Intimidation/blackmail?greenspun.com : LUSENET : Repossession : One Thread
When continuing to press the matter of the possibly illegal and certainly irregular repossession of a property which was in considerable POSITIVE equity and had minimal mortage arrears, and the actions of a building society which actively prevented the owners from obtaining funds to pay and later sold the property at a LOWER figure than that offered to owners 2 years previously, owners were told "stop writing to us, or we'll sue for the shortfall". Mortgage co. had turned a roughyl 50% mortgage into a debt the same size, i.e created a very large debt for the borrowers almost the same size as their original borrowings. When a solicitor drew up a "contract" by which the owners agreed to keep quiet if the mortgage company kept their promise, the latter REFUSED outright to sign it, & said that their 'letter of intent' was sufficient guarantee they would not sue, and that the expense of solicitors' involvement was not necessary. Borrowers have since discovered that this company have already sued atleast one person who held a similar "'etter of intent not to sue for shortfall', and that the 'debt' (which was actually actively CREATED for them by the mortgage co.) can be persued for up to 12 years. Has anyone else had a similar experience of what solicitor says is "bullying tanatamount to blackmail" and what can be done about it?? J.R.
-- Jay Rufus (email@example.com), October 18, 1998
Are you able to supply us with a copy of the letter of intent you were offered, the letter of intent the other person was offered and more evidence that the lender reneged on the agreement? We would be interested to see this material and make it public.
-- Lee Kimber (firstname.lastname@example.org), November 09, 1998.
Is this the Mortgage Corporation? Sounds a lot like it. We were a victim of TMC and it was very stressful, I lost my hair and had a full breakdown after them. We were one of a handfull that kept their house.
If this was the TMC, then I think there should a co-ordination of what went on with TMC, the whole story needs to be told
-- Jim Dee (email@example.com), May 05, 2000.