Subscriber threatens to sue FHA over N5.8m mortgage payment
A subscriber to Federal Housing Authority Homes Limited (FHA), Mr. Chimnonso Njikonye, yesterday, threatened to drag the mortgage homes to court over a breach of mortgage agreement amounting to N5.8 million.
Njikonye had in August 2014 made a payment of N5,822,000 as 30 percent mortgage payment for the purchase of three bedrooms flat at Abesan Estate, Lagos.
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This followed an advertorial placed by the FHA Homes also in August 2014 announcing the intention to sell some flats in Abesan Estate in Lagos.
With the down payment of N5.8 million as 30 per cent of the total sum, the subscriber was entitled to have access to the property with a grace of 10 years period to complete the balance of N9.5 million.
In a petition by his legal counsel, Ifeanyi Ilukwe, and made available to Vanguard, the subscriber is demanding a refund of his deposit following the failure of the FHA Homes to grant him access to the property in Lagos State.
According to the petition, the FHA Homes, since the date of the payment, failed to provide the subscriber with keys to the said flat to enable him move in.
“Take note that after the receipt of this letter, you failed to make immediate total repayment of the said monies, we shall have no option but to explore every legal means towards recovering our client’s funds together with interests and damages without further recourse to you.”
“The aspect of fraud committed against our client will also be petitioned to appropriate enforcement agencies for prosecution should you delay in remitting all our client’s monies paid to you,” said the legal counsel.
In an interview with Vanguard, the subscriber, Njikonye said he had suffered untold hardship as a result of what he called outright deceit and misrepresentations of fact’ to him by FHA Homes, saying that the psychological effects and the emotional trauma he had been made to undergo by FHA Homes cannot be quantified, hence his demand for immediate repayment of 30 percent initial down payment.
“After I expressed interest to buy the block of flat from the FHA Homes, the manager authoritatively informed me that if I am able to make a 30 per cent initial payment of N4, 500.000 being the total price value N15 Million of the purchase property I will be entitled to be given an allocation letter and a key to move into the said flat immediately, while I continue to make payments for the remaining monies duly spread for 10 years on installment basis.
“I remember that at that time I informed the manager of the Lagos branch office that my rent was about to expire and was assured that if I made the payment of the said 30 percent I would be given key to move into the said flat. As result of this, I made the down payment through an account opened for him at the FHA Homes Mortgage Bank.”
