beware of sub prime lenders and mortgage brookers

jeff12345659

God forbid that you ever find yourself in a desperate situation and drowning in problems. I have spoken to other people who have found themselves in problems in business and they are sypathetic with my wife's sitatution.
When what you think is a lifeline in thrown to you is is natural to grab it.
Yes, my Wife has done wrong and both of us are paying for it-BIG TIME.
The brookers however have had in fees and commision from me about £30k.
Let me ask all of the mortgage advisers who have commented on this story.
I do not believe that SPML were a party to this fraud knowingly but had they had the decency to sit down and discuss this when I found out about the fraud I believe we could have resoved the situation.
SPML insisted was that the property should be sold. Once they had got their grubby hands on the property andthen I would have been well and truly stuffed.
Believe me their attitude was very arrogant and agressive. The solicitors they used at the tiime had a reputation for being impossible to deal with. I don't feel I should name the solicitors in question other than to say they were based in Ruislip, Middx. I am dealing with another firm of solicitors that now represent SPML.
SMPL are business to make money, that I understand but they must accept risks as part of their trade.
Why should I make good this shortfall and pay exepenses on top?


Who are at fault in this sad story.

homer_j_3

your wife and the broker

jeff12345659

Yes my wife and the broker are at fault, then is it fair or reasonable that I should make good the money to SPML?

Tootsie_Roll

jeff12345659 wrote:

Yes my wife and the broker are at fault, then is it fair or reasonable that I should make good the money to SPML?

This question has already been answered for you many times - yes it is fair. I would also add that you are at fault for not pursuing the broker and your wife through the courts - you have to take some responsibility yourself. I have absolutely no doubt that had you done that then SPML would have been obliged to look at this as a fraud account. Your reluctance to litigate has meant they have no other option but to recalim the money from the asset they secured the debt on.

You keep asking the same questions, stating the same facts and still you get the same answers - have you not got the message yet ?

AMILLIONDOLLARS

jeff12345659 wrote:

God forbid that you ever find yourself in a desperate situation and drowning in problems.

If I found myself in a desperate situation I would fully discuss it with my husband, so that we could find a solution TOGETHER, I would never dream of going behind his back and forging his signature on any legal documentation in order to obtain money illegally. wHY, because I love my husband, I value my marriage and no business is worth making us homeless and losing everything for.

You made it clear to your wife that you would only be funding her upto £200,000, she was not satisfied with this agreement, so she went off and made her own arrangements, it seems to me that you and your wife hit a road block when it came to discussing your finances and her business, otherwise she may not have resorted to the methods she used.

I am not being harsh, it just amazes my that you cannot see that your wife and her broker are to blame, but I mainly blame your wife, after getting funding of £200,000 and the business is still not a success, common sense says to call it a day, hell I would not wait for it to get that far out of control. The Broker just took advantage of the situation and your wife let him, remember he did not come knocking on her door, she went knocking on his, behind your back.

You said "Why should I make good this shortfall and pay exepenses on top?" Because she's your WIFE and she borrowed the money and your sticking by her, remember!!.

Good luck, I think you need it very much.

silvercar

In the 90's there were court cases where lenders had to write off loans because they had been taken out by one partner's business and secured on the home without the other partner's knowledge or consent.

Your case is different, the lender was under the impression that you were a party to the loan. You were defrauded by your wife not the lender.

You have actually been living off the benefit of the fraud in that you have received the benefit of the loan in terms of your household income through your wife's business. I'm not saying its your fault, just that you can't blame the lender when they have followed the rules.

I wish you luck in picking up the pieces. I don't feel that you will gain anything by blaming the lender.

AMILLIONDOLLARS

Just thought

Why not pay off what she has "borrowed" then get her to sign over her share of the house (if you still have it) to you, that way she would have paid you back and compensated you for your loss. It would also prevent her doing anything like this in the future, and should the marriage breakdown further along with way you won't feel you'd been taken for a total mug.

Sounds reasonable to me!!

jeff12345659

Thanks
If I can agree with SPML a sensible amount then I will try to pay them. I don't however see that they should profit from this fraud and I would be grieved if I hade to pay them huge expenses.

AMILLIONDOLLARS

The only one profiting from this fraud is your wife if you let her!!

bikerqueen

so why should your wife benefit to the tune of how much the remortgage was? the fact that she doesnt have the cash anymore doesnt mean she hasn't benefitted from it!