Mortgage Express & LPA receiver problems

[leclerc]

Re: Mortgage Express & LPA receiver problems

Hey, I am new on this forum, I think many people who are in deep debt and can’t afford to make their payments apply for loan modification. A loan modification is an adjustment to one or more terms of the debtor’s loan that results in lower monthly payments that the debtor can realistically afford. Loan modification is primarily used for mortgage payments, but can also be used for other types of secured debts. A loan modification can be accomplished by a reduction of the interest rate on a loan, or a reduction of the principal sum of the loan.

As this is a UK based forum, I think you are confusing US and UK financial institutions.

[marley1]

Re: Mortgage Express & LPA receiver problems

hello peeps im new to this site but i can relate to mungos mum iv been treated exactly the same by mortgage express and the lpa have now sold all my properties after letting tenants accumulate high rent arrears one was over a year then leaving my properties empty for over nine months with boarded up windows before putting them on the market and strangely two sold within a day of each other i have now got the financial ombudsman involved with mortgage express (bradford n bingley and i have made a complaint to the lpa who only answered three of the list of twelve questions i ask and also told me not to get involved with the sale of my houses i would realy like to sue the lpa for taking my living away and destroying my buisness if only mortgage express were more helpful at the begining instead of getting the lpa s involved things could have been so different they had the cheek to say they were also putting in a complaint to the lpas for the way they were suppose to manage the houses but at the end of the day im the one with no buisness no income and debt this was my life they were playing with they all got their wages at the end of the month iv barely slept in the last three years my health as suffered i just wish i had the money to sue them buggers if only to stop them doing this to someone else they seem above the law and completely out of control i would be grateful for any advice thank you

[CYNthesys]

Re: Mortgage Express & LPA receiver problems

Just out of interest were the LPA receivers Walker Singleton. Messrs Molloy & Heap?

Have you made a SAR to the Receivers, and have you lodged a formal complaint with them?

[Mr Smith]

Re: Mortgage Express & LPA receiver problems

Hi Just joined the forum.

I am interested in this thread as I am going through a similar situation with MX.

I have a portfolio of properties will MX , but only one property was taken into receivership due to some arrears. All arears are now cleared, but MX refuse to instruct the receivers to stand down. They will not allow me to re-enter and re-let the property. It has now been empty for nearly 2 years. They are pushing for a sale.

Receivers are not being very helpful and seem to be biased towards MX.

What can I do to stop the sale? There was mention of a Land Reg Restriction (Guidance Note 19) - How does this work and can I implement this to stop any sale?

Would be interested in joining any consotium / Group litigation against MX.

How did things turn out for the original poster Mungos Mum and others commenting on here?

[springwater]

Re: Mortgage Express & LPA receiver problems

Hi all,

I'd also like to find out ore about how to battle m.x!

[CYNthesys]

Re: Mortgage Express & LPA receiver problems

Mr Smith

Presumably, before the receivers can sell they would have to obtain a court order?

Have any proceedings been started?

I assume the mortgage is up to date as you say the arrears have been cleared, I cant imagine a court granting the receivers an order for sale if there are no arrears

[FriendlyGuy]

Re: Mortgage Express & LPA receiver problems

Hi Guys. I have been looking through consumer forums recently for some help about this kind of thing, it would appear that
it's becoming quite a common problem. A friend of mine whom has a sizable portfolio of let properties was being forced to sell up etc, even though the income from the property was enough to support the loan payments.
Last week, he was pointed in the direction of a company that said they would be able to get it stopped. Apparently it looks like they are indeed able to stop it.
I'll keep you all posted.

[labman]

Re: Mortgage Express & LPA receiver problems

A friend of mine whom has a sizable portfolio of let properties was being forced to sell up etc, even though the income from the property was enough to support the loan payments.

Am I the only one who finds this incredibly hard to believe?

Sorry, FriendlyGuy, I'm not accusing you of lying, but I see no reason why if loan repayments are being maintained on a loan, the loan company would want to 'call the loan in.'

