Who signed for our mortgage?
My family and I were 'assigned' a mortgage from a developer when we bought off plan near Estepona.
Our original mortgage offer was for 129,000 euros which we increased to 138,000 euros to buy a furniture package for our apartment which we were told we had to buy as part of the deal. We have since noticed that our mortgage is actually for 180,000 euros. We DID NOT sign for this increased mortgage but think perhaps our solicitor who had power of attorney did. We have no paperwork pertaining to this bigger mortgage.
We are struggling to keep afloat with our payments and are chasing down evidence of us agreeing to this mortgage. Can a power of attorney solicitor agree a figure if it has not been approved by the owners and the owners be liable for this loan?
The owner of the mortgage company from where our original offer came is being investigated in the UK by the Financial Services Authority for the fraudulent sale of mortgages. If we have been mis sold a mortgage does this also give us any grounds to dispute the greater loan amount with which we seem saddled?
Who signed for our mortgage?
Hi
I'm sorry I don't quite understand...
The mortgage offer paperwork shows we were offered a mortgage of €138,000 and this is the figure we understood to be paying off over 15 years, this is the figure we understood out POA to be signing off. As we look at our mortgage statement it is clear that a mortgage was arranged for €180,000 WITHOUT our knowledge or approval and it is this figure we are paying off over 20 years. Both figure and year terms are different to those we have agreed to. Surely we cannot be held responsible for a solicitor who has not made us aware of a higher mortgage being arranged without our sign off going ahead without letting us knowing of the increase from €138,000 to €180,000.
We believe the developer/mortgage advisor (now being inspected for fraudulent mis-selling of mortgages) had the apartment revalued in order to remove the equity before we completed, which resulted in us BEING ALLOCATED (not offered and agreed to) a larger mortgage.
What do you mean by full mortgage responsibility?
Who signed for our mortgage?
Oh dear this is very disappointing and worrying to hear. So our POA could have signed for ANY mortgage amount and we would be liable?
I have asked the bank to supply paperwork pertaining to this mortgage as we have never received any copies and we wondered against what authority they were operating this mortgage. If they are unable to uncover any paper work what would the outcome be? They hold our deeds presumably, so could they hold them to ransom for whatever they deem the mortgage value to be?
I will try and check whether the total 180,000 incorporated the taxes, fees etc
Who signed for our mortgage?
We have no paperwork at all! Binding offer, completion papers ...nothing etc Our contract when we bought the property has no dates on it either. The whole process looking back now is very suspect.
All we have is an early mortgage offer (which we agreed to two years before our completion actually went ahead) from the original mortgage lender. We're hoping the solicitor or bank will uncover some papers we can actually check and form a paper trail as to what has happened.
Thank you for your thoughts, I will see what I can find out and maybe come back to you if I have further questions.
who signed for our mortgage?
Hi
We have been trying to trace our paperwork for our mortgage via the bank and our solicitor. We have had no response from our bank (with whom we are trying to negotiate an interest only mortgage to reduce our payments) and our solicitor has since gone bust, and we think has even since died, leaving no trail for who now holds our case notes/file.
So we find ourselves in this position:
1) No completion paperwork, binding offer in our possession, therefore unable to sell the property
2) Negotiations with the bank to reduce our payments by way of an interest only mortgage appear to have halted despite our repeated emails and phone calls asking for urgent response
3) No tenant in our property as of yesterday so no money coming in at all (tenant was in arrears and left owing us money).
Therefore we are unable to pay the bank any mortgage payments and have told them this was the likely outcome if we were unable to complete our move to interest only by September.
What is the best action to take in your opinion in order to extract ourselves legally from this grim financial loop?
Can we be pursued for any outstanding monies owed on the property in Spain, in the UK?