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Letter from MORTGAGE JUSTICE FOR CAYMAN

Community Voice 16 Oct, 2020 Follow News

Letter from MORTGAGE JUSTICE FOR CAYMAN

Dear Friend,

 

Please forward this email to:   acrej_petition@runbox.ky  <Advocates for Cayman Real Estate Justice>     and we will forward it to the Law Reform Commission who are asking for input from the public in regard to the upcoming Law relating to FORECLOSURES. We are using this central email address so we all can consolidate the petition...presenting a united front.

We as consumers have a unique opportunity to petition for some MORTGAGE JUSTICE in these Cayman Islands! You are no doubt aware of the abuses that the public has suffered, with many properties sold at UNDERVALUE.  This must stop!

So please urgently forward this Petition Letter to:  acrej_petition@runbox.ky   for forwarding to The Law Reform Commission.

Also please have your contacts who are interested forward this petition letter to:   acrej_petition@runbox.ky   We need to see a very strong representation from the public and time is of the essence !

If you have questions you can call Carlyle Ebanks on +44 7999 888 243 (WhatsApp call or text as well on this number)

 

Mortgage Justice for Cayman !

TO: The Director of The Law Reform Commission

4th Floor Government Administration Building,

Portfolio of Legal Affairs,

133 Elgin Avenue, George Town, Grand Cayman,

P.O Box 136, Grand Cayman KY1-9000

Email: jose.griffith@gov.ky
 

AND: To The Members of the Legislative Assembly of The Cayman Islands


SUBMISSIONS Re: PROPOSED REGISTERED LAND LAW (AMENDMENT) BILL 2020


We the undersigned being very (and in many instances personally, painfully) cognizant of the suffering caused by misuse and abuse of the law as regards to Chargees' exercise of power of sale, hereby submit the following recommendations for the reform of the Law. We note that in many instances of abuse in the past, law, including common law, Practice Directions, rulings by the Courts in past cases, have all been ignored and abused by chargee banks and their servants and appointees and agents.
 

Therefore, our petition for reform of the Law, does not suggest that Chargees, their servants, appointees and agents did not have in the past the fiduciary and legal responsibilities toward chargors and the general public that we seek to make absolutely clear in this bill, but rather that these obligations did exist and are now being reiterated and encoded in this law. Therefore, to the greatest extent possible, we submit that it should be made clear in the wording of this law that these fiduciary and legal responsibilities existed before this Law.

 

Our submissions are set out in more complete form in our PDF letter but presented here in Caption Form. Please accept our PDF letter as the final embodiment of our submissions.

 

OUR SUBMISSIONS:


1. MANNER OF SALE: "...THE PROPERTY MUST NOT BE SOLD AT UNDERVALUE"

​The property must not be listed at undervalue

​​2. CONSPIRACY/COLLUSION TO SELL A PROPERTY AT UNDERVALUE IS AND HAS BEEN AN OFFENCE

3. EXTEND THE STATUE OF LIMITATIONS TO SAY TEN YEARS TO BRING A SUIT AGAINST A CHARGEE

​4. FIX THE BOND TO BRING A SUIT AT $5,000 OR LESS and IF POSSIBLE MAKE AN ALLOWANCE FOR LEGAL AID

​5. NEPOTISM IS PROHIBITED ..."INSIDE JOBS" ARE AN OFFENCE

​6. ALL VALUATIONS MUST BE MADE AVAILABLE ON REQUEST

​7. VALUATIONS DONE BY THE LAND REGISTRY MUST BE BONA FIDE

​8. THE PROPERTY SHALL NOT BE ADVERTISED AS BEING IN FORECLOSURE OR ANY SUCH SIMILAR TERM

9. REGULATE VALUATORS IN RESPECT TO VALUATIONS DONE FOR CHARGEES' EXERCISE OF POWER OF SALE

The law must make certain that the borrower in foreclosure has access to a fair market valuation.

Certain valuators have proven that they will not properly self regulate. They give very low market valuations when they know or believe that the valuation will be used for a foreclosure. Therefore the public is deprived of a fair valuation and many properties are sold at undervalue.

 

Please accept my email stamp or signature below as proof of signature.


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