Broker Falsified our info to get loan
- Thread starter HD1
- Start date
wow, you can get your loan extinguished and be debt free
Many brokers just email a signature page to sign and send back, not the entire application.
No we did not sign anthing saying the information was true and correct. The actual application i got from the bank does not even have a signature on.
Aaron firstly:
Part of the loan was arranged from Vendor finance, on our application to the bank this was put as " CASH " in our bank ( $200k)
the balance we owe on our current mortgage was stated incorrectly, the application is about $65k less plus the overall value of the home is over stated by about $30k
what the investment property is renting for is incorrect ( this was inflated and i dont know how the agent satitisfied this as part of the requirements for settlement )
and most funny of all, total living expenses are stated at $200 per month
Aaron firstly:
Part of the loan was arranged from Vendor finance, on our application to the bank this was put as " CASH " in our bank ( $200k)
the balance we owe on our current mortgage was stated incorrectly, the application is about $65k less plus the overall value of the home is over stated by about $30k
what the investment property is renting for is incorrect ( this was inflated and i dont know how the agent satitisfied this as part of the requirements for settlement )
and most funny of all, total living expenses are stated at $200 per month
The cash part is very misleading - what was your broker thinking???
The loan balance should be correct if that loan is the one being refinanced. If not, then it's not such a big issue if there isn't a big impact on servicing anyway. Same thing applies with the value of the property - it's no big deal if there's a small variation if no valuation being done since they won't check it.
Living expenses of $200 per month is about right that's what banks use for a couple with no kids.
The loan balance should be correct if that loan is the one being refinanced. If not, then it's not such a big issue if there isn't a big impact on servicing anyway. Same thing applies with the value of the property - it's no big deal if there's a small variation if no valuation being done since they won't check it.
Living expenses of $200 per month is about right that's what banks use for a couple with no kids.
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Oops forgot about the extra 0 haha. Brain fried today!
First stop would be the broker I would have thought, unless the broker was also involed in the purchase which the 200 k went toward.
What bank are we talking about ?
ta
rolf
in this day and age of compliance thats pretty hard to get away with..........
ta
rolf
So what's the problem? The Bank found out and is asking you questions?
Hiya
The lender would apply a living cost of approx 3 k min anyways even if you had 200 there.
ta
rolf
In what context ?
I think I know where this is going from previous posts..............best you find out what the complaint mechanism is for that broker and or their licensee
ta
rolf
PI covers negligence, but I reckon youd have a fight on your hands if there is a criminal case
ta
rolf
If you can afford the repayments, id have a meeting with him. Tell him your concerns and ask for full refund of
all comms.
If you can't afford repayments make a complaint via the licensee.
all comms.
If you can't afford repayments make a complaint via the licensee.
