What are my rights? I bought a house w/ a transferable flood policy and I hold the deed…
I bought my house in June of last year and the owner told me that he would transfer the flood policy to me. In July, only one month later, the house flooded. The way the house was bought, he transferred the deed outright, making me the owner, and had me sign a promissory note for the payments because he was financing it to me. Well when the house flooded he decided (maybe his daughters, he is older and failing in health and his daughters are greedy) that they would NOT sign the policy over. Well the insurance was aware that I now owned the house because of my previous contact with them…and they ended up paying HIM the insurance policy. Who is at fault here? Him for insurance fraud, or the insurance company for paying someone who didn’t own the house? What should my course of action be? I now have a house that I have gutted of all of the sheet rock and insulation and no money to fix it! Also found out that he did not replace things properly from when it flooded ten years ago and lied about its condition….help!
sensible_man posted: 31 Aug at 5:23 pm
If you have the deed to the property, he has committed insurance fraud. Contact the insurance company and inquire as to why they paid him for a house that he does not own.
Barry C posted: 31 Aug at 5:42 pm
> Who is at fault here?
How about you for not following through on all the paperwork at escrow time?
> Also found out that he did not replace things properly from when it flooded ten years ago and lied about its condition….help!
He may or may not have a duty to disclose, but you certainly had the option to, and probably did, have your own inspection done.
But if you both decided you wanted to play the real estate game without the benefit of advisors or agents, and things went wrong, well, whose fault is that?
In any case, your next call will have to be to dial up some local lawyers who will advise you on straightening the mess. They are all listed in your local yellow pages, and some offer a free consultation.
My guess is a simple letter or two from the attorney will spring the money loose from the old owner.