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Mis-sold GMAC mortgage, where do i start?


confusedbunny
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Hi

 

I fell behind with my mortgage with mortgage express due to depression wtc. They allowed the arrears to accumilate for 16 months which accrued a arrears debt of £19,000 and now they have decided to take action.......

 

The property value has dipped in this 16 month period and now the property is in negative equity. In total i will owe them approx £60,000!! I do not have valuations 16 months back but sure i can compare on other "sale" sites to strengthen my arguement.....

 

Do i have any arguement as to their responsibility in all this as to have taken action alot earlier to reduce my debt? Do you think i should consult a solicitor?

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Please can i get some advice as i am under so much pressure and sleepless nights.........Here are the facts so i dont type to much and lose the plot......

 

1. After being in arrears for 16 months and arrears due of £19k, my mortgage company has decided repossess my property that was granted. They have applied for a warrant last week.....

 

2. I feel my options are limited as i have had a valuation and a prosective buyer but still leaves me with a shortfall of approx £50k which is impossible for me to pay back!!

 

3. I have completed a n244 form to get a hearing to ask the judge for more time to get higher offers to reduce my shortfall after the sale (by approx another £10k)...the agents opinion is i best take the current offer....

 

4. I was wondering if i go back to court, shall i ask the judge for more time to sell? allow the mortgage company to just take the house? (but this will be the worst option i think) or rent it out and in 6 months (hope) that the valuation has increased? (but rental income is not guaranteed!)

 

I realise it not up to me now but i would just like to make a proposal to the judge and i am just scared what i am going to do with such a huge debt!!

 

I am sure i paid a "higher lending charge" when the mortgage was with GMAC origonally but MEX deny this and i cant find original mortgage offer as it was over 10 years ago!

 

Im like a headless chicken with "what, ifs and buts....."

 

Will they chase me straightaway for the debt? (i.e. within months?)

Edited by confusedbunny
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Just a few questions that i am confused about:

 

1.I suspect i paid a higher lending charge fee to mortgage express but i cant find the original mortgage offer. They were taken over by GMAC Rfc i believe so would this still stand?

 

2.How would i know if they decided to get a "mortgage indemnity guarantee" insurance?

(I have called and asked them and they say i never....i am 95% sure i did pay this...they said they would confirm in writing but never recieved anything.......)

 

3.Is there any advantage to me if i did pay this as i am going to incur a mortgage shortfall very soon on this sale of approx £50k!! How can i find out if i did pay this?:evil:

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sar?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I'm not sure what you're after here. Are you asking if you have to pay the arrears because they allowed you to go 16 months without paying?

 

You have admitted that they have contacted you over this and you failed to respond except for a phone call.

You will have to pay the arrears and continue to pay the normal monthly mortgage payments or they will go to the courts and ask that they take possession of your house and sell it. It doesn't end there though, if there is a shortfall of the amount they sell it for and what is owed, you will still have to pay that as well as not have a house.

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sorry, let me make it clear. what i mean is the mortgage company have known that the property has been in negative equity for a few years, could i argue the fact that they "intentially" let the arrears accrue for 16 months (which is a very long time!) in order to make money rather than go to court 16 months ago and end up with a smaller shortfall......they waited for about £20k worth of arrears, could this be a under-handed move from them? i do realise it is my responsibility but im just curious what there motives were for leaving it for 16 months which seems along time...alarm bells should have been ringing after 6 months, no????

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I wouldn't know what their motive was, but it wouldn't have been underhand. They won't end up with a shortfall, if the house sale doesn't make what is still outstanding, then you will be billed for the remainder.

 

I'm not sure what depression has to do with it.

Edited by Conniff
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PLEASE HELP!! I called my mortgage company to asked i had paid a "higher lending charge", i was informed "NO!!"....I asked them to put this in writing as i was 90 % sure i did when i took the mortgage out nearly 10 years ago but do not have such paperwork after all this time....i receved a letter this morning to say that yes indeed i had paid approx £4200.....question is:

 

1.Where do i go from here? would this help me with the £50k shortfall that i will incur?

