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    cajunmama's Avatar
    cajunmama Posts: 1, Reputation: 1
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    #1

    Sep 28, 2006, 03:44 PM
    Deeding back property/foreclosure
    :confused: I purchased a condo 1yr ago and recently had a disaster clean up crew in due to extreme flooding from cracks in the foundations and raingutters in stalled in correctly etc. The basement is destroyed , l lost 1100 sq ft carpenting ,paneling . Est. to repair $20.000 +

    Condo assoc. refuses help, same with insurance , I will be unable to work for sev. Mo due to major surgery there is no $ for repairs.

    I don't believe its even marketable, I certainly wouldn't buy such a problem.
    What options are available to me , without getting slapped to hard.

    Needed help asap
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Sep 28, 2006, 04:11 PM
    Sue someone,

    You can merely stop paying and let them forclose but after they sell the property you will owe them the differnce between your loan and what it sells for plus costs of the foreclosure and sell.

    And yes unless you have flood insurance, you are not insured for flood,

    If the builder did not build the property correctly, or if there was some changes done by a contactor they should be liable for not doing the foundation or gutters and the such property. ( but they of course will come back and ask why this was not fouind on the home inspection that you did)

    Also if any of these problems occurred in what your association defines in its bylaws as community property, then yes they should be liable for those repairs.

    So it is time to hire an attorney and sue someone for not doing their job in building these condos properly.

    Next of course I would get another est since 20,000 for carperting and paneling seems very very high.

    But no way to walk away from it and not owe a lot of money.

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