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Home loans

Discussion in 'Mortgages & Financing' started by Susie88, Feb 6, 2018.

  1. Susie88

    Susie88 Law Topic Starter New Member

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    Jurisdiction:
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    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.
     
  2. army judge

    army judge Super Moderator

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    Any person or corporation CAN sue any other person or corporation.

    The question you want to ask is will I be successful if I sue Buddy?

    In your case, the answer is probably not.
     
    hrforme likes this.
  3. zddoodah

    zddoodah Well-Known Member

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    Anyone can sue anyone for anything, but the mere ability to sue says nothing about the likelihood of success.

    And you signed off on this and represented this inflated amount as your actual income. Right?

    Perhaps. Of course, no one is more familiar with your personal financial situation than you are. Right?

    Did you have reason to believe this would happen? If you didn't, then the loan agent certainly wouldn't.

    We're not privy to the various documents that you submitted to your lender in order to obtain your mortgage. Therefore, we have no way of intelligently commenting on what the lender should or shouldn't have foreseen.

    You can sue, but you won't win. This is entirely on you, as you acknowledged several times throughout your post.
     
    hrforme likes this.
  4. txls

    txls Well-Known Member

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    No one can see into the future and predict that your hours would be reduced. Mortgage companies get written verification from employers and one of the standard questions is this "Is overtime likely continue?" So your employer would have answered that question yes. Then apparently something caused that to change. No one can see into the future.
     
  5. adjusterjack

    adjusterjack Super Moderator

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    You signed the papers and took the money. You can't blame the bank or the agent for that. It's all on you.
     
    Disabled Vet and hrforme like this.

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