Help!!! Suspect fraud in valuation

Rachman_2

Saw that - edited to reflect it (ta) - but it still shows even more staggering financial mismanagement - to be on a £237K mortgage with other debts and still being way behind - you have got to wonder whether she's for real - I have no doubt the next suggestion will be to go after the mortgage broker for compensation too - it's not her fault

Rachman_2

brasso wrote:

Can you explain? What's GMAC?

General Motors Acceptance Corporation - or comedy mortgage lender.... (with my cynical head on)

Mostly a lender of last resort - almost a subprime lender with a record for being remarkably easy to get round proving earning multiples - I come across them in my day job with corporate lending - if no-one else will touch it with a bargepole because it's too risky, GMAC will.......

Used by people who misstate their income an awful lot (allegedly)

pennylane99

GMAC rates are here...

http://www.fairinvestment.co.uk/mortgage_link.aspx?link=http%3a%2f%2fwww.mortgagelinked.co.uk%2fcommon%2fresults.asp%3fID%3dJIC%26MortType%3dLENDER%26LDR%3dCFC

magyar

Rachman wrote:

Saw that - edited to reflect it (ta) - but it still shows even more staggering financial mismanagement - to be on a £237K mortgage with other debts and still being way behind - you have got to wonder whether she's for real - I have no doubt the next suggestion will be to go after the mortgage broker for compensation too - it's not her fault

I don't know about angry Triffid-like homeowners but I tell you what, I wouldn't want to get on the wrong side of some of you! :rolleyes:

Poor woman's going to come back and won't know what's hit her!

I do agree there's something that doesn't quite add up here... As you say it would have to have be very badly mismanaged to get that bad.

Helen, if you're really for real, and you actually want help (with finances rather than litigation ) then it's probably best to post the FULL history to this, answers to all the questions people have summised, etc.

Doozergirl

magyar wrote:

Helen, if you're really for real, and you actually want help (with finances rather than litigation ) then it's probably best to post the FULL history to this, answers to all the questions people have summised, etc.

I agre, but also to post on the Debt Free Wannabe board instead where people will be a lot more understanding and be able to offer some real, constructive advice on how to get out of debt. Selling the house will be the first step.

I think we should stop giving her hassle personally; she's admitted she made a mistake and she is totally in the right place to start rebuilding her life if she goes over to DFW. Admittedly, trying to blame the EA or the valuers is not going to alleviate the situation but please, let's not frighten her off.

Doozergirl

Debt Free Wannabe:

http://forums.moneysavingexpert.com/forumdisplay.html?f=76

silvercar

Please remember, "Please be nice to all MoneySavers. There’s no such thing as a stupid question, and even if you disagree courtesy helps. "

Someone has paid, what now appears to be, over the odds for a property, taken a mortgage with a non-high street lender and is now in arrears.

There are obviously reasons for going with GMAC, just like there may be reasons that she bought that property (needed to find somewhere to live fast?) and is now struggling to repay the mortgage (change in circumstances?). What Helen needs is helpful advice for the situation she now finds herself in, not reminders of the mistakes she has previously made.

BettiePage

silvercar wrote:

Please remember, "Please be nice to all MoneySavers. There’s no such thing as a stupid question, and even if you disagree courtesy helps. "

Someone has paid, what now appears to be, over the odds for a property, taken a mortgage with a non-high street lender and is now in arrears.

There are obviously reasons for going with GMAC, just like there may be reasons that she bought that property (needed to find somewhere to live fast?) and is now struggling to repay the mortgage (change in circumstances?). What Helen needs is helpful advice for the situation she now finds herself in, not reminders of the mistakes she has previously made.

Maybe Helen first needs to realise that the mistake is of her own making and not the valuers first?

Alan_M_2

Bottom line here is, no matter how naive the OP is the mortage valuer would still have had to provide corroborating evidence of the value. In situations such as this, the lender will automatically go that route to find out if anything untoward has happened.

Fraud is a strong word and used a little too lightly in these circumstances.

However, it's not unreasonable to question the original valuation, after all, we pay for the professional opinion of the valuer for this very reason.

It may be absolutely genuine, an you may find that values have dropped 10% or so in your area, there are many maybes, start asking pertinent questions rather than getting into a panic.

Doozergirl

BettiePage wrote:

Maybe Helen first needs to realise that the mistake is of her own making and not the valuers first?

Oh please. Have enough people told her that now? Can we try to do some good?

This poor woman is likely to be scared off this website for good and maybe find herself in even worse circumstances when there are many, many people here who will give their time and positive energy to help her find that 'lightbulb' moment. But apparantly, she's arrived on the wrong board. This is the House Prices etc... where we obviously all have more financial security than we do compassion. :mad:

I like to think we pride ourself as a community here, not a judging panel. But if we are judging people then I suggest that you are quick to learn about this community