I have a problem with Stroud & Swindon Mortgage company (a sub-prime lender) as I am in arrears with my mortgage (a re-mortgage) and they want to reposess.

I have a firm offer on a remortgage of £131,500 and the S&S want £132+ (£119000 for the original mortgage, 6% redemption penalties and £1,600 'other fees'). We have been to court twice and I have got a stay on the posession hearting. I offered S&S £129000 to redeem the account, but they flatly refuse, saying they believe there is sufficient equity in the property for them to want reposession. I have explained that on the last valuation it was deemed 'high' and that property prices - especially repo prices in my area have dropped and all they need to do is check the local land registry details...

Can anyone suggest any legal arguments (I am taking them to court and asking for Norgan?sp) to be applied on the arrears (*about £6,000 now) or that they be made to acceot the £129000 I have offered - which is about 98% of the money they want.

Any hep is much appreciated - I've talked them into waiting until the 17th Sept until further legal proceedings take place to allow me time to build my case.

-- Susan Jane Caraccio (susancaraccio@blueyonder.co.uk), September 06, 2004

Answers

you cann argue in court that the lender is 'Placing a clog on the equity of Redmption' the court can decide that the added costs and delays in granting possession are not treating you fairly and with sympathy under the terms of the mortgage code that they the lender subscribe to. do your maths thorougly and present them to the judge.good luck

-- roger watts (r.watts40@ntlworld.com), September 16, 2004.

UPDATE

I wrote to the S&S asking them what terms and conditions of the mortgage code they were following - in reply to their letter stating they felt they had "been more than fair" and ten days later have received no written reply, but had a telephone call asking for a copy of the mortgage offer and a letter from my solicitor with an anticipated completion date... hopefully they are now 'considering the options' especially as I have proved that a 2 bed repossessed property in the next street to mine (the property backs onto mine) went for £75,000 recently.

-- Susan Jane Caraccio (susancaraccio@blueyonder.co.uk), September 17, 2004.