I was recently foreclosed and have sued under wrongful foreclosure. who is responsible for damage by rain.?
Question:
Answer:
At the end of it all you will be. You are not responsible to do repairs but you are still responsible for the difference between what the finance company gets for the house when it gets sold or put up for auction and what is owed. So if the rain damaged it even after you were foreclosed on it then it will sell for less and you will still owe the remaining.
Not you if it happened after foreclosure. As long as you had insurance until you no longer owned it, you are fine.
Wrongful foreclosure? Interesting. A foreclosure is quite simple: if you stop making payments to your lender they will foreclose. States have different laws regarding how the lender takes back the home. However, if you haven't made payments you are wasting everyones time and you are in default.
If this home has already been foreclosed on then you don't own it anymore and the bank is responsible for the damage. But I have to ask: why do you care if it isn't yours anymore?
As the others said, if the damaged occured after the foreclosure was completed by the court, then the party recieving the property is liable for it. Up till that time it is your responsibility to maintain the property to avoid damage. They can come back for additional monies if you did not maintain the property in a manner to avoid damage to the collateral for the loan.
You have not told us the WHOLE story. You have conveniently omitted major details.
It appears to me from the question and the statement that the property is no longer in your name, however, the mortgage remained in your name.
Who's name is the mortgage in? If the answers is my name then you are responsible because even though you changed title to the property, the new owner did not refinance the property thus leaving your name on the mortgage.
The lender would foreclose on the person who signed the loan docs, it appears to me that might be you since you never said the new owner financed the property and you were able to pay off the loan in your name.
Since the rain damage happened while you were responsible for the, mortgage and you fail to keep an insurance policy in effect.
I hope this has been of some use to you, good luck.
"FIGHT ON"
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