55K Mortgage Shortfall!! They are taking the ****!!

[laticmad]

Evening all,

I received a letter today from Capstone saying my debt is being passed on to a debt collection agency and I should await their letter. My mortgage shortfall is a whopping 55K!!

 

In Nov 2007 our house was repossessed. It had recently been remortgaged at 75k with a valuation of 93k. It sold in June 2009 for 50k.

 

Where the hell has the 55k come from??

What do I do now?

I rent a house, have no savings, a baby on the way in 4 weeks, a 10 year old car, living on the breadline as it is? Do you think there is any way to avoid bankruptcy? I can afford about £30 a month to pay back but I'll be paying it for the next 100 years !!

 

Any advice would be massively appreciated!

Just on another note, they got my current address wrong, it was sent next door??

Claire x x

[laticmad]

Can anyone offer any advice where to start please? x

[midge61]

Hi

 

You need to write to them and ask for a full statement of the sale with a complete breakdown of how the 55k has been made up.

 

Do not acknowledge the debt but insist on them providing a breakdown. They should of provided this at the time.

 

This may be of help

 

Debt Factsheets - Mortgage Shortfalls

[Terrytocs]

It's incredible I know, I have almost £200k in mortgage shortfalls from the theft and then sale of 2 properties by the Banksters.

 

The fact they sold them for Penny's on the pound really makes me wonder how the hell they can run a business doing that. In fact, if they really did lend the amount they claimed to have done and have lost that amount off their accounting then why would they sell the properties for penny's on the pound?

 

The simple answer is this;

 

They did not ever lend you a bean. Not a sausage either. And no im not trying to be funny, im dam right serious and people need to wake-up before the Banks have us all out in the streets.

 

Am I challeging them on their fraudulent claim? Too right I am. Have they committed Fraud, too right they have.

 

I am really sorry you are facing this shortfall but if people don't wake-up as to how this all happens and the real crime being committed by the Banks, then we will continue to suffer at their hands and so will our children and childrens children

[MrShed]

Come on then, I'm intrigued.

 

How did they never "lend you a bean"?

 

I think you need to be careful about bandying about comments like theft and fraud with no good evidence to back this up...

[Terrytocs]

Oh I have got the evidence, would love them to prove they haven't committed Fraud and theft. That would be very interesting in deed.

 

How did they never lend a bean (or a sausage)? Well it will depend how trapped in the system you are as to whether or not you are willing to review the evidence. Like you point out, it's not something that should be said lightly is it?

 

OK. I will start with one simple thing, what is the definition of real 'Money'? Please check the things out I say and decide for yourself but what I will say is that hundreds and hundreds of people in the UK are now seeing this as the truth and the evidence gathers pace.

 

Look at a UK Bank Note, it says on the front 'I Promise to Pay', have you ever wondered what that really means? I mean really ,means?

 

Now you may already know that it means its a 'promissory note' or in other words an IOU. The so called 'money' in your pocket is all promissory notes and we are all passing around a 'promise to pay' or 'IOU's' It is 'Fiat Currency' it has nothing of substance to back it up like it used to have up until the 'Gold Standard Act 1931'. Please check the defintion of 'Fiat Currency'. There are some serious questions need answering by the Banks about this believe me and I can tell you why.

 

Want to know a lot more?

 

Im serious when I tell you about my shortfall but they won't get away with it now I know the truth.

 

Terry

[MrShed]

OK. I will start with one simple thing, what is the definition of real 'Money'? Please check the things out I say and decide for yourself but what I will say is that hundreds and hundreds of people in the UK are now seeing this as the truth and the evidence gathers pace.

 

Look at a UK Bank Note, it says on the front 'I Promise to Pay', have you ever wondered what that really means? I mean really ,means?

 

Now you may already know that it means its a 'promissory note' or in other words an IOU. The so called 'money' in your pocket is all promissory notes and we are all passing around a 'promise to pay' or 'IOU's' It is 'Fiat Currency' it has nothing of substance to back it up like it used to have up until the 'Gold Standard Act 1931'. Please check the defintion of 'Fiat Currency'. There are some serious questions need answering by the Banks about this believe me and I can tell you why.

 

True conspirasist stuff.

 

But please - you say you can tell us why, I'll bite - please do.

[MrShed]

Out of interest, do you believe the Knights Templar still guard the blood of Christ, and were you abducted by aliens last year?

[lookinforinfo]

C'mon guys, how is this helping Laticmad?

The poor guy is in trouble and so you two wittering on about securitisation etc is of absolutely no help at all.

 

Laticmad, why did it take so long for the bank to sell the property? I take it that the house was sold at auction? had it failed to sell at auction on earlier occasions. If it did was that because previous valuations were too high? Had higher bids than £50,000 been offered at previous auctions?

 

If it was not offered at auction before-why not? had it been sold in 2007 it would probably have sold at a higher price. Thus suggesting that the bank was negligent in not disposing of it earlier.

[MrShed]

Agreed, apologies.

[Terrytocs]

LOL, have to adjust my tin foil hat for that one and tune in to the base station on Mars and come back to you.

