How can I get the bank to own up to their fraud?
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How can I get the bank to own up to their fraud?
I bought a HUD home a few months ago only to now live a nightmare. I can’t
start on the repairs because the bank already had stop orders from the city.
They didn’t disclose this before the sale. According to the city it needs to be brought up to code and that’s too expensive. The bank provided fake
appraisal say everything was good.
Asked on May 28, 2018 under Real Estate Law, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You sue them--that's how. If they misrepresented (lied about, even by omission) material or important facts to get you to enter into the transaction, like failing to disclose (or as you suggest, actively lying about the fact ) that they already knew the building was not up to code and work could not be done on it. Fraud can provide a basis to potentially rescind or void the transaction (i.e. give property back to bank, get money back) or to seek monetary compensation (such as the cost to bring the property up to code. For the amount of money likely at stake, you should retain an attorney to help you sue--especially since you can be sure that the bank will have lawyers on its side. Good luck.
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