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Update - it seems a judge has allowed B petition to be served at incorrect address and by email and there's a B hearing scheduled for end year

 

I guess I now need to get the SD set aside

Think this will suspend the B petition?? 

And stall any B hearing?

 

I understand from previous advice/ links that I need to have good reasons to get the SD set aside.

Could that be questioning the debt?

Stating there's a valuable asset which they valued way higher than debt?

Mentioning their refusal to sell the asset?

Mentioning they have refused to disclose any personal data on me via a SAR and specifically no list of costs accrued, no financial statement, no list of interest amounts applied etc

Mentioning that they are no longer marketing property.  I know purchase lawyers were instructed as the fh lawyers disclosed requested info in the summer.  But the property hasn't sold yet.  Instead builders appear to be renovating.  An estate agent let slip to a colleague that the "owner" has decided not to sell and is going to rent instead....

Mentioning that I served a SAR in Feb with a contactable address and they had my # and email - so why did they continue to try serve SD at an address they knew wasn't correct

Etc etc

 

Will any of these points work to get a set-aside?

 

I understand that if the judge does set-aside he/she could then ask for both sides to attend a hearing.

 

The crux is - would there be a shortfall and need for B if they had sold to the buyer who has been trying for 18 months

Yes the house would get sold cheap but I would not have the blight against my name for the next 6-7 years...

 

Am a bit panicked about what to do and timing

 

 

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Just wondered if anyone has any input on whether a mortgagee-in-possession is allowed to stop advertising the property asset for sale and instead send builders in to rip everything out? 

I thought they had an obligation to market and sell?  And could only do repairs/ maintenance? 

I didn't think they could completely renovate?

Any thoughts?

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Think you need advice from someone qualified in dealing with these situations. 

 

What would be the point in challenging bankruptcy?   

 

There will be a debt written off through the bankruptcy and save an ongoing saga.

 

Of course they can renovate to improve/protect their asset, whether it is maintenance or to be able to sell or rent out.

 

We could do with some help from you.

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Thanks uncleB. 

 

I have quite a few valid challenges which would prevent bankruptcy / return to original ownership.

 

Yes I am trying to sort legal help.  It's hard with limited financial resources.  Hence why I'm trying to create own defence.

 

I'm not sure I understand how they are legally allowed to completely gut a building whilst - I thought - under a legal obligation to sell?   

They have refused to sell whilst also accruing interest and applying costs over a very long time. It's as if they deliberately racked up interest and costs to create a shortfall and grab the property via bankruptcy.

The property was in good condition. Although squatters did get in.

Is it a viable legal opportunity for them - without bankruptcy - to retain the property and rent it whilst simultaneously still charging the mortgagor interest?

 

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How much do you owe in arrears on the mortgage including interest ?

 

Why don't you look into challenging possession, offering a lump sum, plus regular monthly amounts covering both normal mortgage repayment and an amount towards arrears ?  Obtain legal advice about this.  Can Shelter Housing charity assist you ?

 

Seems to me that if you are looking at a return of ownership, then you need to think how financially this will be achieved.  

We could do with some help from you.

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Thanks uncleB

 

The lender won't disclose any financial info to me. I asked via sar and they have spent a year failing to tell me anything.

 

The interest these people charged is huge.  They have faffed around deliberately not selling and the interest has just racked up.  I don't know the figure now as they won't tell me.  Certainly most people would jump off a bridge at the level.

 

I hear what you say though.  And yes I have an idea on challenges and a financial solution.

 

I have been reading a lot.

As an example Shelter legal site says the lender "must take proper care of the property, for example by dealing with essential or emergency repairs, such as a leaking pipe. It may also undertake basic maintenance".  This does not imply major works is ok?

I haven't found any site that says a lender can gut the property....

 

Shelter also says "When the lender sells the property, it has an equitable duty to take reasonable care to obtain the best price reasonably obtainable.". 

 

And "Where there is already a shortfall, the lender should not delay the sale if this would result in an increase in the mortgage debt and a worse financial position for the borrower".

 

I don't want to give up 

 

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I think you need to get them into Court challenging possession and that should enable Court to look into the issues you raise. But I am no expert and would suggest you look for legal help via Shelter or other local avenues. 

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

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I have managed to find legal assistance / will be going through everything with them / on a pay if we win basis...

I just need to be as best informed as possible in advance / make sure I'm clear about my facts and position

 

These people are so crooked!

 

 

 

 

 

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