₦airaland Forum

davodyguy:
Many are including Adron homes. They all borrowed money to facilitate their estates. To pay back is now a problem

Without patronizing, I don't think ADRON can run into troubles. It seems they are making good money from all their sites all over South West and FCT.

omogidi234:
AMCON is a federal government agency saddled with buying back debt for banks. Once they buy back debt the collateral and liability become theirs.

So it is possible that Victorty Park is indebted to AMCON through buy back debt and as it were, the Land could be a debt buy back collateral.

Sometimes, such steps are addressed through lawyers and not social media.

Very good input indeed. Anyone that purchases land in Lagos, or anywhere in Nigeria for that matter without due dilligence to check registry and validate the land deeds with its correct survey markers and make certain the deed is free of any holding or claim is a were (insane person). I suspect this woman and her husband is in the were category for trying to sink material and money onto a land which deeds is signed to AMCON. This will be the equivalent of looking for an open land somewhere and start erecting structure on it before taking posession of the land. You cannot win the case in court if you complete the building and a stranger occupy it. Thats an avoidable loss.

It shall be well.

[s]

Starz825:
Lawyers can not do anything than to go to court and keep fighting and ranting on the same due amount owed, lawyers can fight for you for 10yrs but u still end up paying the same amount because you are owing but when you meet with a financial management consultant, who has the comprehensive understanding of banks and Amcon..who also understand the banking and other financial institution Act (BOFIA) this is a constitutional act guilding all deposit money banks in Nigeria as regarding financial transaction in Nigeria..then... Success is URS....
Firstly the lady and her husband need to understand that they aren't owing Amcon but a particular deposit money bank...Amcon only buys debts from most deposit money banks just like u have said...then they take over the collateral and liability involve....
Now let me inform u that, a bank doesn't have the constitutional right to sell a customer's collateral whether properties or equipment... because when the customer wanted to get the facility they only place their property as collateral not as to be sold by the bank besides no agreement was signed between both parties abnitio ... Now, my question is was the customer informed before her debt was sold to Amcon... because there should be proper notification of that.... even if she was informed ....she doesn't have any business to do with AMCON but her borrower which is the bank who gave her the loan turned debt...
Now A financial consultant who deal directly with the bank who borrowed her money to carry out wat will call reconciliation of bank statement to firstly Know actual amount she is owing the bank before her debt was sold to AMCON... because most banks are thieves..the money they allegedly sold to AMCON might possibly not be the actual amount she is owing...banks must have charged her excessively before selling her debt to AMCON...
So these are the job and duty of a financial management consultant and a chartered banker. which a lawyer will never do because they don't have the capacity to perform in this area.. thank you

[/s]

You are a very ignorant fellow. Read what you typed below.

"a bank doesn't have the constitutional right to sell a customer's collateral whether properties or equipment...

because when the customer wanted to get the facility they only place their property as collateral not as to be sold by the bank besides no agreement was signed between both parties abnitio"

It is obvious that you don't know how mortgages work. Now, let me educate you so that you'll stop typing bunkum about.

When you use your property as security for a loan it is referred to as mortgage.

When you obtain a mortgage, you also sign off your legal rights to the property. At that point, the only right you have to that property is the right to redemption or reversionary rights. You activate this by paying the loan and getting legal rights to your property back.

Now, when you fail to pay, the lender approaches the court for foreclosure order. This empowers them to sell sell the mortgaged property and recover the loan sum.

To educate you further, in some cases when executing loan documents, you also execute Deeds of Assignment and Form 1C assigning the mortgaged property to the lender.

I am not disputing the position of financial advisers in negotiating loan terms and audit of actual figures. But for you to say the quoted post in italics shows you lack fundamental knowledge of the entire process.

.

MrMcJay:
[s][/s]

You are a very ignorant fellow. Read what you typed below.

"a bank doesn't have the constitutional right to sell a customer's collateral whether properties or equipment...

because when the customer wanted to get the facility they only place their property as collateral not as to be sold by the bank besides no agreement was signed between both parties abnitio"

It is obvious that you don't know how mortgages work. Now, let me educate you so that you'll stop typing bunkum about.

When you use your property as security for a loan it is referred to as mortgage.

When you obtain a mortgage, you also sign off your legal rights to the property. At that point, the only right you have to that property is the right to redemption or reversionary rights. You activate this by paying the loan and getting legal rights to your property back.

Now, when you fail to pay, the lender approaches the court for foreclosure order. This empowers them to sell sell the mortgaged property and recover the loan sum.

To educate you further, in some cases when executing loan documents, you also execute Deeds of Assignment and Form 1C assigning the mortgaged property to the lender.

I am not disputing the position of financial advisers in negotiating loan terms and audit of actual figures. But for you to say the quoted post in italics shows you lack fundamental knowledge of the entire process.

That guy is doesn't know anything. He's saying lawyers only argue in mortgage matters. Very stupid statement.

