FNB's catastrophic property valuation.

I am writing to share my harrowing experience with FNB Homeloans and their legal department, which has spanned over 16 years of frustration, financial ruin, and relentless stonewalling.

In October 2007, we were enticed by what seemed like a golden investment opportunity—a 1.1-hectare vacant stand in Bo****rt, Bela Bela, priced at R1.9 million. We trusted FNB to perform a diligent valuation before approving our bond. To our detriment, the bank's appointed valuer assessed the property at R1.9 million, leading to the approval of our 100% bond. The property was registered in January 2008.

The name of this valuer is known to me, but for legal purposes and HelloPeter rules, I cannot name him.

We soon realized that property values in the area were far lower than what we paid. By 2012, FNB's same valuer appraised the property at a mere R550,000—a staggering quarter of the original valuation. This glaring discrepancy was never acknowledged or investigated by FNB, despite our repeated pleas. It became evident that the initial valuation was grossly inflated, likely influenced by connections between the seller and the valuer.

Adding to our distress, we discovered that the lady who orchestrated this sale, bought the property for R90,000 in the 90s, then sold it to her son in 2006 for R600,000 with financing, and then to us a year later for R1.9 million. FNB’s refusal to investigate this dubious transaction and their dismissal of our concerns have left us feeling utterly helpless.

FNB's response to our plight has been nothing short of heartless. They have continuously threatened us with judgment, sequestration, and foreclosure, all while laughing off our concerns about the valuation - LITERALLY laughing at me over the phone. Despite paying approximately R17,000 per month, totalling around R3.3 million over the past 16,5 years (already a R1,4million profit on their original loan amount), FNB refuses to offer any settlement or discount on the bond. Their stance is that we are solely responsible for THEIR valuer's ‘mistake’ (or perhaps deliberate inflation for financial gain...).

The financial strain has been unbearable. We cannot sell the property for even a fraction of what we still owe, and FNB's unyielding stance increases our suffering. Their threats persist, and any attempts to resolve the issue are met with denial and deletion of our correspondence.

To this day, FNB maintains that we are liable for their grievous error. We are stuck with an exorbitant bond on a worthless property, a situation that has devastated us financially and emotionally.

FNB, if you have anything to say in your defence, make it public. Explain to the whole country why we must bear the cost of your mistake.

I do not wish to receive another hollow private reply. Let the truth be known right here with a reply on HelloPeter.