Mortgage Securitisation - Preferred

[uneverdid]

Hi i also have a mortgage with Preferred administered by Capstone, up to 3 months ago my payments always came on my statement as Capstone. However they now show as Southern Pacific i queried this and nobody will tell me anything except that they are both owned by Lehmen and that i am not to worry as the money is going into the right account. I asked again yesterday and they just say they are putting me through to someone who can help then leave me on hold. Sorry for butting in on this thread not sure how to start my own. Thanks

[uneverdid]

Hi i have been in communication with Capstone today with regards to my mortgage with Preferred. Up to 5 months ago when i made a debit card payment it always appeared on my statement as preferred then all of a sudden its on as Southern pacific. Ive rang and asked why and they have been giving me the runaround. After spending 110 minutes on the phone and being hung up on twice i got the answer Preferred have ceased trading okkkkkkkkkk so who owns my mortgage then i asked pause long pause on other end well its serviced by capstone i didnt ask that i said. The advisor then said that capstone took over preferred 3 years ago, which baffled me as i only took my mortgage 2 years ago. I queried this but go nowhere. Another thing i paid my monthly payment in feb on the date due by debit card but they say they didnt get it till 24th and charged me £25 for late payment. I asked about this and was told by one person to get my bank to prove i had paid it on the 19th, later on however i was told by another operater that she could see the notes that said id paid on time and agreed to remove the charge. Another thing is the libor rate at 4.30pm i was told it was 1.33 then an hour later it was 2.01 i am concerned about this because my fixed rate is due to end and i then have to pay the london libor rate plus 3.89% so can anyone help me find out the definite libor rate as im extremely confused now.

 

I am sorry for jumping in on this thread but really cant figure out how to start a new one. If anyone can move this for me id be very grateful.

 

Thankyou in advance.

N

[uneverdid]

Hi thanks for your response i have checked the rates and according to this site they were 1.82 on the 27th feb and capstone maintain they were 2.01. Obviously this makes a big difference to the new rate i will be paying soon, so what should i do if capstone still insist on a different libor. I have told them that i will be requesting transcripts of the telephone conversation. Their response was thats fine we usually record all calls and they will cost you £10 each so it will be interesting to see what comes of that. I also think i was causing a stir today when i rang because i had 2 senior staff talk to me (well so they said) and one tried to backtrack and talked about my terms and conditions making it ok if things changed. I have also asked them for copies of these although i do still have the originals just wanting to see what i get. When i mentioned going to the FOS they said i had to write to them with my complaint first and wait 8 weeks for a reply and then if i was still unhappy i could only then go to the FOS is this correct ?

once again thanks so much for your support.

N

[uneverdid]

I will have to wait till my fixed rate finishes but i will be ready for them. I have already been to court for repossession but their representative made a completely balls up and the judge adjourned for them to get their facts right. Anyway i came to an arrangement with them so they stopped the case with liberty to restore although i have had a letter from the court saying that the case will be scrapped completely in Jan 2010 if no futher action takes place. Is this usual practice ?

Gosh how i despise them they treat you like dirt and wonder why you get annoyed with them on the phone. I think they are shocked when people challenge their actions and ask them question after question oh how i love to imagine them squirming on the other end of the phone. Well we wont let them get away with it NO WAY

[uneverdid]

Hi i have to say i have never received any letters regarding interest rates. I have a fixed rate that moves to libor + 3.9% in June so im hoping that i will get advance warning of what my new monthly payment will be.

[uneverdid]

Hi Mercyblue thanks for your reply.

 

I am so sick and tired of this shower of plonkers. I have never received any letters re;interest rates.

Another query can they add all their charges for late payments etc on to the arrears figure they quote the letters i receive show that i have missed 8 monthly payments when in fact a third of that amount is made up of charges. I thought the charges were added onto the total balance outstanding. Hope i have explained that clearly.

 

Thanks N

[uneverdid]

Hi, I am a bit confused this morning. I have just received from Capstone a copy of Power of Attorney signed and dated 19/01/09. It is executed and delivered as a deed by Preferred Mortgages Limited and has an attachment with 13 names and signatures on it. There is no covering letter with it and i can only assume it has been sent to me in response to a telephone conversation i had with Capstone regarding securitization.

 

Any comments very much appreciated.

[uneverdid]

hi, i am trying to copy and paste the documents but not having much luck.!!!!

[uneverdid]

 

 

Hi hope this has worked. I await your comments ??????????????????

[uneverdid]

You will see that it does not have any individuals details on it, it is a generic form. One size fits all so to speak

[uneverdid]

Sorry if i've lost the plot here but does anyone else have any comments on the power of attorney documents i have posted. Are these going to have a major effect on me and others with a Preferred mortgage and if so then in what respect.

 

Thanks in advance for your responses

[uneverdid]

Hi,

 

Can anyone advise if i need to do anything with regards to the Power of Attorney i have received or should i just file it with my other pile of rubbish.

 

Sorry for keep asking its just this is such a long thread and really tricky to get your head round.

 

Thankyou

[uneverdid]

Sorry can u explain a bit further for me please. What do you mean by absolute and how will this effect me.