He is one of the quacks who litter the cyberspace. Zero knowledge, zero experience. I wonder the school he graduated from sef.

MrMcJay:
This is what you get when you buy land without doing due diligence. Developers obtain facilities to finance projects but when it's time to pay, they use the money for repayment to hire lawyers.

You see fancy marketing literature from sweet talking salemen and fine girls marketing property to you, you refuse to verify before putting money.

Read these links for background story.

https://www.nairaland.com/4165899/lanre-olaoluwa-amcons-rm-uses

https://www.thecable.ng/amcon-vindicated-lagos-state-ministry-justice-slams-fraud-charges-grant-properties-olajide-awosedo/amp

https://www.nairaland.com/4841008/amcon-auction-land-sale-lekki

This same scenario is going to repeat itself in the Ibeju-Lekki axis. Some property companies obtained loans from banks to buy properties being sold to members of the public. After being sold out, they move on to the next project without repaying the loans.

There is a particular real estate company that is in the habit of incorporating a new legal entity each time it has new estates for sale. It is building legal shelters for itself cos it knows the future implications of its activities.

From that 2nd Toll Gate down to Epe, get a lawyer to verify your land before you pay. I'm telling you based on experience.

God bless you sir, i just learnt something new which will guide me some day in my future endeavors.

MrMcJay:
[s][/s]

You are a very ignorant fellow. Read what you typed below.

"a bank doesn't have the constitutional right to sell a customer's collateral whether properties or equipment...

because when the customer wanted to get the facility they only place their property as collateral not as to be sold by the bank besides no agreement was signed between both parties abnitio"

It is obvious that you don't know how mortgages work. Now, let me educate you so that you'll stop typing bunkum about.

When you use your property as security for a loan it is referred to as mortgage.

When you obtain a mortgage, you also sign off your legal rights to the property. At that point, the only right you have to that property is the right to redemption or reversionary rights. You activate this by paying the loan and getting legal rights to your property back.

Now, when you fail to pay, the lender approaches the court for foreclosure order. This empowers them to sell sell the mortgaged property and recover the loan sum.

To educate you further, in some cases when executing loan documents, you also execute Deeds of Assignment and Form 1C assigning the mortgaged property to the lender.

I am not disputing the position of financial advisers in negotiating loan terms and audit of actual figures. But for you to say the quoted post in italics shows you lack fundamental knowledge of the entire process.

A bank doesn't have the right to sell a customer's property until the customer's is declared bankruptcy..... check the bankruptcy Act...you will see there....they could only hire a recovery manager which in most cases happens to be a lawyer...this is wat will do in the office for our clients owing banks....
Let me blow your mind now....if a bank sell ur property through a recovery manager or receiving manager......you can get your property back....I mean that Same property you used for collateral for the facility granted, for as long as the obligor has not been declared bankruptcy by the court, if his property is sold he can get it back as along as he demonstrate the willingness to pay back his debt to the bank...
That's why I said a financial consultant knows better because most financial consultant are chartered bankers..... because there is difference between a banker and a bank worker....most bankers u see in the bank are not chartered they are just bank workers....somebody that studied engineering or eng Lang in sch becos the parent are connected they will go and make ED of a bank...such person will certainly know nothing abt banking laws..

Starz825:
A bank doesn't have the right to sell a customer's property until the customer's is declared bankruptcy..... check the bankruptcy Act...you will see there....they could only hire a recovery manager which in most cases happens to be a lawyer...this is wat will do in the office for our clients owing banks....
Let me blow your mind now....if a bank sell ur property through a recovery manager or receiving manager......you can get your property back....I mean that Same property you used for collateral for the facility granted, for as long as the obligor has not been declared bankruptcy by the court, if his property is sold he can get it back as along as he demonstrate the willingness to pay back his debt to the bank...
That's why I said a financial consultant knows better because most financial consultant are chartered bankers..... because there is difference between a banker and a bank worker....most bankers u see in the bank are not chartered they are just bank workers....somebody that studied engineering or eng Lang in sch becos the parent are connected they will go and make ED of a bank...such person will certainly know nothing abt banking laws..

Have you read the AMCON Act? They are empowered to buy such from the banks and it now belongs to the FGN. They will be the ones to recover the loan.

blank:
Have you read the AMCON Act? They are empowered to buy such from the banks and it now belongs to the FGN. They will be the ones to recover the loan.

The guy lacks knowledge of how the process works.
He is pained that non-chartered bankers are his bosses in the banking sector.

Someone that doesn't know how foreclosure works is the one you want to read Amcon Act?

I'm suspecting he's a recent graduate without industry experience.

omogidi234:
Without patronizing, I don't think ADRON can run into troubles. It seems they are making good money from all their sites all over South West and FCT.

Thank you for your confidence in us. Hit me up on 08069506169 for our mouthwatering deals, especially our ileya promo.