Gmac Redemption Charges - **WON**

[mrsfoot]

First of all let me help out with the illegal / unlawful issue... Illegal means "against or not authorized by law." Unlawful means "contrary to, prohibited, or unauthorized by law...while necessarily not implying the element of criminality, it is broad enough to include it." (Black's Law Dictionary) So, for example, you could unlawfully stay in your apartment after your lease is up (unlawful detainer) but that's not a crime against the state, it's a civil wrong (tort) against your landlord. If the landlord then took you to court and had you properly evicted, and you then returned to the premises, you might then be guilty of the crime of trespassing. Trespassing is illegal. So as you can see a penalty that is payable for exercising your right to change mortgage providers is unlawful as it CAN prevent you from exercising that right.

 

Secondly

 

CONGRATULATIONS ON THE WIN, ENJOY THE MONEY AND ALL THAT COMES WITH IT!!

Mrsfoot

[Limana68]

Hi

Just wanted to say CONGRATULATIONS, it gives us all hope...................

 

Liz

[biffa1965]

Well Done Congrats

[ellielou]

BLOODY BRILLIANT

Enjoy!!!

:D :D :D

[hulsevictoria]

A big WOO HOO!!!!

Congratulations, Well Done and enjoy.

I would be relishing the fact I had triumphed just as much as the cash.

[Les Gunn]

Yayyyyyyyyyyyyyyyyyyyyy!

 

Great News that!!!

[laineynic]

Thanks for all your messages of congratulations.

No I didn't have to go to claim through the coyrts. I used The templates available and adapted it to my case.

I would never have done anything about it if I hadn't had your support.

Yippeeeeeeeeeeeeeeeeeeeee

Lainey

[breadline]

well done lainey hope:D :D :D you enjoy

[Billy55]

Just a thought...

 

A fair pre estimate of the loss incurred for an early redemption of a mortgage would be the difference between what the lender bought the money for and what they sell it on to the consumer for. (ie what they borrowed it for/the market rate as compared to the rate they lended it to you for.

 

It cannot be what the consumer would have paid back had they not redeemed their mortgage early.

 

The reason being is that once the borrower has paid theirr mortgage back(early) the lender has the money back and is of course then free to lend it again. The lenders have known for sometime that mortgage rates are at an historical low and can (and have) only creep/crept up. This puts the lender in the position that if they lend the money again (and they will of course) then they will only make more money out of it than they would have had the original consumer carried on borrowing it.

 

As they base their commerical decisions on market expectations and the markets have been expecting rates to rise since their low point in and around 2000/2001 they must have known (or at least expected) from that point that they would not make additional losses from early reapayments of mortgages (with or without redemption penalties.

 

This is why i assume they will not demonstrate that the charges a reflection of their actual loss.

 

i.e they are under a duty to the consumer to mitigate their losses.

[Billy55]

Oh and congratulations, i wasn't even thinking of claiming back my ERC's, and just stumbled across this thread. I cannot wait to undertake this litigation now!!!!!!