Btl Scum Regrouping And On The Offensive. -- Merged

[spyguy]

1 hour ago, TheCountOfNowhere said:

Im astounded people didnt flea for the exit last year.  2008 showed that BTL was a dangerous/disasterous investment that only a brain dead troglodyte or desperate greedy pensioner would get into.

Or primary school teacher.

[TheCountOfNowhere]

54 minutes ago, spyguy said:

Or primary school teacher.

Already Covered

[Lavalas]

4 hours ago, Lavalas said:

The absolute opposite of them regrouping and on the offensive...

 https://www.property118.com/negative-equity-end-mortgage-term/93304/

BTL properties at end of mortgage term and in negative equity. Hopefully the first in a long long long line of these threads.

Brilliant thread so far. At the time of writing we've had ten replies and she still doesn't seem to be aware of the fact she's probably going to lose her own home and none of the business experts have pointed it out either.

[spyguy]

23 minutes ago, Lavalas said:

Brilliant thread so far. At the time of writing we've had ten replies and she still doesn't seem to be aware of the fact she's probably going to lose her own home and none of the business experts have pointed it out either.

' Does anyone have any advice either on a creative way out of this, or on what happens when BTL properties are repossessed? '

Isnt hiding behind the sofa when he LPA bailiff comes round the current creative way?

[Lavalas]

13 minutes ago, spyguy said:

' Does anyone have any advice either on a creative way out of this, or on what happens when BTL properties are repossessed? '

Isnt hiding behind the sofa when he LPA bailiff comes round the current creative way?

Absolutely. She really should have posted a thread to say that she had received a letter from Mortgage Express then Busta would have advised her to just not open it and then this situation simply would not exist. These business folk eh. 

[Quicksilver]

wonder what she spent all her money on? She is in huge negative equity on both BTL and has 5K equity in her personal home. Ridiculous situation, she must have bought all 3 at the peak of the market in 2007-2008 or MEW spunked away tens of thousands on fancy holidays!

 

Self employed too, wonder if she runs a Nail salon and claims WTC!

[spyguy]

19 minutes ago, Quicksilver said:

wonder what she spent all her money on? She is in huge negative equity on both BTL and has 5K equity in her personal home. Ridiculous situation, she must have bought all 3 at the peak of the market in 2007-2008 or MEW spunked away tens of thousands on fancy holidays!

 

Self employed too, wonder if she runs a Nail salon and claims WTC!

She's 60.

She'd need exceptional ovaries to be tax crediting at that age.

 

[spyguy]

20 minutes ago, Quicksilver said:

wonder what she spent all her money on? She is in huge negative equity on both BTL and has 5K equity in her personal home. Ridiculous situation, she must have bought all 3 at the peak of the market in 2007-2008 or MEW spunked away tens of thousands on fancy holidays!

 

Self employed too, wonder if she runs a Nail salon and claims WTC!

And the answer to 'What did she spend all her money on?'

White range rovers and holiday abroad. Because shes worth it!

 

[Lavalas]

Or is it me that's misinformed here? I don't have experience of how Mortgage Express operate. I assume they'll take your assets until the debt is paid or you're bankrupt? Not just take the BTLs and give the goon a stern ticking off?

[Quicksilver]

3 minutes ago, spyguy said:

She's 60.

She'd need exceptional ovaries to be tax crediting at that age.

 

Working tax Credits (WTC), not Child tax Credits!

[spyguy]

4 minutes ago, Lavalas said:

Or is it me that's misinformed here? I don't have experience of how Mortgage Express operate. I assume they'll take your assets until the debt is paid or you're bankrupt? Not just take the BTLs and give the goon a stern ticking off?

They take the houses back and auction/sell them.

Then theyll chase the LL for any shortfall on the mortgages plus costs.

 

[spyguy]

4 minutes ago, Quicksilver said:

Working tax Credits (WTC), not Child tax Credits!

You need kids under 18 to make tax credits work.

 

[Quicksilver]

Just now, spyguy said:

You need kids under 18 to make tax credits work.

 

Just accept you made a mistake Spyguy!

[Lavalas]

2 minutes ago, spyguy said:

They take the houses back and auction/sell them.

Then theyll chase the LL for any shortfall on the mortgages plus costs.

 

I just thought it was so obvious for them to not mention it I began to doubt reality, but turns out they really really are that naive (totally f'in stupid).

[Pop321]

2 hours ago, spyguy said:

' Does anyone have any advice either on a creative way out of this, or on what happens when BTL properties are repossessed? '

Isnt hiding behind the sofa when he LPA bailiff comes round the current creative way?

Jeez, you guys really have not bring paying attention. I guess because you are not business people on HPC. There are lots of creative ways of getting out of this: 

1) write a long rambling letter to an MP, don't forget to insult the MP's intelligence. 

2) increase the rent

3) evict the tenant

4) go bankrupt and ruin the whole economy so everyone suffers. (Builders, handyman, tenants, orphans and small kittens)

5) do 2, 3 and 4 simultaneously by defying the laws of economics, physics and common sense.

6) move to malta

7) publish a book on how to get rich and not have to emigrate to do so....from the country you have had to emigrate to.

8) charge £1000 for the book then reduce to £5 - then realise you can't give it away. 

