…Developers thwart the Gains of the National Hosing Fund.
By Akhigbe Dominic.M. Esq.,
THUR, MARCH 22 2018-theG&BJournal-The Developers are not critical stakeholders in the Mortgage Procurement process. These are supposed to be private businessmen who are into Housing Development. They are to work along the MLOs to provide the suitable housing units for the beneficiaries and then take a walk once they deliver on their mandate. Unfortunately these developers never take a walk! They have metamorphosed into emperors who see such Housing Estates that have been sold to beneficiaries as their private empires where their words are laws. This is against the spirit and the letter of this clear bilateral contract; (between the Mortgagor and the Mortgagee).
Some beneficiaries of the National Housing Fund whose facilities are located in one of these Developers’ estates are currently fighting a titanic battle to regain control of their housing units for which they dutifully service their monthly loan obligations through one of the frontline MLOs to the Federal Mortgage Bank. Some of these beneficiaries who lamented heir ordeals to PropertyLogic have regrets for coming across this Developer and the Mortgage Loan Originator. They said they were marketed by this Developer who also informed them they could access the National Housing Fund option in the estate if that appealed to them. All sorts of promises were made. They were informed that this same estate had a dedicated transformer with guaranteed 24/7 security, portable water supply, dual carriage earth road with laid granite and immediate plans to tar the road in the nearest future (then); perimeter fencing, effective sanitation system among other mount watering amenities. Upon satisfactory inspection of the estate along with their colleagues at work; they opted for the NHF powered offer. Everything was rosy as the processes were on. They paid up all fees including sundry charges. After a long wait, they eventually got approval by the Federal Mortgage Bank of Nigeria and they were handed their Deed of Mortgage along with their allocation letters. They thought it was time to sing uhuru, little did they know they were in for a shocker from the developer.
According to Mr. Bamidele (real names withheld), he said as soon as he made effort to take possession and relocate to the facility, all sorts of questionable charges were thrown at him. He was told he needed to pay a humongous Estate due ahead for six months before he could get access to the house to which he has started making monthly payment to the Federal Mortgage Bank with all the necessary documents given to him. He said he had to passionately appeal and labor hard to convince this same developer to accept three months in advance. Little did he know he was in for bigger trouble as more headache and confrontations were to follow. Bamidele said the estate is managed like a Gestapo republic. Woe betides any resident who dares to challenge the developer who threatens to revoke the Mortgage at the slightest provocation. The Estate developer wakes up and fixes dues as they appeases to him without giving a hoot to the capacity of the residents to pay. Facilities that are so paid for are epileptic and very unsatisfactory. The Estate has no functional Residents’ Association. The only semblance of a Residents’ Association is a concoction by the developer without the imputes of the residents. The same man simply handpicked a few of his ‘Yes men’ and imposed them as a Residents Association Exco on the residents. All these stooges do is to ratify the draconian decisions and make same look popular. Mr. Bamidele laments that the situation has become so frustrating that he had to move out of the estate to rent a two-bedroom flat in a neighboring community. His dream of a personal home is now hanging in the balance against the backdrop of the huge monthly wage bill occasioned by the rents and mortgage payment. He’s appealing to the necessary intervention Agencies to come to their rescue and save their dreams as nothing has been done by the MLO despite series of complains.
…TO BE CONTINUED
Akhigbe Dominic.M. Esq., /Property Law Expert/CEO, H.I.E Properties & Homes Ltd/SENIOR STRATEGIC PARTNER, PropertyLogic Incorporated/Seasoned Business Coach/Columnist of The BusinessDay/Contributing Editor, govandbusinessjournal.com.ng