B+B Mortgage shortfall sold to mortgage express now DCA Chasing.

[confusedbunny]

Yes, my point exactly!

 

 

Yes, the sale has been aborted due to their refusal to give consent as i have refused to sign thier "form",

they are not offering alternative solutions either.

 

 

I have evidence that the current buyer was willing to exchange and complete

 

 

i can use this in my defence when it comes to challenging the shortfall because if they achieve less at auction or how ever they dispose of the property i will challenge the difference as they have caused me unnecessary stress and more debt!!

[Ell-enn]

Perhaps you ought to point that out to them in writing - the fact that you cannot agree to take responsibility for a sum whereby you have to rely on their selling your property for the best price possible, when they have refused to allow you to sell to a buyer who was willing to complete immediately. Also inform them that you will defend in court any action they may take to recover a shortfall which is in excess of that which would have occured had you sold before they took possession.

[confusedbunny]

p.s. like, i could put on the form i could propose to repay say £1000 pcm off the "up in the air" shortfall debt,

 

 

then they give cosent to sell to the buyer then when it goes through the court with them chasing me for the shortfall my amended i&e form could state i could only pay £10pcm, do you see my point?

 

 

I think the i&e part of the form is a bluffer...

. i think its the "other assets" part of the form they are interested in, acknowledging proposals to pay and then my "autograph!".

 

 

.just say they evidence documented when it comes to chasing me, they probally dont even have any intentions of allowing it to sell at shortfall..how frustrating.....

 

thank you Ell-enn, i am adding these points you have raised to the letter as we speak.........

 

Ell-enn just triggered something......

.....the form is "sale at shortfall application"...

...i have requested "guideline notes" as i have just realised and ASSUMED it was for the current buyer i have and infact the form does not specify that and could be used for them putting it in auction and getting an even lower price, no? "sale" doesnt clarify, WHO sells it....Hmmm, what snakes.....

 

if they decide to make me bankrupt (i do not see the point as i will have no assets probally by then), what are the timescales between them informing me of their intentions and the actual BR date? is it via the court?

[gezwee]

Hi Confused

 

There's a couple of points to this......

 

First........ they have to discharge the mortgage, maybe directly after repo, maybe in 10 years time........ who knows

 

Second...... they would need to serve a stat demand, your actions to date would place any shortfall in dispute, this would become a triable issue not for a bankruptcy hearing. You would retain the right to set aside on this basis alone.

 

As previous, you are mitigating any possible exposure at a future date.

 

Gez

[confusedbunny]

on what basis would i have the right to have it set aside?

do you mean with the supported documentation I have disputing the shortfall? and the mortgage company being unreasonable with not allowing this buyer to proceed?

 

I am contemplation applying to the court with a N208 form for a "order of sale" because this shortfall is worrying me and will be even worse if they put the house in auction, what are the negatives to this?

 

will it put me in a worser position when it comes to disputing the shortfall rather than if i just let them repossess it?

[BRIGADIER2JCS]

I honestly I believe there will

be little more to go wrong whatever

you do.

Brig.

[Mr Worried]

Subbing as I am in a similar position, loads of decisions to make etc, mindboggling too.

 

Mr W

[confusedbunny]

Ok, i will await for the warrant of eviction then apply for an "order of sale"..

..does anyone know what form i need to send to the court?

and is this definately not going to give me less of a chance disputing the shortfall when they chase me for it?

[Mr Worried]

Hi Bunny

 

How will asking for an order of sale, assist you in a positive way, I must be neck 'o' neck with you as regards timing as I am awaiting eviction date, yet I still search for answers and advice as to our scenario. What area are you in. ( pm that info if you wish )

 

Mr

[confusedbunny]

well, my thoughts are if i obtain order sale and let my buyer proceed at shortfall, i wil have to dispute a shortfall of approx £55k.

 

 

if i let them repossess it, maybe auction it or leave it enpty, shortfall wil be a min of £80k upto who knows!

 

 

im thinking order of sale is for best of both of us!

 

 

i just want peoples thoughts and whether requesting order of sale, after obtaining best price possible, if it give me the same power to dispute shortfall if i were to let them repossess it!

[confusedbunny]

I need to know if a sale at shortfall were to proceed, would this still be classed as a "repossessed" property?

[stephen25000]

I need to know if a sale at shortfall were to proceed, would this still be classed as a "repossessed" property?

