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

18:23 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Anne at 11/07/2018 - 18:09
Please explain “GLO”

by Anne

18:34 PM, 11th July 2018, About 3 years ago

I believe it stands for "general liability order" and it is issued against the lender to inform them about the class action. I am out and about on my mobile phone so please forgive me if i have used the wrong terminology. I usually double check things but my phone and google have let me down

by Mark Alexander

18:47 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Anne at 11/07/2018 - 18:34
Sounds like a Letter Berfore Action.

by EBG

20:00 PM, 11th July 2018, About 3 years ago

Hi GLO stands for a Group Litigation Order which is where an action is registered with the High Court and a period of time is set aside for claimants who have a similar cause of action to be able to register their claim. During the registration period where advertising for additional claimants is actively pursued the matter may be negotiated and an out of court settlement agreed or it could be dealt with by ADR or Arbitration in order that all options have been exhausted before an expensive court battle.

by Anne

20:05 PM, 11th July 2018, About 3 years ago

Reply to the comment left by EBG at 11/07/2018 - 20:00
Ahh thank you. I remember now. I only signed up yesterday and I've not had my training yet. Thank you for the clarification

by Richard Adams

22:31 PM, 11th July 2018, About 3 years ago

Reply to the comment left by Mark Alexander at 11/07/2018 - 17:06
Hi Mark (Mark A that is!)
Thank you for saying you'll let us know your opinion re jump in or forget it at the appropriate time after the test case result is known. After the West Brom case whatever you say is good enough for me.

by Mark Alexander

5:20 AM, 12th July 2018, About 3 years ago

Reply to the comment left by Richard Adams at 11/07/2018 - 22:31
Thanks Richard

by EBG

14:35 PM, 13th July 2018, About 3 years ago

Just to update all interested parties, the discovery paperwork has been received and reviewed with a view to filing a response for more information as there were large gaps in same.

Legal Quest have a meeting next week with the law firm who are representing the claimant ,in order that they can instruct Mark Smith accordingly.

It will be interesting to see his views on what has been disclosed to date and what is being requested to follow.

by KB2018

13:45 PM, 29th July 2018, About 3 years ago

Reply to the comment left by Philip Hudson at 04/08/2017 - 13:49
Hi Philip
I want to look into this issue with platform mortgage can you give me some guideline or the initial steps to take.
First letter to send etc

by Anne

16:51 PM, 29th July 2018, About 3 years ago

Reply to the comment left by KB2018 at 29/07/2018 - 13:45
I can point you in the direction if you like. I'm putting my mortgages through this process. This link will take you to the Legal Quest website

https://www.legalquest.org/for/20

If you use code FOR20 you will get a £10 discount off the cost of the legal review needed to see if your mortgage meets the necessary criteria


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