Commercial
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At the time the broker told me he would get the value of the house bumped up by 15% for the paperwork, so that he could then give me 90% of the higher value, which in reality would be 100% mortgage of the cost price.
So what you're saying is the contract price/price you paid for the property was 100% and the valuation was 115% and the bank gave you 90% of the valuation price?
Just wondering if anyone has ever sued their mortgage lender?
My mortgage was granted about 4 years ago and even back then I was struggling to pay it with a full weeks wages.
Is it possible to sue a mortgage lender for approving a loan that I would never be able to manage?
Thanks
Absolutley no chance of suing the mortgage provider
You are obviously not familiar with the mortgage lending game?? You don't put a value on your house, the bank send out an independant valuer to value you home for them....So now who's been over pricing houses as well as the auctioneers????
Well sorry to disappoint you, I don't work in finance in any professional capacity - I only deal with my own plate, my own finances. What I do though is I try not to be passive about my finances, I try to ensure that my decisions have some merit and I always take the consequences of my decisions, good or bad.You do sound like someone who either works in a bank, for a bank or is in the lending game, either way i do believe that the banks and the brokers are more to blame than the borrower, like it has been said several times already, these guys are supposed to be the experts and get paid exteremly well for being so (just like our corrupt politicians and look what happend to FF) Why can't the same game be played with the bankers??
Not entirely sure what you are trying to get at here but I am assuming you are comparing a GP to a financial advisor? The professional restrictions and the entry requirements for a GP bear no relation to those for a financial advisor so as a comparison it is ill-founded. Are you trying to suggest that not paying off your debts because you have suddenly awoken to the fact that you owe more than you want to afford (by your own hand and agency) is the same as a potentially fatal misdiagnosis? A more likely issue with a GP is a prediliction for prescribing expensive branded concoctions rather than generic - but that is a totally different issue.I assume your doctor is qualified to ensure the best health service for you and your neighbourhood??? And if that wasn't the case and he recklessly or unprofessionally sold you the wrong health product or medication or prescribed an expensive medication you did not require to increase his precriptions for the chemists he would be held accountalbe regardless of what you told him your symptoms were, he is required to investigate to ensure the product is suitable and will not affect you in a negative manner. THATS A PROFESSIONAL/EXPERT
My mortgage loan amount approved and granted was 7 times my annual salary..!
Banks were meant to be responsible in their lending..if they lent to people who had no hope of repaying then we can only blame the "professionals"..ie the banks.
....If people have their loans reduced or written off then what message does that send to people? Go get another huge loan and you have precidence to get it written off.
It's all very well blaming the banks but at the end of the day you cut your own cloth. I would love to eat in Shanahans every day and drive a 5 series but on my wages I can't afford it.
Economies ALWAYS cycle, peaks and troughs and the number of people who decided to buy a house that was 40% more than it was two years earlier, if people waited the banks would have had nobody to lend to, the builders would have lowered their prices and you get a house at a more realistic price.
People are using their mistakes to blame everyone but themselves but it's not hard to do budget and if you don't know interest rates increase and economies slump then you must be living on another planet.
As for this nonsense regarding debt forgiveness and taking actions against banks because you stuck a mill stone around your neck is nothing but petulance.
If people have their loans reduced or written off then what message does that send to people? Go get another huge loan and you have precidence to get it written off.
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