Re: RESPONSIBILTY UPON HOME BEING CONDEMNED
Posted by FP on December 27, 2008 at 07:48:51:
In Reply to: RESPONSIBILTY UPON HOME BEING CONDEMNED
Posted by eric on December 26, 2008 at 22:50:31:
Any damages or repairs to an improvement on real property is generally the responsibility of the owner.
An exception to this would be any damage caused by a third party. However that can usually be reimbursed with insuraance or judgement award proceeds, assuming a litigation. Of course the damaging party could volunterily re-imburse the damaged powner.
If the owner has a condemend home, he must make it habitable or abandon it. The bank still wants to be paid back for what the owner borrowed from them.
Of course the owner could offer the deed to the bank in lieu of paying off the mortgage.
The bank will gladely accept the deed providing the property can be repaired and be made habitable again, AND THE REPAIRED VALUE GREATELY EXCEEDS THE MORTGAGE OWED, COST OF REPAIRS and any carrying charges.
Follow Ups:
- Re: RESPONSIBILTY UPON HOME BEING CONDEMNED - steele in minnesota 06:51:03 12/28/08
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