SARN info - think I might have caught them out!greenspun.com : LUSENET : Repossession : One Thread
I got a load of SARN stuff the other day and was wading through it all last night and this is what I found:
1. Copy of the letter telling me to get out of my house 10 days before Xmas. 2. Bailiffs werent sent to the house til 3 months later and that was when it was 'officially' repossessed. 3. Then numerous bills from property management companies for repetitive work done to the house even though it was said to have been in 'reasonable' condition. The work done over a period of 3 years equates to almost 2k! 4. Property sitting empty for 3 years and then suddenly put on the market at less than half of what I paid for it and promptly reduced in price by 1k every month thereafter until it was sold 4 months later.
I though this was very odd - why would all this work be done on my house for it to sit empty for 3 years only for it to be sold so hastily?
Upon further investigation, I found in a report by the bank themselves that this property along with over 30 other similar properties were deliberately witheld from the market whilst investigating the possibilty of leasing the properties to a housing association. It also stated that negotiations had been exhausted and my property along with all the others were then put on the market! SO the property had been deliberately not marketed for 3 years and I am being charged for interest on it and all the work done on it during that time! Also when the property was marketed, the estate agent was pressured into selling it by a certain date or else it would go to another estate agents, an offer was then made and accepted 2 days before that deadline date!
Also, I found from a debt collection history record that it was boldly marked on there in January that the 'SIX YEAR PERIOD ENDS' in a couple of months. I know there is a lot of debate about the 6 yr and 12 yr debts so why was this highlighted to the bank and its solicitors?
What I want to know is what peoples opinions are on this? Where do you think I stand? I had all my delaying tactics planned but I knew something fishy was going on.
-- anon (email@example.com), May 22, 2002
Who was the lender? Who was the debt collector? Who was the lawyer, if different to the debt collector? Which housing association? Where was the property? When was it sold? Any other "names" involved in this lease deal?
It sounds to me as though they will not be able to successfully take you to court to recover the debt (because of holding back the property) but I wouldn't point that out to them (otherwise they would just drop the size of their claim to a figure they were still happy with).
Instead, I'd make an itemised list of everything that is odd in the SARN response and then add it to this post for the benefit of all of us. Please do name names though, so other repossessees and future mortgage customers of this lender can assess how relevant the lender's behaviour is to them.
Good work on the discoveries!
-- Lee (firstname.lastname@example.org), May 22, 2002.
When did your Lender first contact you? This mention of the 6 year period could be because of the voluntary 6 year code. See the CML web: page "www.cml.org.uk/servlet/dycon/zt cml/cml/live/en/cml/pub_info_dept" . I'm very interested in what you say about your property having been withheld from the market whilst investigating the possibility of leasing it. I have been investigating this myself recently as I recently saw this in a Hansard report:
"Under the new extension to the scheme, the empty repossessed houses on the building societies' books can be let to housing associations for periods of between one and three years, and occupied by families. Later, when the property is eventually sold, the lender should get a better price than he would from a forced sale now. The scheme also reduces the losses of the borrowers. In the meantime, the property is maintained and squatting is eliminated. The process also helps to stabilise house prices by controlling the rate at which empty property is offered in the market. Far from being half-baked, the scheme works to the benefit of all involved."
Have you got a copy of the report by the bank ? I would be very interested in a copy of it.
-- M Amos (email@example.com), May 22, 2002.
This was my point, it wasnt actually let out at all, they only spent 3 years negotiating the possibitlity of it with a local housing association - all at my expense!
-- anon (firstname.lastname@example.org), May 22, 2002.
You could also take your case to your local MP and make a complaint to the Financial Service Ombudsman.
-- M Amos (email@example.com), May 22, 2002.
where do you think I should go from now though? Should I get a soliciotr involved or simply write to them and ask why my propert wasnt marketed until 3 years after repo?
-- anon (firstname.lastname@example.org), May 24, 2002.
Don't write and ask why 3 years,(see first reply from Lee). Remember the lender and recovery agents have experience and knowledge,they will use this to their advantage,and will only reveal information they want you to know,unless you issue SARN against them. They want information to help them,but won't return the same courtesy to you,as it may be counter productive. The info you have discovered could help you at a later date,but don't ask the lender about the three years,you can prepare a better case against them,and if you allow them to think you are less well prepared than you really are,you can use this to your advantage.
-- glen jones (email@example.com), May 25, 2002.