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 September 2013 - Comments: 474
3:07 PM, 7th October 2021, About 5 years ago
Reply to the comment left by Mark Alexander at 07/10/2021 – 14:28
Hi Mark
I repeat it was the accursed me who opened up this can of worms up in 2016. I’ve just read through all the many posts since in the hope of educating myself to no avail. The answer now seems to be to contact Legal Quest (originally deemed to be ambulance chasers looking for sign up fees as a form of scam). There were posts in the past from Anne, an introducer, who gave us some info. Is she still around to update us? I’ve lost track of who MSC are? You have constantly said don’t go for it yet with which I tend to concur. With the West Brom action those who sat on the fence and would not join our action still got repaid in full when we won so maybe timid and pathetic borrowers might still benefit from doing nothing in terms of committing time and money now.
Richard
Member Since October 2022 - Comments: 1
6:39 AM, 28th October 2022, About 3 years ago
Any updates on this case ? Nothing posted for about a year.
Member Since January 2023 - Comments: 1
3:41 PM, 26th January 2023, About 3 years ago
Reply to the comment left by HK at 28/10/2022 – 06:39
It would appear that all the firms dealing with this have now disappeared or been dissolved which probably says a lot
Member Since June 2013 - Comments: 3249 - Articles: 81
7:41 AM, 27th January 2023, About 3 years ago
Reply to the comment left by Nigel Nicholls at 26/01/2023 – 15:41
Yes lot of em gone bust. Leaving many people worried about the loan they signed for to pay.
It seems that the starting owners were getting us customers to sign up for finance with insurance to pay off the loan, if the claim wasn’t successful, they then claimed the loan money. It ‘seemed’ the loan & insurance companies were then fighting it as they were gonna’ be paying out millions on cases that had no chance of succeeding, & high legal & admin costs done by kids that han’t got a clue.
These people here seem to be the good ones that have picked up the mess & can advise u if you want to finish your ties with the paperwork.
http://www.clearlawonline.co.uk/