Canada-based woman accuses mortgage bank of fraud

Currently, the FirstTrust Mortgage Bank is facing an allegation of fraud by one Mrs Moji Osonowo, a Nigerian who is resident in Canada.

Osonowo said she had endured frustration allegedly by the mortgage company in her efforts to collect the title documents of her three-bedroom flat at Amuwo-Odofin Housing Estate in the company’s possession.

She explained that she had purchased the said property at N5 million through a loan she had obtained from an NHF mortgage in 2005 from Partnership Savings and Loans Ltd, then located at Obafemi Awolowo Way, Ikeja, the Lagos State capital.

“The loan was used to purchase a N5 million flat at Amuwo Odofin.The loan was a structured NHF loan to be repaid over a 20-year period, i.e. from 2005-2025 (240 months) at a fixed interest of 6% flat per annum, which amounted to N6.9 million principal and interest, over the period.”

Osonowo stated that she had paid over N7 million to her account between 2005 and 2023, thereby fully repaying the agreed loan principal and interest in 18 years, 2 years ahead of the agreed 20 years.

The worried woman further explained that after she had repayed the loan, she requested for the title documents to her property from the FirstTrust Mortgage Company, the company that took over Partnership Savings and Loans Limited.

It was learnt that the FirstTrust Mortgage Bank was formed in September 2019 through the merger of TrustBond Mortgage Bank Plc and First Mortgages Limited (formerly known as FBN Mortgages Limited).

Osonowo further said that rather than giving her the title documents, the company stunned with a claim that she still has over N9 million to pay back, being what they called interest on overdraft which they have been charging into her account since year 2020 at an average of N70,000 to N80,000 per month.

Devastated by the mortgage company’s unexpected claim, she appealed to the nation’s relevant regulatory agencies to investigate the matter and save her from impending fraud, especially with her finding that the company is allegedly about to sell the apartment.