Nor do I see how they could legally force sale of the properties if everything is up todate. I just don't believe any court would uphold anything at all where there are no arrears and no issues or problems.

On what basis are they claiming they have this right?

[CYNthesys]

Re: Mortgage Express & LPA receiver problems

Hi Labman

For about 3 years Ive been trying to assist someone from OTR with a huge MEX portfolio, who has found himself in exactly the same position

When any arrears have been cleared it seems that MEX are refusing to disinstruct the receivers. (in case future arrears arise)

I dont think there are any provisions in LPA 1925 that reverse these statutory powers, if and when any arrears are cleared.

If tenants leave the Receivers (Walker Singleton) are not making any attempt to re-let the properties then as there are no tenants paying rent there is no income to service the mortgages and the receivers start taking steps to sell.

[Junidb]

Re: Mortgage Express & LPA receiver problems

Hello All,

I would not bore you with my story relating to mortgage express as many of you have told exactly the same story to the very minute detail.

The only difference is that we only had 3 BTL with MEX originaly and 3 BTL with Keystone Mortgages. I believe MEX bought Keystone or their mortgage debts, we never signed anything to agree to this transfer.

Due to a few tenants not paying their rents, we fell behind in the mortgage payments and whilst we were talking to the account manager for MEX on one hand, MEX had instructed Walker singleton on the other hand on the 4-5-2012, this despite the fact that their letters dated 11-5-2 were still threatning to appoint LPA if no solution is found.

There seems to be a lot of talk about MEX have done and how they behave, but there is limited information on any court actions against these guys. Can anyone tell me or point me in the right direction of someone or case were the LPA's were defeated in court or a class/group action against either the LPA or MEX

[CYNthesys]

Re: Mortgage Express & LPA receiver problems

Hi
Ive just sent you a PM

[RossMM]

Re: Mortgage Express & LPA receiver problems

Hi all.

It seems a lot of people are having the same problem as me with Mortgage Express.

I have 37 properties with them. I recently missed 2 months payments, as a result I breached the Terms of my mortgage. MX sent me a letter saying I owe them the full sum for all mortgages, payable immediately, more than £5m!!!
I have since repaid all arrears, proposed a business plan, have agreed to pay the mortgages off over a period of years but they are still insistent that I must pay in full. I'm sure the next step will be to instruct a receiver.

After reading all the previous comments I am really worried about what they will do - try to ruin my life.

Any any advice or help would be greatly appreciated.

I am happy to join together in joint litigation. Strength in numbers hopefully.

Thanks in advance.

Ross

[CYNthesys]

Re: Mortgage Express & LPA receiver problems

Hi Ross

What do your mortgage T & C say, eg in the event that the conditions are breached does it say that borrowings are repayable on demand?

[Magnum2013]

Re: Mortgage Express & LPA receiver problems

Hi There if you know or have people who have been hurt or have a dispute with Mortgage Express or any other lender, or if you are a solicitor and you want to know how to win any dispute with any lender? please email me a will be sending a very valuable information package for free that i got when i have attended a weekend seminar in USA from a group of experts in this kind of matters. I don't know why in USA in this cases are easy to deal with but in UK people keep quiet and can't stand this situation any more. We nee to work together.

I have been hurt strongly by this people and am still dealing with my cases and looking for people who want to discuss about it or if you know solicitors probably interested to work with us or if you know somebody else that can be benefit from this information please email me to:

dario@propertiesunderwater.com

Dario

Hi Mungo's Mum,

Well I've read and re-read you're post and it certainly is very involved. Personally if I were in you're position I would google for a solicitor that deals with this type of case and visit them asap, you really do need a 'specialist' in this field.
What worries me is that you're old solicitor didn't get anything done in writing and in my opinion this leaves you in a precarious position, I also believe that the receivers have acted unlawfully by intimidating your tenants, have you prove of all this ?
Yes you can try writing to your MP and Alastair Darling but I'm sure you can appreciate there seems to be some kind of election coming up and I should think all their energies are concentrated on that a the moment, and besides I've written to my MP before and it took months before I got a reply to be honest. The other thing you could do is find out when you're local MP has his 'surgery' and pay a visit on that day and see him/her face to face. Take everything with you and plead his/her help.
I'm only trying to help you hun, the person on this site who would be best to help isn't around at the moment and I have no idea when he will be.

