national association of mortgage victims

greenspun.com : LUSENET : Repossession : One Thread

can any one advise me of the the present activities if any of the NAMV.

I too am one of those unfortunate souls who are snared by the mortgage sharks who go under OCWEN or the IGROUP as they are now known.

being only two onths behind with the payments l am appalled by their rather rapid suggestion that my original 13,000 loan would roll up to 47,000 if they reposess....considering that the original salesman lied when asked what an early repayment would cost..."oh just a few months interest charges"....I have boiled on this lie for too long....TIME TO FIGHT

-- david austin (davidmaustin@aol.com), March 04, 2003

Answers

A legal point that is worth knowing about is that anyone being threatened with re-po, by ANY lender is entitled to re-mortgage the property right up to the day that actual repossession takes place. So if anyone reading this who IS being threatened get yourself round to a mortgage broker, tell them your story and you may well be very pleasantly surprised with what can be arranged even in the most dire circumstances. Good luck and don't let the b........ get you down. Joy.

-- Joy Harker (admin@harker.go-plus.net), March 05, 2003.

Joy,

I do not, I am afraid, go along with your advice here. You appear to be telling people that it is easy to remortgage one's way out of financial difficulties when facing repossession, which I think, as indeed do many professional advisers, is a very dangerous thing to do. While this may be someone's only option, there are often better options, for example, in some cases it may be a better option to consider a voluntary sale rather than getting into hugely increased debt.

Many of the companies involved in such remortgaging are very exploitative, expensive and very problematic if arrears accrue. For various reasons, default can result in what amounts to horrific default penalties. For example, I have heard of a case where someone borrowed approx. 3000(at some 40% APR), 10,000 was repaid and 45,000 still owed. Imagine what this would be like if the person had borrowed 30,000!!! This kind of situation is very common in the 'sub- prime' or 'credit impaired' sector and in many cases is perfectly legal.

I have also heard that the NAMV are the experts in the field and work with a solicitor who has a large number of such cases. It would be advisable, I believe, for anyone with an Ocwen or iGroup mortgage, whether they are in arrears or not, and even where the Ocwen or iGroup mortgage has been repaid, to contact NAMV as a matter of urgency.

Mark.

-- M Amos (idgroms@hotmail.com), March 06, 2003.


I would have to agree with Mark on this one! No offence intended Joy, but the remortgage sharks know they have you by the goolies and you could end up in a worse mess than the one you tried to get out of.

-- Too scared to say (iwasduped@yahoo.com), March 08, 2003.

Hello Folks, Sorry if I didn't perhaps word my posting more carefully. The last thing I would do is encourage anyone to approach loan shark types!! My intention is to help. I based my thoughts on the fact that there ARE some straight mortgage brokers with integrity. I know from the experience a friend of mine had .... the broker through his contacts managed to turn my friends life around i.e. no repossession took place and the new arrangement was an affordable one that woukdn't lead to loads more debt. I didn't post his name and contact no: because I could then be accused of being in line for a commission payment..... which I wasn't and would never accept.

Joy

-- Joy Harker (admin@harker.go-plus.net), March 09, 2003.


hi, does any one know a GOOD solicitor who stands up to these lenders?, we have a case where the d/d forms were never put in place with the bank by them and they say they never got them not one but 9 times HELP NEEDED.

-- mike (mgrantsinclair@aol.com), February 07, 2004.


Sorry to be the bearer of bad news but I have it from the horse's mouth that NAMV's is no more.

As to a solicitor that willtake the lenders on forget it. The best chance is for this site to start organising forums at which as many geniune mortgage victims as possible could attend and organise themselves to take on GENIUNE claims through the courts. Again I know from experience that it is not as difficult to win in the courts as it was pre Lord Woolfe.

-- (badger@field41.fsworld.co.uk), February 10, 2004.


Moderation questions? read the FAQ