Approached by compensation firm about Mortgage Securitisation?
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
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Leasehold Property and Alterations
Member Since January 2021 - Comments: 1
2:03 PM, 15th January 2021, About 5 years ago
Reply to the comment left by Mark Smith (Barrister-At-Law) at 07/06/2017 – 11:10
Can anyone offer an update to this situation
thanks
Member Since October 2015 - Comments: 22
4:18 PM, 21st June 2021, About 5 years ago
Finding this thread, started 4 years ago, is like deja-vu ! There’s been intensive promotion of this scheme, using Zoom property networking events, since early this year 2021. Mark Smith himself has been involved in at least one call I’m aware of, promoting the concept and endorsing the companies involved (LQ/MSC).
In the current incarnation of this scheme, there was supposed to be a class action claim launched April 2021 (be quick or you’ll miss the deadline, and have to wait), now apparently postponed until October. But this thread indicates it’s been postponed for at least 4 years ! In fact, Helen in March 2019 referred to ‘..preparation for actions… almost 5 years ago’ i.e. mid-2014
What happened to the test case ?
“…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” – posted March 2019 more than 2 years ago… WHAT happened ? Exactly the same thing is being claimed in May/June 2021 – cases put out to Legal Firms and Legal Expenses Insurers… with nothing heard back from anyone in many months.
Can anyone update on the current situation ? I see no significant posts for nearly two years…
Member Since July 2021 - Comments: 2
7:20 PM, 17th July 2021, About 5 years ago
I changed my investment property mortgage from the Woolwich (who refused to extend my loan term when I was obliged to retire due to cardiology issues) to West Bromwich through a broker WB went bust and sold out to Mortgage Express who came under the Govt rescue plan who sold out to Rosinca all payments were up to date with some 3 years left to run on my original contract a broker successfully negotiated a re-run with Rosinca Zepher when Topaz came to an end with a Rosinca valuation on my property from £116 thou’ to £160 thou I agreed with the broker for a loan of £130 thou’ having gone through every search possible (paid for) the offer went through 2 days before Xmas & 2 weeks before the current mortgage came to an end Rosinca’s solicitors wrote to say they advised Rosinca not to proceed I am still arguing the case under horrendous stress which has now made me terminally ill – is this foul play ? and what options do I have ? suggestions welcomed please
Member Since July 2013 - Comments: 184 - Articles: 1
3:28 PM, 25th July 2021, About 5 years ago
following this.
Member Since November 2013 - Comments: 252 - Articles: 10
12:31 PM, 6th October 2021, About 4 years ago
I can say that I have prepared an advice on these claims which is positive. I have had lengthy dealings with MSC and their principals. They are FCA licensed and I have no reason to doubt their integrity.
Member Since September 2013 - Comments: 474
8:46 PM, 6th October 2021, About 4 years ago
I started this thread back in 2017 suggesting Mark Smith might take it on for Property118 members. Seems like he feels there is mileage in it now although not at the outset. Where do we go from here?
Member Since October 2021 - Comments: 1
12:02 PM, 7th October 2021, About 4 years ago
Following! This is starting to look very promising. Thankful I found this thread today
I have a mortgage with halifax since 2007. Thing is that I’m in arrears. I noticed that one of the initial requirements that legalquest include is to see if the mortgage is in arrears. I am in arrears at the moment, but the arrears started around 2016-17. If I clear the arrears would this help with my claim?
Member Since January 2011 - Comments: 12149 - Articles: 1375
1:54 PM, 7th October 2021, About 4 years ago
Reply to the comment left by Sunny Patel at 07/10/2021 – 12:02
If you are in a position to repay arrears then you should do so. I cannot tell you whether this will help you with a claim against your lender but it could help you in many other ways. Being in arrears when you don’t need to be is a very bad idea.
Member Since September 2013 - Comments: 474
2:15 PM, 7th October 2021, About 4 years ago
Seriously where do we go from here? I recall at the outset that borrowers could only apply if there was 2 years unexpired on their loans. Two of mine have expired and the remaining one has only 18 months odd to run so it would seem I am ineligible to apply. Is this still correct?
Member Since January 2011 - Comments: 12149 - Articles: 1375
2:28 PM, 7th October 2021, About 4 years ago
Reply to the comment left by Richard Adams at 07/10/2021 – 14:15
Hi Richard
This is not a legal action promoted or endorsed by Property118 or Cotswold Barristers, so we cannot answer your questions. This forum thread was posted by one Property118 members to engage others in discussion about the proposed legal action.
Mark Smith has posted his views insofar as he can, but any other questions of the nature I am responding to must be addressed to Legal Quest themselves.