My friend at work, had been repossessed in 1993 by the above, started chasing her last year for £25k, now gone up to £46k with contractual interest.

She knows that they have sold the property under value, even though they still deny this.

Firstly the refused ( through their solicitors) to supply a valuation or structural report, and in the end they say that they do not have one.

In the last few days, going through some of her files she found a copy of a Valuation report done by an independent valuer in 1989 for NHL. The value on the 1989 report for Loan purposes was £54k. The House was sold after repossession for £36k. The lender at this stage, does not know that she has a copy of this valuation. Recently when they were in court, and my friend was not represented, the Judge ordered that a new valuer be appointed jointly and the costs be shared.

The Valuation Report the my friend has, says in small print that the report “should not be taken as a detailed report on the structural condition of the property and that the valuation figure given does not necessarily represent the market value of the property”

My question is would the court accept this valuation as a true representation of the value despite the conflicting views given in the report.

My second question as she had taken out the mortgage in 1989 with National Home Loans. NHL transferred her Mortgage to another company in 1990, who in turn transferred again to another company in the USA..

She is now being chased by Paragon ( NHL) for the shortfall, surely it should be the company in the USA that should be chasing her.

Any comments appreciated by anyone or directly to my email address.

Lisa

-- Lisa (stamfordlisa@hotmail.com), February 17, 2001

Answers

There is no magic secret in The structure of Paragon ,the companies you refer to are most likely Collaterised Mortgage Securities usually refered to as CMS -with a no after them -example cms9 0r cms6 Go to the Data protection Register and key in there main postcode,B91 3QE and you will see a list of approx 56 companies.

Then go to the Companies House postcode and key in the same post code should get around 100 plus some you may have to search seperate. The company in the States is most likely Morgan Guaranty Trust company of New York.

Should you wish to search on the Directors you may find that Three have around about at last count 140 companies APPROX at that address the rest only a few. many are only in the Plc section which is in there annual report You will also find many dormant companies and many which have had many changes of names over the years -you may find that you are being chased by LOM Recoveries although this is a Dormant company is used to chase there Debtors and is listed in the Data Register.

This may sound very confusing but i do hope it helps you as i have several shares in the company, thought it was only fair to let you know as you have posted two emails to this site and seem confused. Hope this helps.

Regards

Charles Twford

-- charles twford (twford@lineone.net), February 22, 2001.