FINAL DRAFT OF MORTGAGE SHORTFALL E-PETITIONgreenspun.com : LUSENET : Repossession : One Thread
HELP MORTGAGE SHORTFALL DISASTER VICTIMS - THE LONG
SHADOW GROWS EVEN LONGER
In Britain between 1990 and 1996 over 1 million individuals were subject to mortgage repossession,principally due to the crippling interest rates imposed by the financial experts at the time. The PM's statement on "Desert Island Discs" at the beginning of the 90s was " We have stopped repossessions!" Now the Endowment Mortgage Shortfalls loom on the horizon and MS victims continue to suffer. Overseas debt can be cancelled ,and millions of pounds sent abroad to help those who have lost their homes in natural disasters(and rightly so), but ONE MILLION PLUS British citizens who have lost their homes get NOTHING. Or,doesn't this constitute a disaster? DESIRED OUTCOME
1) That an amnesty be declared for debts arising from the 90s housing recession.
2) That the 1980 Limitation Act in respect to mortgage shortfall debt, be reduced to 3 years (as recommended by the Law Society-The Housing Green Paper,July 2000),be it simple contract or specialty debt. Even if this may result in some repossessions being expedited, or more complex legislation. Furthermore, that the aforementioned limit be made retrospective.
3) That the Voluntary 6 Year Code (time limit to begin recovery action) be made law and reduced to 2 years, not 6 as proposed by the FSA.
4) For a moratorium on arrears after repossession until the property is sold. 5) That lenders be obliged to disclose (clearly) to borrowers in debt when information ,or part payment, given to the lenders could constitute an acknowledgment of the debt.
6) That a full (impartial)investigation be carried out to disclose which lenders have undersold properties, and that they be made to account for it. Underselling is endemic in the industry, and the problem is still not being addressed properly.
7) That Mortgage Shortfall sufferers have their names removed from blacklists. We are victims not villains. 8) That any Endowment Mortgage Shortfall victims receive fair compensation. -----------------------
This petition endorses the CAB proposals in the "Long Shadow" report, not covered in this document. WHO WE NEED TO INFLUENCE The Government and all Opposition MPs. LENGTH OF PETITION Until justice is done. --------------------------------------- Will post this on "www.Petition-them.com" on Friday.
-- M Amos (email@example.com), May 22, 2002