Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Are we responsible?

Posted on: 28th Oct, 2011 10:20 am
over a year ago i came home from a long vacation to discover the upstairs of our home coming into the downstairs. no support added when the previous owner converted a large attic to a second floor.this opened a can of worms that led us to discover numerous significant problems (plumbing, electrical, mold, hidden asbestos, exterior walls leaning, etc) that made the house unfit to occupy. the value of house is 80k and repairs to make safe would run upwards of 225k. we continued making our mortgage payments for 10 months while my husband was in iraq and the kids and i rented another place to live. he came home saw the condition and applied for deed in lieu of foreclosure. my question is do u think we will be held responsible for the fact that the house is unfit since we did not cause it? fyi we hav taken our problem to 20 different lawfirms to get help but it turns out that when we signed papers at time of sell it was owned by a corporation that had never occupied it, so we hav no recourse. bottom line the house really should be condemned and i discovered yesterday that it goes on the auction block in about 45 days. i just don't want to be held accountable for the condition. oh yes do u know how long i hav to remove furniture before the auction? thank you
Hi Pklambs,

After a deed in lieu of foreclosure, the property will be sold off and the lender will recover as much dues as possible. He won't come after you in order to recover the deficient balance in full. After the property is sold off, you will receive an eviction notice from the lender which will mention the time period to move out of the property. You will have to remove the furnitures within that time period.
Posted on: 30th Oct, 2011 09:31 pm
Page loaded in 0.055 seconds.