₦airaland Forum

AntiMarxist:
The mortgage agent was looking forward for you to default by adding an extra income to your application which would have seen your monthly payments to include the personal income.

With a default, the mortgage agent can then activate seizure and recycle same property into the market and rinse and repeat.


It's the oldest Jew trick.

MindHacker9009:
No you are wrong this financial fraud that carries 10 years behind bars

AntiMarxist:
That's the fallout in not able to meet your mortgage obligations and it would have seen you priced up for higher value properties.

Yes, you will be liable to filing falsified financial records but the reason the agent did this is to ensure you are priced up for a property he has to sell and get his commission from.

This is how the US housing market crashed in 2012 as credit lines were given to people who could not sustain the mortgage. The banks offloaded their mortgage debt on the international market and when it was due to be repaid, the banks in the US couldn't because most of the subprime mortgagees could not meet up.

It's an old long con used by banksters to get you indebt and recover property.

FACE:
The amount of mortgage you can get is a multiple of your total income. The affordability is then calculated by matching your income against your total liabilities and this is what really determines how much you can get. Once you have completed the purchase, it's now a business between you and your lender. Nothing to do with the broker anymore.

The broker bumped up his income in order to enable him secure more mortgage, but it's wrong. It would give a false affordability assessment and the borrower might struggle to keep up with the monthly payments. He felt the need to bump up his pay because he would not be able to get enough mortgage with his income to be able to finance the purchase of that particular property he was after.

FACE:
Be civil. You don't have enough income to obtain the amount of mortgage that you needed, otherwise he would not have any need to bump up your income. I concede that he is fraudulen, but your low income forced his fraudulent hands .

MindHacker9009:
You don't get it. My current income is enough for the value I asked for. My previous self employment income was not even needed. I already have an agreement directly with other banks based on my current income that will give me the amount I wanted and I have now gone back to apply directly myself.

FACE:
Well done. Most times, it's best to go directly to the lenders as the rate they offer is available to the public, especially in noncommercial mortgages. The only need for a broker arises when it's a bit complicated. Some brokers can liaise with mortgage underwriters to resolve any ambiguities, whereas the same underwriters might say a flat no if there are ambiguities to resolve when you apply directly, because the decisions are more or less made by a computer algorithm. Good luck with your house buy.

MindHacker9009:
You and the other guy AntiMarxist above are talking nonsense. I will say it again and again that I already have enough income and there was no need for him to make up his own income. This is financial fraud and he was trying to frame me up

AntiMarxist:
Olodo,the agent has a property that is sitting idle and wants to get rid off fast.

He bumped your earnings to meet the mortgage and also property tax that you must pay every year.


The agent is only interested in making a sale and getting his commission.

We see this in the auto retail sector with car dealers pushing their cars at incredible rates that will amount to five times the overall cost of the car to people with bad credit or low income. The car dealer is only interested in sale and his commission from it. These kind of sales aways end up under repossession within 3 months by the lending house and are recycled as used cars and the insurance on the loan paid off.

It's an old Jewish scam dating back to the 50s.