Posted on: 07th May, 2009 07:32 pm
I bought my house 2 1/2 years ago, the seller disclosure was falsified, the foundation is settling and cracking, there is water under the house, there is a huge garbage pit in the backyard that was covered up, the roof has storm damage, plus there are termites that are hiding in the house that the exterminator can't kill, we have a termite contract. My problem is that I have a loan for 90K, we would be lucky if someone bought it now for $30K given the condition regardless of my efforts to maintain the house. I literally watched the floor in the living room sink, no human efforts could have stopped it. I have had foundation experts tell me that it will cost at least $40K to fix the foundation, the house in the other areas isn't worth it! Will lenders give DILs or Short Sales to houses in complete disrepair if I can prove that we tried to prevent damage and repair as much as possible?
I am not sure even thats an option. By the way did you get an inspection report when you bought this house?
If yes, who did it and when was this? ow come they did not catch all the thigns you mentined?
If yes, who did it and when was this? ow come they did not catch all the thigns you mentined?
I did get an inspection, it was listed as in good condition with no problems. The inspector barely looked at anything. He did it before I closed on the property 2 1/2 years ago.
hi beth,
i am not sure whether your lender will allow a short sale or a deed in lieu, considering the condition the house is currently in. even if you list the house on the market for a short sale, you may not find any potential buyer who would like to purchase this house. if the lender agrees to do a deed in lieu, they will have to repair the house first to sell it off to recover the loan amount. i think you should talk with the loss mitigation department of your lender and check the possibility of a short sale or deed in lieu.
thanks,
jerry
thanks
i am not sure whether your lender will allow a short sale or a deed in lieu, considering the condition the house is currently in. even if you list the house on the market for a short sale, you may not find any potential buyer who would like to purchase this house. if the lender agrees to do a deed in lieu, they will have to repair the house first to sell it off to recover the loan amount. i think you should talk with the loss mitigation department of your lender and check the possibility of a short sale or deed in lieu.
thanks,
jerry
thanks
Feel bad for your situation Super.
Try calling your lender and see how can they help you.
Try calling your lender and see how can they help you.
Should the mortgage company be liable too. They sent out an inspector and are supposed to make sure homes are in livable condition before lending the money. Right?
Same Situation
I do nto think that the mortgaeg compnay will send and inspector. They woudl send and assessor, who can estimate the value of the house before they give the money.
I do nto think that the mortgaeg compnay will send and inspector. They woudl send and assessor, who can estimate the value of the house before they give the money.
same, what lenders do is obtain an appraisal report. the appraiser is responsible for determining the value of the home for the lender. if there are glaring issues with a property - noticeable problems that would need to be rectified, then an appraiser would make note of them on the report.
an inspector, however, hired by a borrower, is the person from whom a fully detailed report would be obtained that would describe all the systems of the home and their condition, etc. it is quite surprising to learn that someone had an inspection done, yet was not made aware of issues with the home.
an inspector, however, hired by a borrower, is the person from whom a fully detailed report would be obtained that would describe all the systems of the home and their condition, etc. it is quite surprising to learn that someone had an inspection done, yet was not made aware of issues with the home.
Same Situation
We as a buyer need to take soem responsibility and cannot balme the lender in this situation. How woudl ti be lenders fault, they are giving you the money to buy and you are goign to live in it probably.
The whole market is like this today not only due to faaxt that the ldners created exotic lons but also due to the buyers who got in to them and at the end of the day, we always find some one to blame and find fault in some oen else.
Good luck and use your credit responsibily.
We as a buyer need to take soem responsibility and cannot balme the lender in this situation. How woudl ti be lenders fault, they are giving you the money to buy and you are goign to live in it probably.
The whole market is like this today not only due to faaxt that the ldners created exotic lons but also due to the buyers who got in to them and at the end of the day, we always find some one to blame and find fault in some oen else.
Good luck and use your credit responsibily.