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Hello all,
Glad to have found this site and hope you may be able to help and guide me to the right section.
In 2006 I bought an apartment in Cardiff from a guy selling apartments who turned out to be a bit crocked. He sold lots of apartments to people with good credit ratings ( and normally at a community church in south west London) but unknown to us the flats were over priced and had a high interest rate which he said would either decrease when we could re-mortgage or we could sell them in 2 years. Then came the crash in 2008. About 38 people I believe were left with an apartment with high mortgages and with negative equity. I believe all but one apartment was repossessed. It seemed somewhat strange that I never heard anything from the mortgage company who were GMAC and then Oakwood Homeloans. When I spoke to the agent that was used to sell the flats to us he said it was likely that the mortgage company wanted to take the property back to get the insurance ( as apparently all mortgage companies insure against people not be able to meet their mortgage payments) and sell the flats and take the rest of the money. I hadnt heard anything from them and assumed that this was the case as the agent also said there was an investigation going on regarding the properties and how they were sold to us. Since around 2004 i've also had my name on my sister mortgage as it helped her get a mortgage because she is single parent with a child. Last Thursday a letter arrived at her flat saying her and I were being taken to court for the mortgage I had in Cardiff, she is distraught as to be expected. I called the company Optalegal who were the ones who sent the letter and they said it was me that was being taken to court for money I may have in my sisters flat. I explained that I have no money in the flat and that it was her money used for the deposit and she is the one who pays the mortgage and my name is on the mortgage so that she was able to get a mortgage and they have asked me to prove that which I believe I can as I have the paperwork showing where the mortgage is paid from and where the deposit came, she is also the person registered at her flat and she pays all the bills. The people at Optalegal have said that I need to send the information in and neither of us need to attend court, but I checked the company out on-line and there are allot of complaints about them concerning cases where they have started court proceedings without informing the person (which it looks like with me as they have already put a mark on land registry so that my sister cant move from the flat) and also them doing things slightly underhand. I'm now wondering if they don't want me to attend so that they can try and take her property. I will go to court but don't know if I should take legal representation as the court date is Friday and the letter only arrived last Thursday and i'm not even sure of my rights. Can they actually take her property? I hope not but not sure
Any assistance is greatly received, I hope this one isn't too complicated
Many Thanks
Stephen
Glad to have found this site and hope you may be able to help and guide me to the right section.
In 2006 I bought an apartment in Cardiff from a guy selling apartments who turned out to be a bit crocked. He sold lots of apartments to people with good credit ratings ( and normally at a community church in south west London) but unknown to us the flats were over priced and had a high interest rate which he said would either decrease when we could re-mortgage or we could sell them in 2 years. Then came the crash in 2008. About 38 people I believe were left with an apartment with high mortgages and with negative equity. I believe all but one apartment was repossessed. It seemed somewhat strange that I never heard anything from the mortgage company who were GMAC and then Oakwood Homeloans. When I spoke to the agent that was used to sell the flats to us he said it was likely that the mortgage company wanted to take the property back to get the insurance ( as apparently all mortgage companies insure against people not be able to meet their mortgage payments) and sell the flats and take the rest of the money. I hadnt heard anything from them and assumed that this was the case as the agent also said there was an investigation going on regarding the properties and how they were sold to us. Since around 2004 i've also had my name on my sister mortgage as it helped her get a mortgage because she is single parent with a child. Last Thursday a letter arrived at her flat saying her and I were being taken to court for the mortgage I had in Cardiff, she is distraught as to be expected. I called the company Optalegal who were the ones who sent the letter and they said it was me that was being taken to court for money I may have in my sisters flat. I explained that I have no money in the flat and that it was her money used for the deposit and she is the one who pays the mortgage and my name is on the mortgage so that she was able to get a mortgage and they have asked me to prove that which I believe I can as I have the paperwork showing where the mortgage is paid from and where the deposit came, she is also the person registered at her flat and she pays all the bills. The people at Optalegal have said that I need to send the information in and neither of us need to attend court, but I checked the company out on-line and there are allot of complaints about them concerning cases where they have started court proceedings without informing the person (which it looks like with me as they have already put a mark on land registry so that my sister cant move from the flat) and also them doing things slightly underhand. I'm now wondering if they don't want me to attend so that they can try and take her property. I will go to court but don't know if I should take legal representation as the court date is Friday and the letter only arrived last Thursday and i'm not even sure of my rights. Can they actually take her property? I hope not but not sure
Any assistance is greatly received, I hope this one isn't too complicated
Many Thanks
Stephen
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