Response to Duty of care

Just to add to Mark's note about the lender refusing offers of 52K, 50K and then taking only 45K (two years later!) I think it is worth noting that from the documents received from the lender thru the SARN process, it was noted on estate agent approval of sale forms that the bottom line the BS would accept was 53,500 when the offer of 52,000 came in (valuation at the time, noted on approval of sale form, was 48,000) - it also shows on the "approval of sale" that without the indemnity (MIG) - the break even value was 52,779 - therefore the BS (I believe) would have lost 779 pounds!! Sixteen days later, the BS dropped their max to 52,000 - of course, the buyer they turned down at 52K had then bought elsewhere (shame, as he only needed a 60% mortgage and was eager to buy the house as he was renting on same street - all info in their docs). It's interesting looking at the notations made on these forms which clearly show the agents were amazed that the early offers were turned down by the BS. I don't know how much of this would act in the mortgage shortfall victims' favour but it does show that it is very, very important to SARN the lender(s) and then go thru each document looking for any irregularities or discrepancies. It takes time but is definately interesting to say the least and could provide you with some ammunition. Good luck to all of you.

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