Lilly's Repossession

[PlanB]

Re: Lilly's Repossesion

NRAM took possession of the house in March this year and sold it for £22,000 under valuation . . . . I have sent a letter to NRAM formality complaining about there selling tactics and asking for further info re the SAR

Did the SAR to NRAM provide you with the original mortgage offer, Key Facts Illustration and loan Ts & Cs? Was there any reference to a Higher Lending Charge which is sometimes known as a Mortgage Indemnity Guarantee? This is an insurance policy taken out by the lender but paid for by the borrower. In the event of a short-sale following repossession the lender claims the shortfall off the insurer. When that happens then the insurer chases the borrower for the shortfall. I'll explain why this matters when I get your answer to my question.

You don't say anything about NRAM chasing Lilly for the £3.5k shortfall.

Can we keep NRAM and GE Money issues in separate posts. This is because it's not GE Money's fault that NRAM sold the house cheap. We'll find something else to blame them for in due course

[Undercover Elsa]

Re: Lilly's Repossesion

*Repossession posts moved here from Lilly's UE diary. If I've missed anything out let me know

[PlanB]

Re: Lilly's Repossesion

Repossession posts moved here from Lilly's UE diary. If I've missed anything out let me know

Long list on its way

[Never-In-Doubt]

Re: Lilly's Repossesion

Hi pez - I'm gonna merge your "Daughter" thread into the mortgage thread so it's all together in one place.

Old thread (with 3 day divert) - http://forums.all-about-debt.co.uk/s...l=1#post291473

[PlanB]

Re: Lilly's Repossesion

Hi pez - I'm gonna merge your "Daughter" thread into the mortgage thread so it's all together in one place.

Old thread (with 3 day divert) - http://forums.all-about-debt.co.uk/s...l=1#post291473

[PlanB]

Re: Lilly's Repossesion

Hi pez - I'm gonna merge your "Daughter" thread into the mortgage thread so it's all together in one place.

I don't suppose I'd be pushing my luck to get this *Secured Loans UE* thread merged too http://forums.all-about-debt.co.uk/s...l=1#post231283

[Never-In-Doubt]

Re: Lilly's Repossesion

I don't suppose I'd be pushing my luck to get this *Secured Loans UE* thread merged too http://forums.all-about-debt.co.uk/s...l=1#post231283

Not at all, that thread now starts this thread due to the date of the posts, ie it is at the beginning (post-1)

To clarify, the following threads are now in this ONE thread:

1. Repo posts from your Diary - your diary is still separate and can be found HERE
2. Merged the Daughter thread into the new Repo thread
3. Merged the Secured Loans thread into this new Repo thread

So now you only have your diary and this repo thread - easier to manage

[Never-In-Doubt]

Re: Lilly's Repossession

If things get juicy let a mod know and they'll put it in Legal Protected Section for you

[Undercover Elsa]

Re: Lilly's Repossession

Thanks for finishing the job Niddy

[lilly1203]

Re: Lilly's Repossesion

Did the SAR to NRAM provide you with the original mortgage offer, Key Facts Illustration and loan Ts & Cs? Was there any reference to a Higher Lending Charge which is sometimes known as a Mortgage Indemnity Guarantee? This is an insurance policy taken out by the lender but paid for by the borrower. In the event of a short-sale following repossession the lender claims the shortfall off the insurer. When that happens then the insurer chases the borrower for the shortfall. I'll explain why this matters when I get your answer to my question.

You don't say anything about NRAM chasing Lilly for the £3.5k shortfall.

