Unenforceable Mortgage Claims

TheLastTommy

As I understand it, the point of any mortgage mis-selling case against either a broker or lender would be to put you back in the position you would have been if the mortgage(s) had not been sold to you.

The goal would be to rid you of any arrears that may have accrued as part of the claim, any negative equity and award compensation for the pain and suffering caused to you and your family.

Having searched the web, it seems that the general consensus is that an unenforceable mortgage is one that was misrepresented, or mis-sold, to you during the brokerage process.

Your mortgage broker didn’t follow the rules when he sold you the mortgage and now you are in a position to be compensated. Compensation follows a formal complaint you’ll file to show that your mortgage was mis-sold.

Has anyone filed a formal complaint against the mortgage broker or lender who did not act in your best interest or who did not properly inform you of your risks and rights during the loan process.

I'm very interested to find out how the complaint process panned out; did you pursue this alone or under the guidance of a mortgage audit company.

What did your claim achieve?
Was it successful?
Was compensation awarded?
If compensation awarded who received the compensation?
What happened to your mortgage?
Did the mortgage get written off?
Did any mortgage arrears get written off in the process?

Many thanks.
The Last Tommy

dunstonh

As I understand it, the point of any mortgage mis-selling case against either a broker or lender would be to put you back in the position you would have been if the mortgage(s) had not been sold to you.

That is not correct.

Having searched the web, it seems that the general consensus is that an unenforceable mortgage is one that was misrepresented, or mis-sold, to you during the brokerage process.

Would you like to point to some court cases that back that up. Otherwise internet myths are not of much use.

Your mortgage broker didn’t follow the rules when he sold you the mortgage and now you are in a position to be compensated. Compensation follows a formal complaint you’ll file to show that your mortgage was mis-sold.

Even if a broker didnt follow certain rules, this does not make it unenforceable. Most of the rules are not legal requirements but are FSA rules. So, the courts do not recognise them in respect of the liability of the lender. The very small number of cases where there has been redress paid typically amounts to small payouts.

Has anyone filed a formal complaint against the mortgage broker or lender who did not act in your best interest or who did not properly inform you of your risks and rights during the loan process.

You wont find many who have and you will find less that have been successful. It is also hard to prove as since 2004, the disclosure documents (key features illustration) lays out all the risks in a format defined by the FSA. So, its near impossible to not know the risks involved unless you didnt read the doc. The onus is on the broker/lender to issue the docs. Not for them to make sure you have read them (as the contract you sign covers that).

did you pursue this alone or under the guidance of a mortgage audit company.

There are a few companies that have popped up making wild claims about this but no evidence they have any success. Most seem to point to them taking fees (even if initially they say they have no fees, some have come back later on to say you have a case but to go further they now need £x from you).

magpiecottage

Presumably you think you have had a mortgage missold to you. Why?

PolarPlateau

More company shills.

dunstonh

PolarPlateau wrote: »

More company shills.

Yes, the OP of this post in 2011 was trying to con the lender. So obviously a shill.