Mortgage company steals my money

GINNAK2

NO

I think, the problem is that you guys & girls don't know the extensive history of the whole matter, and I guess I'm forgetting that somewhat. There is so much to it, it would take a month of Sundays to explain, and probably a new keyboard!

I've had three solicitors out of three tell me I have a case and that, just because it's in an agreement your signed, it doesn't necessarily mean it's watertight in the eyes of the law. The only problem there is paying for one!

Thanks peeps

ToasterScheme

YES

GINNAK2 wrote: »

That is exactly the point, would you be happy to throw THE PURCHASE PRICE + MAINTENTS COSTS + YOUR EFFORT AND TIME + SALES COSTS, out of the window, because you'll get nothing back!

I'll try to say again what many people have already tried to say - this viewpoint is simply not true. The sale money doesn't just disappear, or end up in the lenders slush fund, it goes to reduce the debt you have on the 2nd house.
So you will shortly find your monthly outgoings on the 2nd mortgage will go down.

This lender obviously decided in the past that they would like to lend to you - now they have decided they would like not to any more. And because it's a BTL they have worded things so they can effectively do this. But's its not theft - it's recalling a loan at a time that is incovenient to you and unexpected.

I've lost track of whether the 2nd house is in negative equity or not. If not, and CHL don't want to lend you their money any more, is there anything to stop you remortgaging the 2nd house with a different lender? Even if you can't increase the mortgage to right back where it is now you might be able to move in that direction.

antrobus

GINNAK2 wrote: »

Valhaller , I'm not sure where you go negative equity from, neither house is in negative equity!..

He got it from the figures you've supplied here in this thread.

GINNAK2 wrote: »

I owe approximately £101,500 on the mortgage and have sold for £170,000.

GINNAK2 wrote: »

....Both houses total around £270,000.....

GINNAK2 wrote: »

In total, both mortgages, I owe them £236,000, ....

Overall you say you have equity of £34,000 (£270 minus £236). So if you have equity of £68,500 in the property you've sold, you must have negative equity of £34,500 in the property you've retained. Either that, or you've supplied the wrong figures.

ILW

GINNAK2 wrote: »

I think, the problem is that you guys & girls don't know the extensive history of the whole matter, and I guess I'm forgetting that somewhat. There is so much to it, it would take a month of Sundays to explain, and probably a new keyboard!

I've had three solicitors out of three tell me I have a case and that, just because it's in an agreement your signed, it doesn't necessarily mean it's watertight in the eyes of the law. The only problem there is paying for one!

Thanks peeps

That is probably not the lenders problem though.

DTDfanBoy

YES

GINNAK2 wrote: »

I've had three solicitors out of three tell me I have a case and that, just because it's in an agreement your signed, it doesn't necessarily mean it's watertight in the eyes of the law. The only problem there is paying for one!

Thanks peeps

Why do your solicitors think you have a case ???

Thrugelmir

YES

GINNAK2 wrote: »

And the reason for sale is to clear £30,000 worth of debts! and not duck away from my responsibilities to pay those debts, rather than paying them a £1 a month for the rest of my life, ensuring that everybody else's bills go up, due to scroungers like me.

Then the lenders position seems totally moral. Given your overall financial position. Doesn't really matter how you arrived at this position. When leveraging with debt to buy assets it's not investing but speculating. If there's no planned exit route.

As you've found out like many before you. A house of cards falls once a bottom card is removed. There's no foundations. A hurricane wind brings everything down.

[Deleted User]

YES

Don't worry, the council has to find you a home if you don't have one. You won't be out on the street. Daily Mail readers will hate you for being freeloading benefit claiming scum, but otherwise it's not that bad.

originalmiscellany

YES

It's a hard one, but with the wisdom of crowds (http://en.wikipedia.org/wiki/The_Wisdom_of_Crowds)
I would say that a vote of 22 to 2 indicates that generally your beliefs in this system may be incorrect. I know from being a poster for several years here that some experienced posters have made their thoughts made who don't have an axe to grind.

Accept that this money is going back to effectively "neutralise" your situation and move on. A hard knock to take, but I don't think you will find many people supportive of your viewpoint/stance currently on here.

theartfullodger

YES

Voting currently 24 to 2 against you: Sounds about right. (Was 7:2 when I 1st looked)

I repeat my earlier question that you have chosen not to answer: £10 to an agreed housing charity if the answer to that question does not indicate when some of your problems lie...

Why did your wife divorce you (or why did you divorce the wife)???

Cheers!

ACG

I mean this in the best way, but the circumstances going back to way back when do not matter. All that matters is really what is in writing.

You have 3 solicitors who are telling you one thing which is great - but are they doing it on a no win no fee basis?

With regards to whether banks can do this, i used to work for RBS and they used to do it. Whether i agree with it is another matter (for the record im not saying i do or dont). But your pulling your feelings into the equation and these have very little if any baring on the matter.

You have BTL mortgages - you do not have the same rights as someone who would be in a residential mortgage. You didnt answer my previous question so im still struggle to decide whether im on the right page or not.

I wish you all the best but someone times you have to realise when your in a battle you cant win and when your in the wrong... Again, sitting on the fence im not saying you are in the wrong but i think this is one battle you will struggle to win and may end up costing you a lot of money.

They havnt stolen any money off you, they have put it towards another debt you have with them - which is entirely different to what you are saying.