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My Son Was Approved for a Mortgage Way Above His Means. – Anna Marie

“Dear Steve,

My son and his wife were approved for a mortage way above their means. The realtor of course only showed them homes at the top prices and made it sound like no others were available. She then got them a home inspector which seemed to miss that the whole house was falling down. Now they have been in this house less then a year ..cant afford food.. and the concret floors are leaking.. the pool pump doesnt work and they dont know where to go from here.

What can you sugest,,, Its a little late for I told you so..

Anna Marie”

Dear Anna Marie,

Unfortunately your son learned a tough lesson that just because someone will approve them for a mortgage or loan, that has no bearing on if they can afford it. It only means the lender is willing to accept the risk.

Your son and his wife obviously bear some responsibility for not insisting at looking at less expensive homes and deciding if the mortgage payment proposed was affordable to them before they signed anything.

If you feel the realtor misled them in some way you can contact the state licensing authority and file a complaint, same with the home inspector if they require a license. You can find state consumer protection offices here.

Of course you always have the right to pursue legal action if you feel you are a victim of fraud and abuse. In the case, find a local attorney to assist and represent you. They will most likely charge you for their services.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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