Just found out my mortgage has been sold

jamesd

brunty248 wrote: »

I was shocked to see from the land registry what webb bought my house for but I understand why they want me out they will make about 130k on my property.

brunty248 wrote: »

The bought my mortgage for 100k and my property is worth 230k so all this bullying is well worth it to them. Would love to hear how you are getting on now with Webb.

Which is it, did you sell them the house, perhaps on a sale and rent back agreement, or did they just buy the mortgage? Or did your lender repossess and Webb then buy the property off your original lender?

If they just bought the mortgage they do not stand to gain the difference between what they paid and the property value. All they get after repossession is the amount of capital still owed on the mortgage plus the costs of sale and their administration and legal expenses. They have to pay you the rest of the money from the sale. if the sale doesn't cover the remaining mortgage amount you end up owing them money still and they can chase you for that debt as usual.

If they paid much less than the remaining mortgage amount they could make a nice profit after repossession. If this is your situation you can expect them to show as little flexibility as allowed because they could make most money in the shortest possible time by getting the property sold, either you selling it or them repossessing and selling it. You selling it would be the one of those to that costs you least.

If you sold them the house then they would stand to make the difference between what they paid for it and what they can get for their property on the open market. But this is very different from selling a mortgage.

brunty248

jamesd wrote: »

Which is it, did you sell them the house, perhaps on a sale and rent back agreement, or did they just buy the mortgage? Or did your lender repossess and Webb then buy the property off your original lender?

If they just bought the mortgage they do not stand to gain the difference between what they paid and the property value. All they get after repossession is the amount of capital still owed on the mortgage plus the costs of sale and their administration and legal expenses. They have to pay you the rest of the money from the sale. if the sale doesn't cover the remaining mortgage amount you end up owing them money still and they can chase you for that debt as usual.

If they paid much less than the remaining mortgage amount they could make a nice profit after repossession. If this is your situation you can expect them to show as little flexibility as allowed because they could make most money in the shortest possible time by getting the property sold, either you selling it or them repossessing and selling it. You selling it would be the one of those to that costs you least.

If you sold them the house then they would stand to make the difference between what they paid for it and what they can get for their property on the open market. But this is very different from selling a mortgage.

They were sold my mortgage by Mortgages 1 plc my original mortgage company without my knowledge till the transaction had been done. My original mortgage was for 163k and I now have 16k in fees from Webb Resolutions in only 18months. I had a suspended order on my property which I have maintained over the last 12 months but due to unemployment in March 2011 my payments were scattered by I did keep them in touch and have made up the payments and £150 extra per month off my arrears, but webb have taken me back to court 3 times since march for the minor of things and charge me £550 in costs each time they do so. They administer the mortgage themselves and collect payments themselves direct into their bank. This is what the FSA say they shouldnt be doing and are investigating them.

brunty248

dunstonh wrote: »

If they were not authorised by the FSA then you couldnt use the FOS.


It is not a club. You have to be regulated by the FSA and the Webb hold the necessary permissions via another company called Lapithus Servicing LLP

What is your complaint?

I have a complaint in already with the Financial Ombudsman and the FSA, the knowledge I can gather is that they cannot administer my mortgage of which they are doing and also they collect all my payments into their bank account, I have had no contact with any other firm only with Webb Resolutions all my letters are from them from start to now. Lapithus only came into registration with the FSA this year and they took over my mortgage in February 2010!, all im looking for is who should be administrating my mortgage and payments. but reading through all these forums so many people are in the same boat as me with the same company. can you shed any light onto this for me.

dunstonh

I have a complaint in already with the Financial Ombudsman and the FSA, the knowledge I can gather is that they cannot administer my mortgage of which they are doing and also they collect all my payments into their bank account

except the the company that handle the administration are regulated by the FSA.

However, you still havent said what your complaint is.

brunty248

dunstonh wrote: »

except the the company that handle the administration are regulated by the FSA.

However, you still havent said what your complaint is.

Can you explain to me what the other company has to do to "administrate" my mortgage. And as far as the FSA have told me Webb shouldnt collect my payments or inform me off any changes in my mortgage. My complaint is that I think Webb have acted wrongly and unfairly in my mortgage.

brunty248

brunty248 wrote: »

Can you explain to me what the other company has to do to "administrate" my mortgage. And as far as the FSA have told me Webb shouldnt collect my payments or inform me off any changes in my mortgage. My complaint is that I think Webb have acted wrongly and unfairly in my mortgage.

I am also not covered anymore by MCOB, that I have also been told by the FSA and if you check Webb Resolutions credit licence number it does not register with anyone. The Financial Ombudsman only took on my complaint because my original mortgage company is registered with the FSA otherwise they wouldnt look at my complaint beacause I have no rights with Webb Resolutions. FSA have launched a investigation into Webb Resolutions as soon as I informed them of the way they have treated my mortgage so I gather they are doing something wrong somewhere. There is no outcome yet because its still ongoing. The way these companies treat people with problems is unreal. I have had to fight every day just to keep my family in our home. It really does wear you down and to top it all you find out they have no guidelines that you can fight back with. This is why I have complained. And looking at these forums Im not on my own in dealing with Webb Resolutions. Hope you can help clear some of my misunderstandings up.

jamesd

The FOS and FSA may take the view that the amount of charges and/or their frequency is excessive. There seems to be some merit in that view.

If the mortgage amount still owed when they purchased the mortgage was £163k and they paid £100k then they would have a potential profit of £63k after repayment of the mortgage, whether it's via repossession, you selling or you remortgaging. That's a strong financial incentive for them to try to force you to sell or to force repossession, including using excessive fees to make things unaffordable for you.

brunty248

jamesd wrote: »

The FOS and FSA may take the view that the amount of charges and/or their frequency is excessive. There seems to be some merit in that view.

If the mortgage amount still owed when they purchased the mortgage was £163k and they paid £100k then they would have a potential profit of £63k after repayment of the mortgage, whether it's via repossession, you selling or you remortgaging. That's a strong financial incentive for them to try to force you to sell or to force repossession, including using excessive fees to make things unaffordable for you.

Yes and they know my property is valued at 230k, bacause at one of the court hearings they were making out that my property was only worth 143k and that they wouldnt gain anything by repossessing me (this made them look good in front of the judge) but I had my house valued and took the valuation into court to show that I did have equity in my property and even asked for them to caplitize on my mortgage to clear my arrrears but they refused that because then they would lose there hold over me as with the suspended possession order. I just want people to see what Webb are doing reading forums there are so many people in the same position as me with Webb. This has to be a wrong way of treating people.

RecoveringAlcoholic

From Webb Resolutions:

Secured and unsecured loan administration is carried out on our behalf by Target Servicing Limited which is authorised and regulated by the Financial Services Authority (FSA) and the Office of Fair Trading (OFT).

YOUR WEBB RESOLUTIONS LOAN IS SECURED ON YOUR HOME AND YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

http://www.webbresolutions.com/secured-loan/faq.htm

brunty248

Thanks for pointing that out, but in a letter to me Webb have said that Crown Mortgage Management collect my payments and Lapithus servicing LLP administrate my mortgage, only I pay my mortgage payments into Webb Resolutions bank account even though they arnt regulated to do so and all my administate correspondents have always come from Webb who arnt regulated to administrate a mortgage. Could you explain that one!.

Also a phone call telling me that my court hearing for repossession is off and cancelled was a very low way of not getting me to attend only I have a bit more about me and phoned the court to see if it was cancelled and I turned up, but Webb didnt and the Judge said that if I hadnt then Webb would of gained repossession, very low move wasnt it. Is that what they mean with your above quote.