2.would the mortgage company have been obliged to get insurance with this money? should i ask them?

3. If so, will the insurance company chase me after they have settled the shortfall?

 

Thanks for your time everyone, i am seriously having sleepless nites over all this stress......

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sorry, let me make it clear. what i mean is the mortgage company have known that the property has been in negative equity for a few years, could i argue the fact that they "intentially" let the arrears accrue for 16 months (which is a very long time!) in order to make money rather than go to court 16 months ago and end up with a smaller shortfall......they waited for about £20k worth of arrears, could this be a under-handed move from them? i do realise it is my responsibility but im just curious what there motives were for leaving it for 16 months which seems along time...alarm bells should have been ringing after 6 months, no????

 

I don't mean to be harsh, but you state that you know it's your responsibility, yet in every post you have sought to pass the blame onto the mortgagee. YOU let the arrears accrue for 16 months - THEY exercised a great deal of forbearance, for which you should be grateful.

 

If you cannot afford the mortgage and you knew this 16 months ago, rather than get into 16 months of arrears you should have put the house on the market and informed the mortgagee in writing that you were doing this because you couldn't afford the payments. I am sure that within 16 months you would have sold the house and could have negotiated with the mortgagee to pay less than the outstanding amount IF there was a shortfall. If they repossess YOU will be responsible for the shortfall and they DON'T have to negotiate with you over it.

 

You simply do not have a legal argument against them, so please stop wasting your time looking for a way out of this via that route, you simply won't win and will rack up costs, meaning you will owe them even more when the house is repossessed. Put your house on the market, inform your mortgagee of your difficulties, and at least try to pay SOMETHING each month, even if it's only a token payment.

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  • 2 weeks later...

I have a possession order granted (on the grounds of no financial proposals to have a suspended) on my property that expired last week. The order was a 35 day order for time to sell the property. during this time i had 2 seperate buyers that both fell through...last one being last week.....i need more time to sell, what are my options:

 

1. can i go back to court and ask the judge to give me more time to sell (i.e. suspend the warrant!!) will they allow this?

 

2.failing that and my financial circumstances change and i can meet the mortgage shortfall each month and a small amount of the arrears, can i go back to court yet again, even when i warrant is issued to make payment proposals even if a warrant has been granted?

 

In other words, can i apply back to the court as many times as i want (within reason) according to my change in circumstances if any, to try and prevent being repossessed?

 

any advice is appreciated. thank you.

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You can make applications to the court when you need to. If the courts decide you are just stalling by over-use of the procedures, then they will bar you from making any further applications without the leave of the court.

 

If your circumstances have changed and you can now meet the CMI plus something towards the arrears then you should certainly apply to the court for another hearing. First put your offer in writing to the mortgagee giving them a time frame to reply. Then issue proceedings. If you genuinely can afford the CMI plus arrears a judge will probably suspend the PO and allow you an opportunity to show you can pay. During that time you can continue trying to sell.

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My mortgage company is due to apply for a warrant although i have the house under offer with a potential buyer and due to complete in 3-4 weeks (before they get the warrant for eviction!)

 

The selling price and what i owe the mortgage company has a shortfall of approx £45,000 (and there is no way i can pay this back!) unless i pay something like £50 per month (showing a budget sheet) for first six months and review after that to possible increase.

 

Can the mortgage company object to the sale? they want to put it in auction but it will get far less than what i can achieve, what can i do?

 

Any advice is greatly appreciated..........

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The Mortgage company is BOUND to achieve the

best price for the property, the court should be made aware

of the pending sale, the proposed sale by auction would

put you at a financial disadvantage unnecessarilly.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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I was thinking this aswell, as they will achieve alot less in auction and its in there best interest to let this sale go through and also for me to reduce my negative equity impact, which is already unbearable! could they argue that they will object to sale as they will put it in an auction and then "be satisfied that they have achieved the best possible price".......

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Are solicitors involve with this at the moment?

If so it would be a good idea to contact them

and put your case as soon as possible./

 

Brig.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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  • dx100uk changed the title to mortgage express Repossession due and shortfall of £50k
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