LPA Receiver] as the barrier to try and protect yourselves from any liability as “Mortgagee in Possession”. However you like to dress this up that is exactly what is happening here. [ name of LPA Receiver]were not appointed by me, [ name of LPA Receiver] will not be paid by me. [ name of LPA Receiver] will invoice you for all the work that they may carry out (I guess with absolutely no independent verification to any actual time spent!) and the your accounts Dept will send them a check.

Therefore [ name of LPA Receiver]are the “front end” of [the lender] acting as "Mortgagee in Possession".

I also notice that from your letter, the excessive fees that [ name of LPA Receiver] will charge certainly make piling misery, extra cost etc on to debt a very lucrative scenario for [LENDER's Name] & [ name of LPA Receiver]

 

 

yours faithfully

 

 

 

The purpose of this letter is to point out to them that they are acting as

 

“Mortgagees in Possession”.

 

 

i hope this helps

 

i also have other letters you can send as it progreses

[nuke em]

this what I have learnt these past months:

 

a) Lenders are not interested in helping most people in trouble and never in BTL situation.

b) Lenders attempt to earn more money from you when arrears start

c) Lenders love pilling on charges & fees

d) Courts have to give possession or suspended possession orders when there are 2 or more months of arrears.

e) The only time lenders will negotiate is AFTER they have possession.

f) The CML & FSA guidelines to do with mortgage arrears and handling repossessions are for PR purposes only, lenders dont take any notice of them - ( Northern Rock situation showed how weak the FSA is)

g) Put everthing in writing pre respossession, never talk on the phone to a lender

g) The word "Mortgage" really does come from the French phrase meaning "'till Death"

i) if you have to owe money to lenders then owe LOTS & lots of money to them. Lender & banks adopt this policy themselves, but on an even grander scale of course,...when they cant pay it back then they go to the Government for big taxpayer handouts, me & you, we go to court to be repossessed... one rule for them ... nothing for us

Edited October 9, 2008 by nuke em
typo

[chillinlong]

Hi all,

 

I have set up a new thread about this to see if we can drum up support and start to fight them back.

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/230253-mortgage-express-appoint-lpa.html#post2550471

 

Any help or comments would be appreaciated.

 

Thanks

[consumerist]

I have posted link on securitisation thread that would appear to show that Aire Valley Master Trust are the mysterious third party that control some (or possibly all) of Bradford and Bingley Plc ( Mortgage Express ) mortgages.

Is this the company that are instructed Mortgage Express to repoccess asap?