[uneverdid]

Just a thought should Capstone have sent the Power of Attorney by recorded delivery to ensure customer has defo got it. I ask this because Capstone told me they had informed all SPML and Preferred customers in January of this change of circumstances. I didnt get a letter to that effect the only letter i got was one telling me not to worry about the Lehmen brothers and that my mortgage would remain exactly the same and no changes would be made. This is clearly incorrect.

[uneverdid]

Hi Joncris,

 

if u go back a couple of pages and click on the photos ive uploaded you can read the full details. Basically it hands over responsibility to Capstone whilst retaining the right to claim it back in the future.

 

Smarterchick, it has been slightly confusing i have tried to post up a new thread but cant figure out how to do it.

 

I appreciate all the responses ive got although i have to say its all kinda mind boggling'.

[uneverdid]

Thanks all, I have just had another look at the POA and it states that the signatures should be witnessed and they have not been and also they are unreadable so surely the names should also be printed.

[uneverdid]

Thanks Smarterchick, you've just confirmed my fears.

[uneverdid]

Hi guys ive been watching this thread with interest even contributing to it at times. Surely we are all on here to help each other not to criticise, i agree a debate can be healthy at times but i dont think some of the comments are necessary. Lets remember our aim and that is to be sure of our own peace of mind and not to let the Cr***y certain mortgage lenders get the better of us.

[uneverdid]

hi last of the mohicans, i was just wandering the same. i've just had a comment on this thread removed it would be helpful to know which one so i can be more careful what i write. i dont actually recall which comments could be offensive.

[uneverdid]

Hi,

 

Well i am now completely gobsmacked and confused i too recently had a letter querying my building insurance policy. I have just read through the last few posts and went to find the letter it quotes that my building insurance should quote "note the interest of Eurosail-UK 2007-4BL as mortgagee" I only took this mortgage out in April 2007 so what is going off ???????????????????????????????????????????????????????????? I recently went to court but it got adjourned whilst preferred or whoever sorted out their paperwork. They then decided to go for a liberty to restore if i default again before Feb 2010. Are you saying that this was all out of order.

 

Your comments are very much appreciated

 

N

[uneverdid]

I have no intention giving up, on or around p.28 of this thread i posted copies up of notice of power of attorney giving Capstone power by Preferred but i am sure these are dated after suposedly Eurosail become the mortgagee.

Confused i am but a quitter i am not so fear not i will fight everything they throw at me. My fixed rate is up next month and they have asked me to go on another fixed rate with them at the same rate as now plus 1% which would make it 7.9% however at the end of my fixed my rate is only 3.79% plus the current 3 month libor rate which is currently 1.1% making a total of 4.8%. They got quite arsey (for want of a better word) with me when i said no thanks i would take my chances, they kept going on about how interest rates are going to go up rapidly within the next 6 months.

I despise these peoples they prey on vulnerable people, cus lets face it we wouldnt be with them if our circumstances allowed us to go elsewhere.

[uneverdid]

Hi all,

 

I rang Capstone yesterday to ask why i had not received a response to my complaint dated 6th April. They didnt know. Whilst i was on the phone i also asked who my mortgage was with i was told Preferred do oh i said so thats who i need to put on my buildings insurance. YES i was told. I queried the letter id had saying i needed to put Eurosail on it and the line went quiet. So this is what i said So lets get this straight my mortgage is with Preferred, administered by Capstone, but my building belongs to Eurosail yet on my bank statements i am apparantly paying the money to SPML. Well she did not know what to say. I also queried why i had to wait till July before my monthly payment went down when my fixed rate expires on 1st June, because you always pay in arrears by 1 month. Is this true i am not sure. She also said again they would be contacting me to arrange a further fixed rate and i said i didnt want one because my mortgage was going down £200 a month anyway because of the libor rate. Oh its going up on 1st June by a lot. mmmmm really i dont think so i feel very fortunate that i will only be paying 3.30% plus libor which is currently about 1% i know it will go up in time but i am currently paying 6.84% so hopefully it will be a while before it gets back to that.

I was promised a phone call back by close of business yesterday and guess what yep im still waiting ????????????????????????????

[uneverdid]

Hi Dangermouse, it is the 3 month and that is also now at todays rate 0.87% although my rate will be the one from 1st June but to be honest i cant see it going up much. I spoke to Capstone and they said that on May 1st it was 2.05%. I think they are pretty miffed with me because i wont go on a fixed rate because obviously 2 years ago when i took out the mortgage the libor rate was about 5% so therefore my mortgage would be about 8.3% but alas they are not going to get that, not for a while yet anyway yeah yippee stuff you Capstone, Preferred, Eurosail, SPML whoever you are lol

[uneverdid]

well surprise surprise no phone call back so rang them and told them what i thought today. Again queried buildings insurance and the man said well if you'd rather put preferred as the mortgagee thats fine, eurosail is just where the funding came from WHAT FUNDING ???? I am well confused now asked them about capitilization of arrears one man said no we never do it a woman tells me they need my I & e and then they will decide if i can apply for this. I also told them i wanted to rent my house out in August, they told me that i need to apply in writing, IF they agree i will have to clear all my arrears, show them copy of tenancy agreement (maximum 6 months at a time) and they will charge me an additional 1% yippee

[uneverdid]

hI Crapstone, i have also had solicitors costs added to my mortgage arrears and when i queried it they said it was within their rights to apply it that way !!!! so i have £1000 extra showing

 

How i despise this company

 

N