What options do we have regarding our home?

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What options do we have regarding our home?

Tried loan modification that took a year to hear answer from them and they wouldn’t take any payment. We have FHA loan and there are things we have come upon that should have not passed inspection. We just recently got a letter stating house would be sold to HUD and also a collection letter from a collection company. We have mold, incorrect wiring, bare wires, door frames rotted, major water damage from our first roof leaking and much more.

Asked on July 30, 2012 under Real Estate Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Given the physical problems that you have with the home you purchased as set forth in your question, you should consult with a real estate attorney as to whether or not you may have possible claims against the seller of the home and the real estate agents involved in the sale for negligence and fraud due to not disclosing known problems with it required to be disclosed per statute to a possible buyer.

I suggest that you seek such help sooner rather than later due to possible statute of limitations issues that may be running.

 


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