Writing Off Your Mortgage?

TW100
TW100 Posts: 26 Forumite
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edited 2 November 2017 at 4:06PM in Reclaim mortgage fees, council tax, etc
An advert came on the radio about writing off up to 70% off your mortgage. The company is called 'Ease Your Mortgage' so I looked online as was curious. Apparently some lenders sell on your mortgage to another investor and do not change the name legally on your title deed, therefore meaning you can write off some of what you owe. This company charges £260 to look into this for you? Why can't I just call my mortgage company and ask them or obtain a copy of my title deed and look for myself? Is this a con?

Comments

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Forget about this.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    And then forget it some more.

    The only thing that will get written off is your savings.
  • StopIt
    StopIt Posts: 1,470 Forumite
    Hahahahahahahahaha no.


    No.


    Wait, you're serious?


    No.


    I hate to break it to you, but most lenders securitise and sell mortgage debts to the secondary markets. Why do you think we had the 2009 crash? (Tldr; Bundles of sub-prime debts were marketed on the secondary markets as AAA debt. When the ruse was found out, everyone lost their minds). Last I checked, you can't get your mortgage written off because your lender hedged your risk of non payment in exchange for making less of the overall profit.

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • TW100
    TW100 Posts: 26 Forumite
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    Thank you everyone. I just wasn't sure if anyone else had looked into this. How on earth are this company allowed to do this. They advertise on LBC radio. I think I might get on to them about it.
  • LABMAN
    LABMAN Posts: 1,659 Forumite
    First Anniversary Name Dropper First Post
    TW100 wrote: »
    Thank you everyone. I just wasn't sure if anyone else had looked into this. How on earth are this company allowed to do this. They advertise on LBC radio. I think I might get on to them about it.



    Do you know that the word 'gullible' isn't in the Oxford English Dictionary'?
  • Diya12
    Diya12 Posts: 2 Newbie
    I think what you did ended up in the Daily Mail- check Leqal Quest website now ��
  • dunstonh
    dunstonh Posts: 116,346 Forumite
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    There is something called advance fee fraud.

    Scammer entices you with some big pay off. Your greed takes over and blinds you to all sensibility. The scammer then tells you to get that you have to pay a smaller amount. You pay it as you have pound signs in your eyes.

    If you remember the old BBC series Hustle then you should be able to relate to the format as most episodes were a version of advance fee fraud.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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