Brian Fitzsimons

Registered with Property118.com
Thursday 4th July 2013


Latest Comments

Total Number of Property118 Comments: 2

Brian Fitzsimons

17:09 PM, 18th February 2013
About 7 years ago

Mortgage Express Right to Consolidate

Hi Mark, I would first find out if the loan(s) were securitised. If so, acquire shares in the securitised company/trust etc, ie you now own a share of your own debt. This should give you the same standing in court as whoever is trying to foreclose on you.....stalemate! ( Don't know the cost of this, but joining forces with other landlords as you mention would help).

If not securitised, Helen's idea (see below post by Helen) is a good one. I would conditionally accept their offer to consolidate ( thereby removing controversy). In the conditions of acceptance, I would look for the signed agreements/contracts (with signatures of both parties) and an assurance of adequate performance on their behalf in that they actually lent you their money and did not just monitize your promissary note. Apparently financial institutions have a great difficulty complying with these conditions so prepare for a very long wait.... Read More

Brian Fitzsimons

17:55 PM, 15th February 2013
About 7 years ago

Mortgage Express Right to Consolidate

This is indeed a concern for landlords. I have a number of BTL mortgages and I recently discovered that the mortgage provider had securitised the mortgages and sold them off to Auburn Securities 6 Plc ( a pool of mortgages to the tune of over £4 Billion, divided into shares for investment purposes....ie MBS mortgage backed securities).
My understanding of this is that the mortgage provider no longer owns the mortgages and at best acts contractually as a service provider for Auburn. The upshot of all this is that the mortgage provider is no longer the lawful holder of the debt and will have great difficulty proving any claim it may have as the debt has been sold into a pool and owned by the shareholders.

I suspect that the person dealing with Mortgage Express is in a similar predicament . He/she should check if the mortgages have been securitised, and if so, should offer to negotiate/settle only with the current holder (ie lawful holder) of the debt. This should throw the cat among the pigeons and slow things up for a few years at least.... Read More