My mortgage sold on. I signed nothing??

gar32

They would miss out on the interest on the rest of the mortgage which would be a lot on a 20 years left on it

NIMAN

gar32 wrote: »

They would miss out on the interest on the rest of the mortgage which would be a lot on a 20 years left on it

Likewise if they sold to you at half price.

gar32

I will have to pay it off quicker with is my plan B all along. Extra payment here we come.

frogstar

They will tell you to move in all honesty

CantonasCollar

The key part of my earlier post was that you had to sell the house, it wasn't just a negotiation on what was left of my mortgage. It was a negotiation on the balance of my mortgage less what the house sold for.

Once the house was sold it totally changed the scenario for the lender and they were much more likely to negotiate, at least according to this company. They were gonna charge 4K to do the negotiation with the lender, which in theory you could do yourself, although this is their business so they are likely to come to a better conclusion than you may do on your own.

The person we spoke to was suggesting a discount of just over 50%, before you added on their fee. Typically both the lender and our negotiator would have wanted the cash within 12 months. Once it was all paid that was it, debt was cleared to all satisfaction and the lender lost all rights to come after you later on for the discounted money.

gar32

As my 1st post writes

"I am not in a position to change lenders as I don't fit the standard borrower profile to change. (Long story)"

Your mortgage most likely had a clause in or allowing the original company to sell it on. Take it from me ( someone who works in the industry) most of the time this can be a good thing as the new company may be open to a deal to settle your mortgage

CantonasCollar

I feel your pain, same position too. Our lender won't even consider discussion over moving to a fixed rate because we are slightly above their own imposed level of value of asset to level of debt.

We have never missed a payment in 10 years yet try explaining that we now have 2 kids and if the rates increase we would struggle to pay the mortgage. It is in their interest if the rates increased to move us to a fixed rate so we can continue to pay, otherwise eventually they end up with no payments for as long as we can stay here for and then an empty house to sell that is not worth what they have invested in it.

Sometimes I feel like just handing they keys back

Elemonator

I don't think you can just cite "contract law". There's likely a condition in the mortgage documentation that they can sell it on.

gar32

Contract law is between two parties. They parties are changing left right & center here without my input.

gar32

A contract is a legally enforceable agreement between parties to do something (or to not do something). Any legal contract must contain certain elements. First, it must contain an offer. ... Third, it must represent the intent of both parties to enter into a legally binding agreement.

gar32

"Both parties!!." I am not having a group party here with every bank in the country.

gar32

Also I don't remember the bank signing anything in this contract ??? a bit one sided

PCX

gar32 wrote: »

Contract law is between two parties. They parties are changing left right & center here without my input.

If the original contract you signed did have a clause stating it could be sold on then you did give your input. Your input was that you agreed it was ok for your mortgage to be sold on. You signed a legally enforceable contract to that affect.

gar32

Yes but it has to be a agreement with both parties and no one from the bank signed it

jh79

gar32 wrote: »

Yes but it has to be a agreement with both parties and no one from the bank signed it

You better give them back the money so.

gar32

I am with interest

gar32

INBS is long gone. That's who I was dealing with long ago.

sham58107

Same here loan sold on. INBS got into crap not me!! but I lost 20 years of mortgage protection overnight, as IRBC just dropped it.
We also got a letter from financial regulator about a year ago, apologizing for data protection breech, our details along with an awful lot more were sent to 6 legal companies, this was just before BOI bought mortgage, but was told there was nothing I could do about this, as it did not mean anything.
Usual Irish crap of the big boys been kept happy, while others are s*** on .

OP - what difference does it make to you if you are current and able to make the repayments?

If your original lender had gone bust and the mortgage wasn't able to be transferred your debt might have been called by a liquidator in 2009.

newacc2015

gar32 wrote: »

A contract is a legally enforceable agreement between parties to do something (or to not do something). Any legal contract must contain certain elements. First, it must contain an offer. ... Third, it must represent the intent of both parties to enter into a legally binding agreement.

You entered into a contract with an offer and consideration. You signed that bank had the right to sell on your mortgage or securitise the loan ie make it into a MBS. You signed a legally binding contract, whether you like to admit it or not.

Have you actually read your mortgage contract? I have a feeling you have not as you would find it the dozen or so pages a line where they state they can sell on your mortgage.

big syke

Did you actually read your contract?

Maybe instead of spouting out first year contract law read the contract and come back to us. (Hint: Check out assignment law -as newacc2015 mentioned the bank will have a clause like this in it)

What is the problem anyway? Your new provider has the rights and duties of INBS so you are not loosing out.