9) tell everyone they are wrong and feel entitled

10) lose everything 

Alot of this will be lost in you guys so I have detailed it in a book and I have webinars twice a week. Cheques payable to 'Phil 321' or just to cash.  

Joking apart, What the b8llocks has this person being doing to be in such a state? We can try fill in the gaps but I bet the truth will be even funnier. 

[EnglishinWales]

Is the woman going to be able to go to court to stop a repossession or not.

Would bankruptcy stop her from becoming homeless.

 The answers are contradictory.

 

[hi5lo5]

19 minutes ago, EnglishinWales said:

Is the woman going to be able to go to court to stop a repossession or not.

Would bankruptcy stop her from becoming homeless.

 The answers are contradictory.

 

She will be housed by good old Rachel in down south, who will find herself in the same position by next year. If I haven't mistaken she has been housing such people and use it as sheild to write to her MP. 

How moronic it is? She has been getting rent and paying Bank throughout these years. She literally destroyed someone's ability to save for deposit.

PRA were late by good 10-15 years. If bank had ever said "fckoff" to this thick tw@t, these houses could by home for the hard working families that paid her IO mortgages for these many years.

[hi5lo5]

1 hour ago, Phil321 said:

Jeez, you guys really have not bring paying attention. I guess because you are not business people on HPC. There are lots of creative ways of getting out of this: 

1) write a long rambling letter to an MP, don't forget to insult the MP's intelligence. 

2) increase the rent

3) evict the tenant

4) go bankrupt and ruin the whole economy so everyone suffers. (Builders, handyman, tenants, orphans and small kittens)

5) do 2, 3 and 4 simultaneously by defying the laws of economics, physics and common sense.

6) move to malta

7) publish a book on how to get rich and not have to emigrate to do so....from the country you have had to emigrate to.

8) charge £1000 for the book then reduce to £5 - then realise you can't give it away. 

9) tell everyone they are wrong and feel entitled

10) lose everything 

Alot of this will be lost in you guys so I have detailed it in a book and I have webinars twice a week. Cheques payable to 'Phil 321' or just to cash.  

Joking apart, What the b8llocks has this person being doing to be in such a state? We can try fill in the gaps but I bet the truth will be even funnier. 

More...

Make libelous claims about large corporations board members.

Wear bright orange t-shirts to do publicity stunt.

Get, Dr. Beck to prepare a 80 page report that talks about some random people on how they feel about their mounting debts and send threats to Govt.

[TheCountOfNowhere]

34 minutes ago, hi5lo5 said:

More...

Make libelous claims about large corporations board members.

Wear bright orange t-shirts to do publicity stunt.

Get, Dr. Beck to prepare a 80 page report that talks about some random people on how they feel about their mounting debts and send threats to Govt.

Welcome to 2007

[EnglishinWales]

I am going to write a book: Britain's Buy to Let disaster, covering the whole sorry story. Will be a bestseller, yep.

[GreenDevil]

Last post is diamond. Haha you poor thing.

MX have been crystalising losses since 2008. They do not have a target to make profit. Their only target is to close out the mortgage book and ‘return’ the money to the taxpayer. I assume they have already written off a lot of debt as toxic anyway, so anything more than 10% of the debt repaid is a job well done. They do not act as a business in the traditional sense so don’t make rational decisions as a business would. They would not need to get a possession order in court as such. You will not get your day in court. They will instruct LPA’s, who they will say are your agent, then the LPA will sell the houses on your behalf at a huge loss, probably to one of their friends, who will make a tidy profit. This sounds extreme I know, but I am not a pessimist, just a realist. Just type in CAG Mortgage Express LPA Receiver into Google.

[thewig]

No one has suggested just putting the rents up yet? Fecking rank amateurs.

[Bear Hug]

4 hours ago, GreenDevil said:

Last post is diamond. Haha you poor thing.

MX have been crystalising losses since 2008. They do not have a target to make profit. Their only target is to close out the mortgage book and ‘return’ the money to the taxpayer. I assume they have already written off a lot of debt as toxic anyway, so anything more than 10% of the debt repaid is a job well done. They do not act as a business in the traditional sense so don’t make rational decisions as a business would. They would not need to get a possession order in court as such. You will not get your day in court. They will instruct LPA’s, who they will say are your agent, then the LPA will sell the houses on your behalf at a huge loss, probably to one of their friends, who will make a tidy profit. This sounds extreme I know, but I am not a pessimist, just a realist. Just type in CAG Mortgage Express LPA Receiver into Google.

I also quite liked this one:

This may not be the answer you are looking for, but my advice would be to squirrel as much of the rent away as possible. MX are completely inflexible, so inevitably, they will repossess and sell your houses, probably at larger losses than is justifiable. You are going to have a huge debt on your hands and the best option is likely to be bankruptcy. Think long term and start putting the money away now. Sorry to be so blunt, but I don’t see another way out for you given what you have said. You are likely to get away with not paying the mortgages for 3 months before they start proceedings. All the best.

But isn't "squirreling away" just before going bankrupt effectively amounts to fraud?

[bobbo]

Probably not fraud but it's definately not a constructive move. 

[Blod]

3 hours ago, Bear Hug said:

But isn't "squirreling away" just before going bankrupt effectively amounts to fraud?

My thought on reading that as well. Maybe the plan is for the state to house her at its pleasure.