Can we keep NRAM and GE Money issues in separate posts. This is because it's not GE Money's fault that NRAM sold the house cheap. We'll find something else to blame them for in due course

Hi Plan B, thanks for getting back to us. Now I have an idea what to look for Lilly and I will go through the 473 pages they have sent and look for the issues you talk about. will do that this evening when Lilly and the children come for tea and I will get back to you asap, once again words are not enough to you guys, you give us hope and wonderful support, thanks to you all, speak soon Lillys Dad

[lilly1203]

Re: Lilly's Repossesion

Not at all, that thread now starts this thread due to the date of the posts, ie it is at the beginning (post-1)

To clarify, the following threads are now in this ONE thread:

1. Repo posts from your Diary - your diary is still separate and can be found HERE
2. Merged the Daughter thread into the new Repo thread
3. Merged the Secured Loans thread into this new Repo thread

So now you only have your diary and this repo thread - easier to manage

Thanks Niddy, appreciate all you do, kindest regards Lillys Dad

[lilly1203]

Re: Lilly's Repossesion

[QUOTE=planB;355184]Did the SAR to NRAM provide you with the original mortgage offer, Key Facts Illustration and loan Ts & Cs? Was there any reference to a Higher Lending Charge which is sometimes known as a Mortgage Indemnity Guarantee? This is an insurance policy taken out by the lender but paid for by the borrower. In the event of a short-sale following repossession the lender claims the shortfall off the insurer. When that happens then the insurer chases the borrower for the shortfall. I'll explain why this matters when I get your answer to my question.

You don't say anything about NRAM chasing Lilly for the £3.5k shortfall.

Hi Plan B, wow that was certainly at task and a half, I am sure that is what they hope for in sending me over 500 pages to plow through most of them duplicates but still had to check to make sure. It took far longer that first thought but we finally got to the end, they also sent another load of papers with telephone transcripts on but did not specify any issues raised re asking for her deceased husband or asking the children where their dad was. So to start from the beginning. There was several pages relating to the original "Offer of loan" but no mention of "terms and conditions" as such and no mention of any "Higher lending charge" there were a few minor mistakes such as putting female instead of male and no dependent children instead of 2 children but they are only minor issues. I can not find any mention of any "Mortgage Indemnity Guarantee" The interesting thing is that they have written that the value of the house is £195,000 but still sold it for £152,000. They state that the amount owed in Jan 2013 was £147,336.30, this was also the figure that was presented at court and this included the arrears but they have taken £152,000 when it was sold and still want another £3500 from Lilly. They have not given us a breakdown of charges etc so not sure how they got to this. There are lots of charges such as Valuation fees, commission of £405 that was added to the mortgage, £990 as a product fee added and their solicitor fee of £200, other non descriptive charges of £25 here and there and other "legal fees" there is a discharge of mortgage fee of £250. I know that this is not much help as there does not appear to be any thing we can use but and suggestions of what to do next would really help.
As far as them chasing the money they have only sent one letter on 09.09.13 stating "as they don't have an update on her financial situation they will monitor her account while they determine what to do next, they may instruct a debt collector or take legal action or petition for bankruptcy or take it to court. They are asking for an up to date I&E to be sent. Hope to hear from you soon, kind regards Lillys dad

[PlanB]

Re: Lilly's Repossesion

When did they state the value of the house was £195k? Was this the valuation done when the mortgage was taken out years ago so they could argue that the value has dropped since then? They have a duty to sell it speedily so that the loan doesn't increase, but there's a big difference between a quick sale and giving the house away.

[lilly1203]

Re: Lilly's Repossesion

When did they state the value of the house was £195k? Was this the valuation done when the mortgage was taken out years ago so they could argue that the value has dropped since then? They have a duty to sell it speedily so that the loan doesn't increase, but there's a big difference between a quick sale and giving the house away.

Hi PlanB Yes this was at the original valuation but there are properties sold in 2013 for the Price that was quoted by the estate agent for Lilly's house, these houses were exactly the same and sold for £15,ooo more only 2 months earlier. Zoopla value the house at 205,000, I know that can be a bit high but still the sale price of £152 seems low, cheers Lillys dad

[pezman65]

Re: Lilly's Repossesion

Hi guys, just an update. NRAM have left Lilly alone for the past few months but have just come back on the scene requesting financial statement and DR letter confirming her health issues, I sent a letter requesting them to write off the remaining balance due to them selling the house cheap after they repossessed. Just wondered what to do next, fill in the forms as requested or stick it out and say she owes nothing due to them selling it under value. She Still has GE money balance of 12,000 left as the sale price and valuation should have paid everyone off if they had sold for the correct amount, any suggestions will be gratefully received, many thanks Lilly's Dad