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 HELEN

16:34 PM, 17th March 2019, About 3 years ago

Reply to the comment left by Mark Alexander at 12/07/2018 - 05:20
Hi Mark
I'm thinking about applying to be registered with Legal Quest. I've seen all the comments on this thread, the last one being 10 months ago, so wondering whether there have been any developments / updates please? We have two buy-to-let mortgages with Mortgage Express (now UKAR) and West Bromwich.

by Mark Alexander

17:30 PM, 17th March 2019, About 3 years ago

Reply to the comment left by HELEN at 17/03/2019 - 16:34
I am unaware of any progress being made

by Richard Adams

17:48 PM, 17th March 2019, About 3 years ago

Reply to the comment left by Mark Alexander at 17/03/2019 - 17:30
Mark
I've always assumed (as the starter of this thread ages ago!) since your post in July last year that you will advise whether you think it is worthwhile jumping in or not. Eventually we shall hear from Mark Smith via you either way. Meanwhile forget it!

by Mark Alexander

18:11 PM, 17th March 2019, About 3 years ago

Reply to the comment left by Richard Adams at 17/03/2019 - 17:48
That is correct.

In my opinion that hasn’t been enough progress made on this case for me to feel confident enough to recommend anybody to commit financially yet.

Better to remain a coiled spring!

by EBG

19:29 PM, 17th March 2019, About 3 years ago

Reply to the comment left by HELEN at 17/03/2019 - 16:34
As the Compliance Officer for Legal Quest plc I can confirm that progress is being made despite the lengthy time frame since we started preparations for the actions against the UK lenders almost 5 years ago with over 2,500 cases reviewed and audited to confirm the validity of their individual case/claims.

Mark Smith was instructed by Legal Quest plc late 2018 to provide a legal opinion regarding two key aspects which after discussions and conferences relating to the key matters was given by him and received by Legal Quest on March 1, 2019.

Based on a letter from HM Land Registry's departmental lawyer to a mutual client on a related matter where securitisation was one of the issues with supporting confirmation of certain key points and the legal opinion from Mark Smith, Legal Quest is in the final stages and formal discussions with legal expenses funders and ATE providers to obtain funding for the initial actions against up to 40 UK lenders.

Over 2,600 test cases have been audited and validated to date, with over 1,850 out of 2,007 existing claimants who have had a DSAR Validation Audit conducted and proven to have a valid case, being with the top 40 UK lenders.

In over 15 years of research, with 5 years of regulatory and direct due diligence and test cases being audited, no-one has been able to provide any evidence to disprove the basic position we are trying to obtain a satisfactory outcome for.

We hope to be in a position to make formal announcements in the main stream press shortly and will at that stage be well and truly able to take on the 'Goliaths' of the banking sector.

by Mark Alexander

19:40 PM, 17th March 2019, About 3 years ago

Reply to the comment left by EBG at 17/03/2019 - 19:29
Thank you for the update and I am very interested in the outcome of the one and only test case I’m aware of which is in the Court system, against CHL I believe?

If you win that tast case and it results in the mortgage being set aside, then, and only then, will I have the confidence to recommend Property118 readers to commit to paying for your “audits”

by Richard Mann

18:30 PM, 5th September 2019, About 2 years ago

Hi Mark and 118ers 🙂

Has there been any updates or additional information on this subject? Was the test case ever started?

by Anne

19:11 PM, 5th September 2019, About 2 years ago

Hi Richard, the journey has been very interesting and getting even more so. It's probably not prudent to give details in an open forum. Please feel free to send me a private email @ annepeat@gmail.com

by Anne

5:37 AM, 18th September 2019, About 2 years ago

Anyone wishing to see if their mortgage qualifies for the mortgage challenge can now do so for the cost of £1 (one pound). Not all mortgage lenders are being included at this stage, so if your lender isn't currently listed and you want to be notified as to when they might be added, then email me annepeat@gmail.com.

To sign up now or read more go to http://www.yourmsc.co.uk . The charge will be reduced to £1 when the discount code FOR120 is entered

by Philip Hudson

5:52 AM, 18th September 2019, About 2 years ago

Hi all,
I've been interested in mortgage securitisation for some time and indeed currently in battle with BOS over my mortgage following a repossession order that has now been suspended.
I have another hearing in December so digging in to the process without any 3rd party input...
However, I've come across these guys!!!!
https://www.thegreatbritishmortgageswindle.net
I highly recommend you read and watch the content on there page as an intro.
Looks like it's not only securitisation that mortgage companies have slipped up on! But the way conveyancing solicitors fudge documents as well as the original mortgage contract not being legal!!!
They believe that ALL 11 million UK mortgages are illegal...
This is big!!!


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