Can you sue your mortgage company for approving you for too large of a mortgage?

Question

I heard the industy standard was between 28-36% of your pay. My mortage company approved me for 60% of my salary, & not I'm sinking fast.

Answer 1

Oh come on.  Where does your personal responsibility begin?

Answer 2

nope. You were of legal age to consent to accepting the money. They are not financial advisors. Why do you think people with horrible credit scores still get credit cards? Because the company is not reliable for the debt they put on it. The CC company doesn't care if Aunt Myrtle died, or if your car was towed, or if your brother was murdered...they still want their money and they will take you to court regardless of your terrible situation. Same applies for a home, but they just put it into foreclosure.

Answer 3

I doubt your statement.  If true, you must have falsified your financial status.

Answer 4

Ummm... NO. That's ridiculous. You asked for money, and the bank loaned it to you? And now you want to sue them for doing what you asked? It's your responsibility to make sure you can make good on any contracts that you sign. It's not the other party's responsibility.