Oh by the way I used to have an Old English Mastiff called Ellie, she was an absolute darling. I then had a couple of Greyhounds and now have a Malshi (cross between a Maltese and a ****z Tzu) called Bailey, he will be one on Easter Monday.

[Magnum2013]

Re: Mortgage Express & LPA receiver problems

Hi There if you know or have people who have been hurt or have a dispute with Mortgage Express or any other lender, or if you are a solicitor and you want to know how to win any dispute with any lender? please email me a will be sending a very valuable information package for free that i got when i have attended a weekend seminar in USA from a group of experts in this kind of matters. I don't know why in USA in this cases are easy to deal with but in UK people keep quiet and can't stand this situation any more. We nee to work together.

I have been hurt strongly by this people with very similar case with 12 of my properties with MX and am still dealing with my cases and looking for people who want to discuss about it or if you know solicitors probably interested to work with us or if you know somebody else that can be benefit from this information please email me to:

Dario

dario@propertiesunderwater.com

Hi Peeps

I hope I am posting this in the right place, I am new to this and not really too sure of the protocol.

I will do my best to keep this as short as poss but please be warned I may go on & on & on...

Hubby, myself & brother have some 'buy to let' mortgages with MX (Mortgage Express) part of Bradford & Bingley. We've had properties we let out for about 15 years & we've had mortgages with MX for about 7 years.

We have a mixture of houses and flats, old and new.
We have always had good relationships with our tenants, some have now been with us for over 10 years.

As these are 'buy to let' mortgages they are not regulated & do not afford the same protection as residential mortgages.

I mid 2008 we realised that interest rates were creeping up & that we may start to struggle to pay a few of the mortgages.
We approached MX and asked if they would allow us, for a short while, to just pay the rent we received as mortgage payments for the properties (at this point we had no arrears or late payments) and we offered to send them copies of the tenancy agreements as proof of the rent.
We asked that they work with us to allow us time to sell a couple of properties which would then allow us to come back up to date with the mortgage payments.
MX catagorically refused to negotiate with us in any shape or form. they actually said that they do not make any special kind of arrangements on buy to let mortgages.
We tried to speak with MX again on several occasions, all to no avail.
We continued to pay all of the mortgages in full except the few where the interest rates had greatly exceeded the rent, on these we paid what we were receiving as rent.

In Sept 08 Bradford & Bingley were nationallised by the government.

At the same time MX informed us that as we now had arrears on some of our properties, they were instructing LPA receivers to take over the management of those properties, the cost to us for instructing the receivers was £1000 per property (even though the arrears in some cases were as little as £120). MX still flately refused to negotiate with us, even though the appointed receiver would simply be collecting the rent, deducting their fee and then paying it to the lender.

In Oct 08 we received letters from MX stating that to protect their security, they were enforcing their right to apply an 'all monies charge' across our whole property portfolio.

We realised that we needed proffesional help and at the end of Sept 08 we instructed a solicitor to try to open the channels of communication with MX.
It took a while to arrange, but in Nov 08 our, then, solicitor & partner, a mediator, met with with a Mr Hugill who was at the time head of credit & fraud stratagy at MX.

Our solicitors were told that MX were 'sympathetic to our plight' as Bradford & Bingley had themselves been affected by the global financial downturn.
They said they had to leave the properties alone that were already being managed by the receivers but providing we worked through our solicitors they (MX) would not place any more properties into the hands of the LPA receivers.
It was explained to us that computer generated letters would continue to arrive but that we now had an agreement to workour way forward.
Unfortunately non of this was ever put formally in writing, all we have are the solicitors hand written notes.
As you can probably imagine we were very relieved.

