Contractor/real estate advise needed
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Contractor/real estate advise needed
My home loan is through Chase Bank they are trying to sue our first lender Freedom mortgage for a faulty appraisal. My question is Chase Bank wants me to file a lawsuit against them as well for not having an inspection done on our home. Was the bank suppose to have one done in 2008 when we(they freedom) bought our house? We were just dropped by our insurance company due to our roof. The damage done to our roof was not caused in the five year in which we have lived there. I'm trying to get as much info as I can before I speak to an attorney and spend a pile of money. Thanks ahead for any help.
Re: Contractor/real estate advise needed
I highly doubt the lender did anything wrong by not having a home inspection done. I have bought a number of homes over the years and whether to have a home inspection done was always my choice, not a lender requirement. I never had one done.
My guess is the bank is urging you to file simply to bolster their case against the original lender. I think I would avoid it.
What exactly is wrong with the roof that would cause your insurance company to drop you? Sounds like it would have to be pretty major. I would worry more about that than the home inspection. After 5 or 6 years you probably won't have much luck going after the people that sold you the house (assuming they even knew about the bad roof).
Talk the bank into rewriting your loan (rates are historically low right now) and borrow enough to fix the roof so you can get coverage again. It's in the bank's best interest at this point.
Good luck!
My guess is the bank is urging you to file simply to bolster their case against the original lender. I think I would avoid it.
What exactly is wrong with the roof that would cause your insurance company to drop you? Sounds like it would have to be pretty major. I would worry more about that than the home inspection. After 5 or 6 years you probably won't have much luck going after the people that sold you the house (assuming they even knew about the bad roof).
Talk the bank into rewriting your loan (rates are historically low right now) and borrow enough to fix the roof so you can get coverage again. It's in the bank's best interest at this point.
Good luck!
- deke
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Re: Contractor/real estate advise needed
It is usually up to the buyer to get an inspection done on the house. At least it that is how it is in Wa.
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Re: Contractor/real estate advise needed
My sister bought a house about three years ago and the bank sent an inspector out to look at the house and the seller was required to fix a spot in the roof and the plumbing before the bank would purchase it.
- gotpointers
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Re: Contractor/real estate advise needed
Chase bank should have discovered this documentation shortfall before buying the servicing on your mortgage. At the time of your purchase loans weren't going bad at the rate they were shortly after during the housing crash. Belt tightening and closing of loopholes are what the government is now requiring. Many fraudulent appraisals were given to people who shouldn't have qualified for a loan in the first place. The bank is just reacting to what Fannie Mae and Freddy Mac are now after to make the loan a "saleable loan".
Re: Contractor/real estate advise needed
Real estate laws vary from state to state. Requirments also vary based on what type of mortgage it is, conventional vs FHA vs VA etc... I would try to find an attorney that works with real estate issues for help.
Re: Contractor/real estate advise needed
Why waste your money on a lawsuit? I dont know WA laws, but Id think Buyer Beware would rule the day.
Just spend the money youd spend on a sleezeball atty and repair the roof or replace it. If you put the right roofing materials Im sure you will get a hefty insurance discount. In the hail belt you get a sizable discount for Class IV impact resistant shingles.
Just spend the money youd spend on a sleezeball atty and repair the roof or replace it. If you put the right roofing materials Im sure you will get a hefty insurance discount. In the hail belt you get a sizable discount for Class IV impact resistant shingles.
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Re: Contractor/real estate advise needed
Here's what I know about it, I was a journeyman roofer,my cousin and her husband bought a house,my cousin is a controller at a bank,she knows all about loans and what is entailed with it.A home inspection was performed by a jack of all trades master of none.His opinion was that the roof would hold for 5 years,I took one look at it from the ground and knew it wouldn't last 1 winter.Sure enough I was patching on it in december that year.We tore it off and put on a new one the next spring.
Moral of the story is most home inspectors are inspectors because its a racket buisness that can be delved into without real world practical experiance in all aspects.I've replaced roofs on at least half a dozen houses that supposedly checked out good.The other thing is that roofing never lasts as long as the wrapper says it will.It will last that long in perfect conditions,it's just an estimation.Generally you can subtract 5 years off what the wrapper says as a good benchmark.My 20 year roof lasted 15 on my mobile home and that was with some TLC and patching.I could have made a stink and claimed it on homeowners insurance but I knew it was flat wore out,.Insurance companies,lawyers,used car salesmen all rate about the same level at my house,right in the dirtbag section.
Moral of the story is most home inspectors are inspectors because its a racket buisness that can be delved into without real world practical experiance in all aspects.I've replaced roofs on at least half a dozen houses that supposedly checked out good.The other thing is that roofing never lasts as long as the wrapper says it will.It will last that long in perfect conditions,it's just an estimation.Generally you can subtract 5 years off what the wrapper says as a good benchmark.My 20 year roof lasted 15 on my mobile home and that was with some TLC and patching.I could have made a stink and claimed it on homeowners insurance but I knew it was flat wore out,.Insurance companies,lawyers,used car salesmen all rate about the same level at my house,right in the dirtbag section.
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Re: Contractor/real estate advise needed
Well hopefully all turns out this next year and I'll put the $14,000 up and have it replaced.
Re: Contractor/real estate advise needed
Let me see if I understand this. Before you seek legal advise your wanting advice on the internet? If your wife is having sharp pains in her chest, are you gonna get on here for advice or see a doctor?
I pity the man that has never been loved by a dog!