I went tro a mortgage broker for my land and construction loan and submitted all the applications same time. They released the land loan about 2 months ago and the land is now all settled.
They gave the per-approval for construction for even more than the amount we requested for and so we signed the building contract and paid all the initial deposits and also kept the mortgage broker copied all the time as he assured everything is in order.
At the last stage the bank is telling they gave the land loan mistakenly and they cannot give the building loan now since they take the previous year's tax return into consideration. I started working only from the last couple of months in 2012 so obviously i dnt get a whole years tax. But for this finance year i have almost the double of previous year and my income have been constant from the day i started working.
Please let me know what i can do about this as we have invested all our savings towards the land loan as our portion including loan mortgage and also paid towards building.
And the worst part is the builder can put penalties to us if we do not pay the balance by due date which is like 2 weeks ahead
Now the mortgage broker is also avoiding our calls.
Any feedback greatly appriciated
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