As had been explained, letters from MX did continue to arrive throughout November & December. We did speak with the solicitor about these but he assured us that the letters would continue to arrive & we were not to worry.

On the 24th December we received lots of letters from MX stating that all of our remaining properties were being placed with LPA receivers,a different company to the 1st receivers.
We again made contact with the solicitors who tried to contact Mr Hugill but he had left for the Christmas break.
Again the solicitor tried to assure us that they had an agreement with Mr Hugill and we were to try not to worry (easier said than done)

In Jan 2009 we again asked the solicitor to make contact with Mr Hugill of MX.
Eventually we heard from the solicitor that Mr Hugill no longer worked for MX, we later found out that he was now a director of the very same company of receivers who had been appointed to manage our 1st lot of properties.

Our solicitors finally made contact with the group solicitor at MX. They were told that there was no evidence of an agreement between Mr Hugill & our solicitors and that he doubted Mr Hugill would have made such an agreement.
Our solicitors did not appear to argue or debate this statement, and at this point we realised we had very little faith in their ability.

In the letters we received from the receivers informing us of their appointments & the letters we received from MX informing us of their instruction appointing the receivers, it does seem that the receivers accepted the appointments before they were formally instructed by MX, sometimes there were differences of up to 2 months. Again we brought this to the attention of our solicitors, but they dissmissed it as typing errors, even though they were all dated differently.

In feb 09 we had totally lost confidence in our solicitors and stopped using them.

For about 6 months following this I am sorry to say that we 'buried our heads in the sand'. We ignored letters & 'phone calls, we either wouldn't or couldn't deal with either MX or the receivers.
Eventually we picked ourselves up, brushed ourselves down and started to fight again.

We realised that the receivers were slowly intimidating our tenants to such a degree that one by one they were leaving the properties.
The receivers were stating that they were marketing the properties & looking for new tenants. We have asked for proof of this but so far none has been provided.
When the receivers took over the 'management' of the properties, only one small flat was empty, as of today only about 35% of the properties have tenants in them paying rent.
Charges (again no proof in form of receipts) are being added to the mortgage accounts at alarming rates
We now know that a few of the properties have been sold at greatly reduced prices. We cannot get confirmation of this from either the receivers or MX. No doubt we will know when they start chasing us for the 'shortfall'.

We are fighting back, we have written quite a few letters to both MX & the receivers asking for explainations.
We instructed a public access barrister to write letters for us saying (on his advice) that we hold both MX & the receivers liable for the income that has been lost.
If all of the properties had been let and managed properly, the arrears that were outstanding would have been payed off early last year and with the low interest rates we would be bringing in a surplus of over £20k a month.
There has been no response to the barristers letters.

As it is, our only income is from hubbies disability living allowance & we can barely afford to put food on the table.
We are not entitled to any state benefits as we 'own' property!

Because the properties are empty & have not been re-possessed, the council tax is now down to us. We applied for the 6 month empty property exemptions but these have now run out & council tax is outstanding on all the empty properties. We now have several CCJ's due to this.

We spend every day trying to find a way forward.
We have pleaded with MX to sit down & talk to us about the stupidity of the situation, we've had no reply.
We've asked the receivers to let us help let & manage the properties, they have not replied.
We have written to our local MP, at least he replied but told us that as 'buy to lets' are unregulated there is nothing he can do to help.
Our letter to Alistair Darling has been ignored.

This situation cannot be in the best interest of the British taxpayer as their money will never be returned.

And finally if this continues we will eventually be made bankrupt, we will not be able to start again as our credit rating has been 'slashed to ribbons'.

We would really, really welcome any thoughts or ideas,

Thank you for taking the time to read this long, boring account of our woes

Kind regards

Mungos mum
p.s Mungo is a huge, soppy English Mastiff