There’s no accounting for mortgage figures by the banks… Try asking for audited accounts to prove the amount they’re demanding is correct. You’ll be lucky if they answer.

You may be suffering mortgage stress for no reason.

The bank may have no lawful claim, if they cannot prove the “outstanding loan balance.”

In one case, instead of answering, (Australia and New Zealand Banking Group) ANZ bank staff engage lawyers to send written threats. Their external lawyers, when challenged, don’t supply evidence to prove the figure they’re demanding is correct. So they’re using threats and intimidation to extort monies, through the mail. That’s evidence of criminal activity…

And the lawyers are doing it for personal financial gain.

That’s also a crime.

SO if you’re being threatened by the bank or by lawyers, giving you mortgage stress, do what they do.

Admit nothing. Deny everything. Ask for proof.

This situation raises serious concerns about the transparency and fairness of the bank’s actions. If the bank staff are unwilling or unable to provide evidence supporting their claims, yet still resort to legal threats…

It’s a sure sign of potential misconduct or an attempt to intimidate you into paying an amount that may not be accurate.

It’s crucial to continue seeking clarification and documentation from the bank and their lawyers. You should be emphasizing the importance of transparency and accuracy in financial transactions

Accounting For Mortgage Figures by Banks

In situations where a lender fails to respond to a borrower’s request for documentation to confirm the accuracy of figures provided, the borrower must take further action to protect their rights and ensure accountability. Here are some steps borrowers can consider:

  • Escalate the issue within the lending institution: If the initial contact person at the lending institution is unresponsive, consider reaching out to a supervisor or manager. In some cases, involving a higher-level authority can help resolve the issue and obtain the necessary documentation.
  • Submit a formal written request: Send a formal written request via certified mail to the lender, outlining the specific documents needed and the concerns regarding the accuracy of the provided figures. Maintain a copy of this request and any related communication for future reference.
  • Seek support from regulatory authorities: If the lender continues to be unresponsive, consider filing a complaint with the appropriate regulatory authority, such as
    • the Consumer Financial Protection Bureau (CFPB) in the United States.
    • AFCA, ASIC and ACCC if you’re in Australia, but don’t hold your breath waiting for a response.

These agencies can investigate the issue and may help facilitate communication with the lender.

  • Consult with legal professionals: In cases where the lender’s lack of cooperation persists, borrowers may need to seek legal advice. A qualified attorney can provide guidance on the borrower’s rights and potential courses of action, including possible legal remedies.

It’s crucial for borrowers to remain persistent and proactive when faced with unresponsive lenders.

By taking the necessary steps to address the issue and involving the appropriate authorities or legal professionals, borrowers can protect their rights.

Most importantly, do not assume the bank’s figures are correct. Ask the bank for evidence to support the accuracy of financial records.

You may be suffering mortgage stress for no reason.