R
Sarenco,Does that mean the outstanding amount of the loan is irrecoverable? Result.
If he has 9 separate mortgages, he may not be a consumer in which case the provisions of the Consumer Credit Act would not apply.
Not sure where you're getting that from.
It is well established that a commercial investor is not a consumer. There is no requirement for such an investor to hold multiple properties - one could suffice.
Whether he is a consumer or not does not really matter, the fact is, a mortgage fraud on behalf of the bank occurred. The deceit occurred by the loan officer doctoring an internal document ( false instrument ) and this induced the bank and the borrower to enter contract. The loan officer is acting as body corporate for the bank, so the loan officers actions are akin to the banks actions. The borrowers entered into contract on a mortgage loan, that on the face of it that should never have been sanctioned.( if the true facts of the application had been disclosed to underwriting ). Therefore there is a cause of action available to the borrower in this instance, this is the deceit.
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