Mortgage Securitisation - scam or real?

Dawn1966

Has anyone any experience of this whereby lots of our mortgages have potentially been sold to another firm without our knowledge, meaning essentially our mortgage has been paid off and the contract with the original lender is ended meaning by rights we shouldn't be paying out monthly mortgage payments.

One of my relatives told me about it and has paid a firm £50 to investigate her mortgage, but I can't find much info about it, only a few companies which offer to investigate so I'm worried for her that she has been scammed. Of course it would be great if real, AND our mortgages have been sold on!

This is the firm she applied to.
Unsure if I can post websites but here it is - https://www.yourmsc.co.uk/ and if I can't it's called MSC (Mortgage Securitisation Claims) in partnership with Legal Quest PLC.

Salemicus

Mortgage securitisation is definitely real. Ten years ago there were lots of movies about it!

It doesn't mean your mortgage has been paid off, it doesn't mean your contract with the lender is ended, it doesn't mean you don't have to make your payments. If it sounds too good to be true, guess what?

tigerlily74

Mortgage securitisation is a real thing and it works on the assumption that you do indeed need to keep paying your mortgage. It should have no impact on you other than maybe some new branding on your letters from your mortgage company. So yes what you have described does sound like a scam.

ACG

Its legal and legit. 
Your debt has not been paid off, just sold on to another firm the manage the debt down. It still happens now.

Dawn1966

Thanks so much for your replies which do not surprise me as I also thought it too good to be true.

dimbo61

Your relative has lost £50 so please don't throw good money after bad

LRmortgage

In the terms and conditions of your mortgage, it will say that the lender can sell, assign, transfer etc the terms of your loan to another owner without your permission. (It does not work the other way around). 

Your relative has been scammed. Luckily only for £50. 

Mortgage securitisation has been going on for decades and is nothing new. 

AnotherJoe

Let me forecast the future. 

Your gullible relative will be told that there is indeed a case to have her mortgage annulled / paid off/ whatever, but that will require some legal work at a cost of, say £1,000 and she pays that. 

When nothing materialises she will be informed by another company it's a scam and for only say £100 she can make a claim to get her £1000 back.
Let us know how it goes and how long befure the penny drops with her. 

MWT

... or they will offer to sell an insurance policy which would cover the costs if she loses ...

The company makes money on every policy they sell of course...

The whole thing is a scam from top to bottom.

Dawn1966

AnotherJoe said:

Let us know how it goes and how long befure the penny drops with her. 

Sadly she doesn't have long to live but was hoping to get her finances in better order for her daughter - I won't be telling her it's a scam.

Carrot007

Dawn1966 said:

AnotherJoe said:

Let us know how it goes and how long befure the penny drops with her. 

Sadly she doesn't have long to live but was hoping to get her finances in better order for her daughter - I won't be telling her it's a scam.

which is going to help how?