Hi confusedbunny,

 

Yeah, unfortunately, it would be classed as repossessed property. It happened to us, I had the property for 30 years. Last year due to unforseen circumstances we were unable to keep up with the payment, subsequently we were repossessed, and the corrupt sub prime lenders, made it a shortfall. The property was leasehold. The first month they 'found a buyer' not found ligitimately, by the sub prime lenders. It was also for about £100.000 less than the going price Then 2 months later, it was sold at the normal price. If you go to this link it will tell you all about the 'shortfall'.

 

http://www.govanic.com/DebtfarmingreportDec2011.pdf

[confusedbunny]

Oh dear (:

They are rip-off merchants!

I have thought the eviction for the 2nd time and found a buyer and 2 days prior to exchange they refused to allow me to proceed! all because i failed to "acknowledge" the debt as i plan to dispute the debt in the long term......the 3rd eviction is set for the end of this month so i plan to not to go back to court via the N244 route as its pointless and prolonging the inevitable!! why would they want to get an "auction" price of say £50k less than what i had a buyer for??????? anyway, what is life like for you after re-possession? i do not plan to acknowledge the debt my giving minimal payments when they start chasing me as i want to challenge the debt...i assume they will force me into bankruptcy! what a mess! was you able to get a mortgage a long while after you repossession?

[Ell-enn]

Don't you think it would be worth it to go back to court and tell the judge they refused to sell to your buyer, and as a consequence they are likely to sell at auction for less than you would have got, leaving you with an unnecessary shortfall ?

[confusedbunny]

Oh ok, i didnt realise i can deal with the shortfall pre-repossession.

so if i tell the judge this,

what am i trying to achieve,

for the judge to set a lesser shortfall figure? as the buyer has now pulled out!!

[Ell-enn]

Hi, the judge doesn't have the power to set a shortfall. What you would be asking for is time to sell the property at the price you had already agreed as it has been proved that it is achievable. Are you able to make any payments until the house is sold ?

[stephen25000]

Oh dear (:

They are rip-off merchants! I have thought the eviction for the 2nd time and found a buyer and 2 days prior to exchange they refused to allow me to proceed! all because i failed to "acknowledge" the debt as i plan to dispute the debt in the long term......the 3rd eviction is set for the end of this month so i plan to not to go back to court via the N244 route as its pointless and prolonging the inevitable!! why would they want to get an "auction" price of say £50k less than what i had a buyer for??????? anyway, what is life like for you after re-possession? i do not plan to acknowledge the debt my giving minimal payments when they start chasing me as i want to challenge the debt...i assume they will force me into bankruptcy! what a mess! was you able to get a mortgage a long while after you repossession?

 

We had a buyer, and they knew this, but they still wanted to go down the repossession route. There were several suspended court orders, then finally we got the eviction letter, due for the following Monday. Unfortunately last year, we did not know about these websites on helping people with either difficulties in paying their mortgages or trying to get back their unlawful fees/ charges. We are now in private rented accommodation. My husband is self employed, but I am currently out of work. It has been absolute hell. Personally it has affected me. I don't really have much confidence in myself, and find life at the moment just living day to day, but still wondering what the final outcome will be. At the moment we are going through a claims company, as we would not be able to do this on our own. There will be litigation on our property, as well as a large second charge loan and PPI that we took out in 2006.

I do wish you lots of luck.

[confusedbunny]

I do not live in the property as from 2 months ago as i knew repossession was looming and i have no payment proposals and the estate is currently actively marketing it..

 

 

..here are some facts:

 

The property is in negative equity- I owe them £330k

The valuation/market price is £290k

The last buyer i had was for £275k

 

I do not see what financial sense it makes for them to refuse this and we were even 2 days away from completion and they said no! they would rather put it in auction?????

 

 

They are causing me alot of stress/trauma and making me face an un-necessary high shortfall.....the reason why i am inclined to attempt to just let it go now and dispute this after is:

 

if i apply back to the court to get this suspended for the 3rd time,

i am not sure if i will achieve a similar price and anyway, they will flately refuse to allow me to sell it at shortfall

 

 

i am stuck and i will be a vicious circle like with the previous buyer and then my bills will increase even further and then they will refuse again when i find a buyer, they are ultimately in control...

 

 

..i am powerless..

...what are your thoughts with defending this warrant?, my gut tells me let it go......

 

thank you so much. sorry to hear about your situation..

