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Real estate law/short sale/loan default



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amother


 

Post Fri, Nov 28 2014, 10:51 am
Just wondering if someone has experience out there in cyberland. We have a house that is 50 years old. It has had leaking water in the basement 3 times in the 7 years we have owned it. The water is coming up probably from the saturated ground when there is a lot of rain and a crack in the foundation or a side wall since the foundation is below ground level.

Because of building codes and the water level in the general area there is no way construction would be allowed to build a house like this now with a basement. Houses have to be built on pillars now.

We no longer live in the house as it is being rented out but we wanted to sell it. I don't see how it is even sellable this way because fixing it would cost more than the house is worth.

We had the inspection done prior to buying the house per requirement from loan company. There was no disclosure that there had been any water issues.

There is also another issue as well. We have found there is an old buried oil tank in the yard back when the house ran on oil. Again this was not disclosed either. I can't even imagine what it would cost to remove it and do whatever is required to the soil if that tank had leaked.

Basically, this house is a nightmare. Is is not sellable like it is and we can't afford to rehab to current standards.

What would the bank who owns the mortgage let us do? Anyone experience anything similar? I don't like the idea of just defaulting on the loan but I feel with these issues the bank has some responsibility since the house was inspected and the loan was approved. Since the housing market change, I think any bank would have a hard time agreeing to approve a loan to a new buyer because inspection requirements are now much more stringent after the housing collapse. Basically it wouldn't pass an inspection now.
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Scrabble123




 
 
    
 

Post Fri, Nov 28 2014, 11:07 am
If you'd like, PM me after Shabbos.
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amother


 

Post Fri, Nov 28 2014, 11:20 am
Scrabble123 wrote:
If you'd like, PM me after Shabbos.


Do you have prior experience with similar situation?
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Scrabble123




 
 
    
 

Post Sun, Nov 30 2014, 1:04 am
Yes. Please PM.
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