Since the real estate market has caused the economy to slump, it has come to the attention of some that many lenders have been acting unethically and are guilty of mortgage mis selling/mis sold mortgages. This is considered to be the case where they have approved loans when the client did not have the sufficient repayment ability to justify the amount of the loan. This has been happening for years and now there is recourse for the victims of this practice.
So what is a mis sold mortgage considered to be? It is one where the home buyer was approved for an amount that was inappropriate and beyond their actual financial position and repayment capacity. The lenders who are most often guilty of providing these are those who have not provided an objective assessment of the loan applicant’s financial situation and ability to repay the loan.
If you suspect that you have fallen victim to such lending practices, then you may be able to make a claim for compensation. In many cases these claims can result in large payouts for you and there are lawyers who specialize in these claims on a no win, no fee basis.
The first thing to do is to work out if you have a case and you have been the victim of a mis sold mortgage. There are various aspects of your application process that are examined in order to determine if you have a case. The key to the whole thing is whether or not the broker followed the regulations and rules that they should have when presenting you with the options for a loan and during the process.
If you are making your case, then it will be pinned on the kind of advice that you were given about the mortgage, which loan products were presented to you and what explanation of the interest rates was given.
Working through the claims process is quite complex and as a result it is best to entrust it to those who work in this capacity on a regular basis. There are claims management agencies that are able to handle your claim process for you and maximize your chances of having the claim upheld. These companies will generally operate on a no win, no fee basis, which means that you will not be landed with large legal fees if your claim does not results in a pay out.
When you entrust a law firm to look into your claim for you, they will start investigating to see if they can find any relevant information in relation to the loan application and how it was presented to you. This can be a lengthy process, so you should count on the time being about two to three months.
Due to the irresponsible and unethical business practices of some lenders, home owners have been landed with unworkable loans that have left many people financially bereft. In an attempt to help some of the people who are in this situation reclaim their life, there is legal assistance available. Mortgage mis selling/mis sold mortgages should not affect your financial position, so if you think you have been sold one of these, you should get in contact with an assessment firm today.
Wondering what is mortgage mis selling exactly? Get the exclusive low down now in our guide to everything you need to know about Mis Sold Mortgages.