..i do not see the logic in them wanting to get an auction price rather than a buyer which was in the pipeline...its all a shambles....from the last possession order,

 

 

they have waited over 2 months to issue a warrant after it expired (accroeing more costs for me!!)...i am so annoyed and alot of it was so un-necessary (:

[confusedbunny]

today, i have recieved a new offer. can i show the judge evidence of this but would he have the power to over turn the mortgage companies decision to allow me not to sell at shortfall? as this is causing me un-necessery further debt.......the price i get now will be higher than any auction price probally six months down the line (as i have heard horror stories where they leave the house empty for 6-12 months before going to auction!) god know what my debt amount will be then!

[confusedbunny]

Update!! Please help me with the nest stage.....

 

I applied to the court for an "order of sale", not sure what this type of action actually means because it has left me confused at my hearing.....basically, i will update you all:

 

1.the judge disagree's with the mortgage company that my current buyer is purchasing at a lower market price ( i had to give evidence of this!)

2.the judge suspended my eviction, said i can proceed with the sale but must complete within 4 weeks

3.the judge blamed me for losing the last buyer by not completed the "sale at shortfall application form" and demands i complete and send this this back to the mortgage company within the next 10 days!

4. basically, i am still baffled, as i asked the judge that completing this form is not GUARANTEED CONSENT from the mortgage company and merely a extra bit of documents under their belts when it comes to chasing me for the debt!! she disagrees and says that if they still refuse then i have to go back to court! so i am very confused as what is the point in allowing my new buyer to proceed for the next 4 weeks as we still cant complete until the mortgage company "accept" my SIGNED FORM and allow the sale and even then this is not guaranteed as i have no proposals to put on the form for the £55k shortfall!! (i will have to apply for bankruptcy!)

 

to be honest, i am so tired of all this and am merely trying to achieve the best price for the mortgage company as i have no way of paying the shortfall back and i am wondering if it is worth completing this form as i plan to challenge the amount they are asking me to repay! will signing this put me in a worse position when i get to this stage after? i just do not know......the judge today said that if i do not complete the form and send it back then she shall just let it be repossessed!

[confusedbunny]

p.s. the DJ didnt see the particular form in question. the mortgage company gave her the impression that i am causing them problems by not signing and causing hold ups!! my gut tells me to not sign them and just let it be re-possessed! i tried to get them the best price, i have a buyer, i cant be bullied anymore and certainly do not want to acknowledge this kind of debt as i got alot of issues as to when they chase me for it......

 

I am so mentally drained and the stress is effecting my well-being, i just feel to just leave it all now, and just let them re-possess it! i am tired......but if i do not "co-operate" by signing and assisting this sale, and when the time comes to challenge the debt, would it look bad on me to the new DJ like i have "abandoned ship"?.....ultimately, i am not going to pay anything back and nor do i have any assets etc so i am not sure why they want to put this house in auction for less then what i could get!

 

apologies for the long update of today, you can tell i have major anxiety and fell so cheated to some extent......

Edited February 1, 2012 by confusedbunny

[**Tilly**]

Hi CB

I know exactley how you are feeling,like you i tried to hang on but in the end it was out of my hands and realised it

was time to let go.Now 3 years on i wish i had let it go sooner so i could move on,and you do believe me, i know

at the time you think everything is caving in around you but as they say there is a light at the end of the tunnel.Yes

they will chase you but you can't give them what you haven't got whether it is 55k or 80k.

It is bricks and mortor please don't let your health suffer you can get another place we only get once chance of life

go with your gut feeling let it go.

 

Tills x

[confusedbunny]

Hi Tilly,

 

Thank you for your encourageing words...

.I have decided to not complete the "application for sale a shortfall" and will just let it be repossessed.

 

 

I am merely trying to obtain the best price for the mortgage company (thiere is no gain for me) but all they care about is "adding weight" to their claim after i suppose by having this "form" as my acknowledgement of the debt. Ultimately, eitherway,

 

 

i have no means of paying them back, EVER! so, i am truely done now, i am getting on with me life.........

[Inmysparetime]

I just wanted to add that if you have now made the difficult decision to let the house go for reposession the next stage should be to tell your mortgage lender (if you haven't already) rather than let the situation drag on by simply not completing the sale at shortfall form.

 

 

.. In my experience you are risking further increased charges the longer it is delayed.

[confusedbunny]

Update-I wrote to the mortgage company last week to re-request the form and for the third time, asked for guidance notes to the reason for the form, which have previously been not acknowledged!

 

Today, I have recieved the form with a covering letter and one of the paragraghs which is new (and which the CAGGER's warned me against) states:

 

"A legal convenant will in due course be provided to you for signature in the presence of your solicitor as confirmation that you acknowledge the outstanding debt"

 

Hmm.........