Help!!! Suspect fraud in valuation

pennylane99

was the recent valuation done by one of the "sell your house quick" companies, cos those will be a lot lower than normal....usually about 25% lower

basill

silvercar wrote:

I hope you have had 3 estate agents in to value the property, rather than relying on one. Plenty of advice on these boards, just ask!

As an example two local agents have recently valued my FILs house, their estimates varied by an amazing £40,000. (£230-£270K). Even allowing for a bit of over pricing to secure the job that seems a big difference.

B

L-Jay

I know this won't help, but I would advise anyone purchasing a house to get a proper survey done and not just a basic one to satisfy the lender.

Ultimately, a valuation can be done without even entering the property.

real1314

Helen, can I ask you something?

You had a mortgage that needed a £59k salary. You've said that some of the problems are from the missed payments and related charges. If you earn £59k you should be able to meet the repayments far better than someone who's got a £25k salary and a £100k mortgage.
How much do you actually earn?

Rachman_2

This is a good post for others to understand to keep listening when they say the value of your investment can go down as well as up.

When you bought, did you not even do the most basic of diligence ? Check the Land Registry or similar houses - why did you pay so much more than market price (supposedly).

Plus, you don't say where it is, sadly a large number of people are deluding themselves if they think their property has not gone down in value since 2004 - and banks are tightening their lending criteria.

And as someone else said, there's some financial jackanory going on in your numbers - if you had a problem, any sane adult would have spoken to them to reduce the interest if only to make sure the payments were at least met - and with respect, if you say it did not dawn on you, what the hell is someone doing paying you more than a grand a week (at any sensible mortgage multiple - and less if you have the other debts that you have from your other post) - can I have a job like that ?

You paid at the top of the market in many places, it's fallen back 10% plus - your first reaction is to blame someone else and it must be fraud - can't be your fault - I feel sorry for you, but I hope it's a salutary lesson to others on here..... - before you commit to a mortgage, make sure you have not fabricated your income, that you can afford it with other outgoings and that you take a step back and use your loaf before committing yourself to 25 years of debt.... - house prices do not always rise and you won't always be able to refinance your profligacy or get out of it. Unfortunately with the property gold rush, so many people forget it.

Put it this way, if it's fraud and you can prove it, I'll send you £100 of my own - you have two hopes, and Bob's out of town...

And the bank is unlikely to let you walk away and start again writing off their money - why should they ? Would you ?

mpsavuk

It's the Housing market thats the fraud.
Afraid you're just another sucker caught up in the biggest ponzi scheme in history.
Check out "Greater fool" with a google search, it'll give you a clue as to whats happened.

Rachman_2

Now I've seen your other thread - your lender is GMAC - that tells me most of what I needed to know about your application for a mortgage......

Plus answer me a question honestly - you are selling a house, some gullible naive person offers you a third more than its worth - do you say no to them out of the goodness of your heart, or do you take the money ? Can I also ask, did you negotiate - or let me guess, it was on at £259,999 and you haggled down to £250K...... [apologies for the jocular tone, but I am starting to think this must be a wind up, it's too much of a 'perfect' story]

meanmachine_2

I clocked the GMAC website.

No sign of interest rates, but the phrase "innovative mortgages" is telling.

The anger from this one seller is scary. Imagine a whole nation of cranky homeowners should the market actually tank?

Jeez. It would be like something from The Triffids, but with violent property "investors" lashing out, rather than supersized plants.

real1314

Rachman wrote:

...And as someone else said, there's some financial jackanory going on in your numbers - if you had a problem, any sane adult would have spoken about going interest only to make sure the payments were at least met - and with respect, if you say it did not dawn on you, what the hell is someone doing paying you more than a grand a week (at any sensible mortgage multiple - and less if you have the other debts that you have from your other post) - can I have a job like that ?

QUOTE]

It was taken out as INTEREST ONLY. Don't know what a typical GMAC rate is but at 5.5% it'd be £1100 pcm approx (6% = £1200), but somehow in 24 months over £10k of arrears have been built up by someone with over £3k a month net income (apparently). So more than a third of payments missed.

brasso

Can you explain? What's GMAC?