 

OK, you see the 'conspiracy' label has been very convienient for the lenders to use so that you will not look too closely at what I am saying. That is up to you but I too was in your very cautious shoes not too long ago but I decided I had nothing to lose by doing so.

 

Having said that I am only giving you the facts and truth am I not. UK Bank Notes say 'I promise to Pay' do they not? UK Bank Notes used to be backed by Gold & Silver, did it not? In fact the term UK Pounds Sterling comes from the very fact that it was worth Silver at a point in History.

 

If you checked the definition of real 'Money' you will see that to be called 'Money' it has to be substance based with something like Gold.

 

The UK sold all our Gold to pay for debts in the 1930's which is why it could not use Gold any longer. In fact the UK itself went into Bankruptcy but they have kept this fact from the public. They operate in Bankruptcy where they are allowed to continue 'trading' but must continuously re-schedule their 'debts' to the satisfaction of their 'Creditors'. Their Creditors being the Banks.

 

They then replaced real money with 'Fiat Currency' which is backed by? Oh yes, nothing whatsoever apart from the sweat equity of the UK people.

 

If you didn't know by the way, the Bank of England is a Private Company with undisclosed shareholders. The show the Govt put on in 1946 saying that the BoE is now a public Bank has been totally proven to be wrong and misleading. They did a one 2 one Stick swap, the BoE is a private Bank.

 

The USA lost all its Gold in 1933 by the way, as did Canada, Australia and others around the same time period.

 

So, the new Central Banks then start printing 'Fiat Currency', this fiat currency is a private currency being printed by private Banks and in fairness might as well be Monopoly money or bottle tops. The only value it has is perceived value of the people, other than that, nothing at-all.

 

So if you think that the facts I have just explained about Money are Mad, then please do tell me how because I don't want to continue and tell you how you have been de-frauded if you can't see how real money is not in circulation anymore.

 

But, up 2 you because many of us are using different strategies with this in mind and saving houses from repo and keeping lenders off our back as we chase them for the fraud. Or, maybe thats all in my imagination

 

Namaste

Terry

[Terrytocs]

In fairness lookforinfo, I too am almost £200k in alleged shortfall to the Banks, I am trying to offer help in the best way I have found.

 

The Banks will sell the property whenever they want, they will walk all over people and that is more than apparant. There is no harm at looking into the fraud aspect of what the Banks have done whilst trying to get advice about the shortfall from elsewhere at the same time. I too have been confronted with this dilemma.

 

Terry

[MrShed]

I dont say its mad neccessarily - the gold standard went some time ago.

 

I want you to clarify the leap from that standard position to theft and fraud.

[lookinforinfo]

Terrytocs,I did note that you said that you had lost almost £200,000 in mortgage shortfalls and I am sorry for you. But I saw nothing in any of your posts that would help Laticmad. And further hijacking of his/her thread is also not helping.

Now if you can come up with anything practical to help, fire away, but please, securitisation will not help.

[laticmad]

Thanks for your replies (I think) lol.

The house was repossessed in Nov 2007 and resold in June 2009 through the estate agent. Capstone rang me on my land line last saturday and asked how I intended to pay the 55k? I said I had never received the letter (as it had next doors address on the front). He asked me for my address and I said "you tell me"! Then he said he'd write to me again with a welcome pack (gee thanks). So far, not had anything.

Claire x

[lookinforinfo]

Hi Laticmad-sorry I got your sex wrong on an earlier post!

The advice is to start at the beginning. If you don't mind them knowing your actual address, send them a CCA request a long with £1 postal order. Do not sign the letter and send it recorded delivery.

 

If finances allow, also send them an SAR along with £10 postal order. Send it in the same letter as the CCA request if you can. Then sit back and wait to see what they send you. Until they comply with your CCA request they shouldn't take you to Court. Their paperwork should reveal how they arrived at such a large debt. There may be a question of negligence on behalf of the mortgage company selling it for so much less than the valuation. Not sure they should have sold it at that price. They still have a duty to act in your best interest when selling your proiperty.

[lookinforinfo]

Laticmad, I am so used to dealing with accounts that are governed by the Consumer Credit Act. Your mortgage however is unlikely to be covered unless

you original mortgage was below £25000, or your mortgage included a second charge on the property which was less than £25000.

[lookinforinfo]

You can still Sar them of course. You canask them for a financial breakdown as well. IE where all the money went to. Payments and commissions to DCAs, auctioneers, brokers etc etc-how much and why they were paid as well as

a breakdown of charges incurred. I expect some will be unlawful.

 

Did you have a Mortgage protection Policy to cover shortfalls? Did it pay out-and how much? I keep on feeling there is some sort of unfairness with MIGs where you have to pay for one but the Mortgage company get the benefit and can still leave you out of pocket.

 

I expect you will shoot me down now and say you had an endowment backed mortgage.

[PriorityOne]

A more detailed SAR for mortgages is here:

 

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/245594-mortgage-shortfall-5.html#post2753193

 

Adapt to your needs, if necessary and send by rec. delivery