Mortgage Agreement Never Signed

CarlM_2

Not sure where we stand here. We took out a re-mortgage on our property in 2008. I have since lost my job and am scratching around at self employment - my wife is also down to a 3 day week due to illness. The upshot is we have a mortgage that we can no longer afford to keep payments on.
Going through the documents we found the original mortgage loan agreeement document (which we should have signed, had witnessed and returned to building society), which we did not actually sign, and it is still unsigned and in our possession, along with our Customer copy of the agreement. The mortgage deed was signed and seems to be in order. Does this mean that the mortgage could be potentially unenforceable? I should stress we are not trying to get a free house out of the building society!
However, the property is probably now around 50 to 70 thousand in negative equity, and would help a great deal if this could be used as a bargaining point when trying to negotiate a shortfall amount that we will no doubt have to pay...

Thrugelmir

When you say "original" is this for the remortgage or initial purchase mortgage ?

CarlM_2

I mean the re-mortgage loan agreement documents are in our possession, unsigned...
(The 'original' mortgage was with a different building society altogether.)

VIGILANT22

"Something somewhere" must have been signed for to have allowed your deeds to be discharged from original lender to current lender........

This "unenforceable" term has been mis-used...resulting in people thinking agreements can be cxld etc....Click on the link and read about one.... if not the largest claims management companies who claimed such things..

http://www.ftadviser.com/FinancialAdviser/Regulation/News/article/20100325/03d9ada4-3367-11df-93d5-0015171400aa/MoJ-shuts-down-Cartel-for-outstanding-debts.jsp

dunstonh

Does this mean that the mortgage could be potentially unenforceable?

No. The courts ruled in December that lenders do not need to provide signed copies of the agreement.

Going through the documents we found the original mortgage loan agreeement document (which we should have signed, had witnessed and returned to building society), which we did not actually sign, and it is still unsigned and in our possession, along with our Customer copy of the agreement.

May have been printed twice. However, it doesn't matter as above comment overrules it.

This "unenforceable" term has been mis-used...resulting in people thinking agreements can be cxld etc....Click on the link and read about one.... if not the largest claims management companies who claimed such things..

The December court cases that all went in favour of the lenders along with the bank charges case has really hit claims companies hard. Their lies and false claims and the court ruling against them consistently is putting and end to these disgraceful claims companies. Hopefully, when PPI if done and dusted, there will be nothing left for them to move on to and they will all collapse and shut down.

Wutang_2

All this site does (in promoting unenforcability) is destroy peoples credit ratings.

Its a shame about the changes in your circumstances - but looking for glitches in mortgage literature will not change this.

CarlM_2

dunstonh wrote: »

No. The courts ruled in December that lenders do not need to provide signed copies of the agreement.

And that ruling applies to Northern Ireland as well as England and Wales?

CarlM_2

[QUOTE=VIGILANT22;31238815
This "unenforceable" term has been mis-used...resulting in people thinking agreements can be cxld etc....Click on the link and read about one.... if not the largest claims management companies who claimed such things..[/QUOTE]

Not sure how 'vigilant' you are being - I did not say I want, or thought our agreement should be, cancelled - in fact I emphasised that was not the case. Neither did I mention or refer to any claims management companies. Negative Equity is a grey area with no hard and fast laws and I was asking (and was expecting answers from anyone who was up to speed) if there could be an opening for negotiating the amount of shortfall we will have to pay. Bearing in mind that negative equity can just as easily be attributed to lenders and 'independant advisors' as it can to the homeowner.

VIGILANT22

CarlM wrote: »

Not sure how 'vigilant' you are being - I did not say I want, or thought our agreement should be, cancelled - in fact I emphasised that was not the case. Neither did I mention or refer to any claims management companies. Negative Equity is a grey area with no hard and fast laws and I was asking (and was expecting answers from anyone who was up to speed) if there could be an opening for negotiating the amount of shortfall we will have to pay. Bearing in mind that negative equity can just as easily be attributed to lenders and 'independant advisors' as it can to the homeowner.

What are you on about???

This is yr quote "Does this mean that the mortgage could be potentially unenforceable"

The companies who are claiming contracts are "unenforceable" are called Claims Management regulated by the Ministry of Justice.
Quote: "Bearing in mind that negative equity can just as easily be attributed to lenders and 'independant advisors' as it can to the homeowner.[/QUOTE]

Bearing what in mind!!??....is Neg E the problem of the adviser or lender!!


On the subject of being up to speed.........
Why is your Mortgage Payment Protection not covering the mortgage payments??

Leon_W

As others have stated, there is no requirement for "signed" paperwork. Acceptance of the lenders terms is implied by the drawing down of the remortgage money in this case.

CarlM_2

Leon_W wrote: »

As others have stated, there is no requirement for "signed" paperwork. Acceptance of the lenders terms is implied by the drawing down of the remortgage money in this case.

Thank you Leon.
It is good to have someone reply in an informative way without being arrogant and making presumptions.