- Jurisdiction
- Kansas
Can I sue the bank that approved me for a home loan?
First off, I take partial responsibility for not doing more research. I think I was just happy being able to buy my first home. I was approved for an fha home loan. The loan agent included as much overtime she could in my income so I could be approved for a higher amount. My mortgage payments ended up being over 50% of my monthly income. Not including any other home costs. In hindsight I should not have let her take into account my overtime income. My concern is shouldn't the agent see that I was not going to be able to pay my mortgage? I fell behind almost immediately after moving in to my home. My hours at work were unexpectedly cut so my income was affected. Here are my numbers, $2000/month income, $950/month mortgage. So after like 6 months I filed for bankruptcy. Shouldn't the bank have seen like no, you can't afford to buy a house? Can i sue for negligence or anything? It's my biggest and dumbest mistake, and I will never buy another house again.
First off, I take partial responsibility for not doing more research. I think I was just happy being able to buy my first home. I was approved for an fha home loan. The loan agent included as much overtime she could in my income so I could be approved for a higher amount. My mortgage payments ended up being over 50% of my monthly income. Not including any other home costs. In hindsight I should not have let her take into account my overtime income. My concern is shouldn't the agent see that I was not going to be able to pay my mortgage? I fell behind almost immediately after moving in to my home. My hours at work were unexpectedly cut so my income was affected. Here are my numbers, $2000/month income, $950/month mortgage. So after like 6 months I filed for bankruptcy. Shouldn't the bank have seen like no, you can't afford to buy a house? Can i sue for negligence or anything? It's my biggest and dumbest mistake, and I will never buy another house again.