Do I have a right to sue the mortgage company?
I bought a home 6 years ago and thought I would be happy here with my daughter and mother. My mother has since passed away and daughter working and living somewhere else. Throughout the 6 years, I discovered a couple of things -one when it rains and especially hard rain, my basement flooded, Sometimes water would rest just at your ankles. As a result mold and mildew and other water damage existed. I became sick and was hospitablized more than 6 times over the years. I developed Asthma, and bronchitis, and was unable to go down stairs for any length of time. Much of my furniture, albums, etc, were destroyed. My insurance company threw their hands in the air and so did the mortgage company. I sincerely believe that the property owners KNEW about the rain and flooding. The house sold at $90,000 and after the sale, the realtor showed me that other homes in the area were going for $120,000. Do I have a right to investigate and determine that fraud was involved? My ailments still exist
Answers:
First of all, do you have a copy of the original inspection sheet. This will help your case significantly, I believe. If there were problems that were already existing and the mortgage company did not present them to you, you may and I stress may, have a case. On the other hand, my first instinct would be to pray and fast over the situation and allow God to order your steps.
You do not have the right to sue the mortgage company and probably not your insurance company (mold is generally excluded but check your policy. Who you could possibly sue is the former owner and their listing agent and brokering office, but you would have to be able to prove (some sort of documented evidence) that they knew about the problem prior to closing and did not disclose in accordance to your state law. A long shot at best. Sorry.
You MAY have a case against the former owners. You don't have a case against the mortgage company. Any fraud was committed by the former owners and possibly the Realtor. The mortgage company only loaned you money based on an appraisal. They never even saw the house.
you should go for it
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