Approached by compensation firm about Mortgage Securitisation?

Approached by compensation firm about Mortgage Securitisation?

10:58 AM, 7th June 2017, About 4 years ago 64

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Is anyone aware of the Mortgage Securitisation issue that has arisen with “promises” of “up to 8 out of 10 UK Borrowers could qualify for a reduction in their mortgage by up to 70% if mortgage was sold by lender without borrower being told”? 

 I have been cold call approached by a mob seeking to represent me, but immediately thought if there is anything in it that it might be a job for Mark Smith representing our group?

Basically Robinson Murphy Solicitors of Newcastle have written to me due to having my details from a previous contact I had with them years ago – can’t recall about what? –  saying they have been instructed by Legal Quest as one of their administrators in respect of challenging BTL or residential mortgages.

The crux of the matter centres on having a mortgage that was sold, transferred or assigned under a process called Mortgage Securitisation which the lender has not told the borrower about. To qualify one must have a loan secured by a mortgage on your property, the loan must have more than two years before maturity and repayments must be up to date with no arrears.

I’ll be interested to know what Mark Smith makes of it.

Many thanks

richard



Comments

by Mark Alexander

16:40 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Steve McNair at 11/07/2018 - 16:36
I suspect Mark S will be conflicted by answering that question, so I will answer it instead.

My advice is to wait and see what comes of the test case.

by Richard Adams

16:46 PM, 11th July 2018, About 3 years ago

Wise advice & very thoughtful comment re Mark S's position Mark. Being a bit thick though I am uncertain who will tell/advise us to jump in or forget it when the Test case result is known?

by Anne

17:05 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Richard Adams at 11/07/2018 - 16:46
I have signed up to become an introducer so i will happily proclaim the outcome if it is in our best interests Richard 🤩

by Mark Alexander

17:06 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Richard Adams at 11/07/2018 - 16:46
Hi Richard

I will publish my own decision and leave it up to others to decide whether to hang on my coat tails or not, as per the West Brom case.

For obvious reasons, I am not willing to take responsibility for any decisions people might make, but I see no reasons for jumping in or parting with any money at this stage.

by Anne

17:10 PM, 11th July 2018, About 3 years ago

I believe there needs to be a certain number of cases to be signed up before the class action can be started so there is some argument for signing up prior to the outcome of the test case and £260 is a small business cost when weighed against the potential benefits

by Mark Alexander

17:16 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Anne at 11/07/2018 - 17:10
With respect Anne, as a commission based introducer you would say that wouldn’t you?

The test case is already going ahead. What’s the benefit of signing up before the results of that are known. If that case flops then anything paid now could well be money down the drain, could it not?

by Mark Alexander

17:18 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Anne at 11/07/2018 - 17:10
PS - I have also been offered an introducer commission package but decided not to risk my credibility or reputation until the outcome of the test case. I would feel uncomfortable accepting commission on that basis.

by Anne

17:24 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Mark Alexander at 11/07/2018 - 17:18
I get £25 up front for my troubles. Would you like a share 😎

You are in the privileged position of being the site owner and i fully respect your decision to stay on the sidelines. I have no onerous responsibilities here and am quite happy to be upfront as to my benefits. Should the case be successful i will benefit from 2.5% of the awarded CFA. Nothing to write home about... about £500 on a 100k mortgage.

However this is something i believe in. As i said before, all i am receiving up front is £25 which might just cover my time and petrol

by Mark Alexander

17:44 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Anne at 11/07/2018 - 17:24
Noted and fair enough.

I hope the test case goes the right way for you and anybody else who has paid at this stage. I just don’t see any benefit of committing until the outcome of the test case is known. Do you think I’m missing something?

by Anne

18:09 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Mark Alexander at 11/07/2018 - 17:44
My understanding is that when the GLO is applied for then there will be a time sensitive window to get final claims in but i don't know how long that window will be


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