floodplane not disclosed
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floodplane not disclosed
3 months after the purchase of my family’s home I recieved a letter from my mortgage co. stating that I was in a floodplain and has now been determined that I will be required to pay an additional $659.00 amonth for flood insurance for this year and next year flood insurance its outrageous! It was never disclosed to us about the floodplain during the purchase, if we end up in foreclosure our credit will be ruined was it my agents responsibility, my title company or solely the seller to get me this information? any suggestions on who I should be looking to for help?
Asked on June 24, 2009 under Real Estate Law, Minnesota
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Real estate law and transaction procedures can differ quite a bit from one state to another, and I'm not a Minnesota attorney. You need to have a lawyer in your area review this, and the paperwork from your closing will be a starting point. One place to find an attorney is our website, http://attorneypages.com
I think somebody has to take the blame for this, other than you, and probably other than the seller -- unless the seller's affidavit of title or something like that said the property was not in a flood plain, but you can (eventually) prove that the seller knew otherwise, because that's fraud.
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