In order to take out an MCAP mortgage the home owner was forced to pay for MCAP's mortgage insurance eventhough they paid more than 25% into the property when purchasing the property. 3 months after moving into the house the home owner lost his job. When MCAP were told about the loss of a job they offered no assistance to the home owner to allow them to keep their home and harassed the home owner with constant phone calls (including one directly before a very important interview) When told "I am going to an interview, I can talk later in the week" they offered no words of best wishes nor an offer to call back later they simply continue to ask "when is the outstanding amount going to be paid off? "
The only way the home owner could attend the interview was to slam the phone down. Attending this interview this executive, of-course, underperformed and was not offered the job.
Having spent all of their savings the home owner was eventually unable to make further payments.
The majority of Mortgage lenders use the standard foreclosure route to recover their money when the home owner is in arrears. MCAP Serves notice BEFORE you are 2 months in arrears then demands total repayment BEFORE you are 3 months in arrears and adds solicitor's charges at this stage.
This is when the home owner's wife landed a permanent job and tried to make payments for just under half of the monthly mortgage payments. Payment offers were rejected with the company demanding a plan for full repayment. The home owner was negotiating a potential role. Since this time MCAP has evicted the home owner. Just before the eviction the Home Owner has negotiated a sale of the property (currently underway) but MCAP is obstructing the sale as they are not allowing the new purchaser's Realtor access to the property.