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Old 04-02-2009, 07:56 PM   #1
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Join Date: Mar 2009
Posts: 133
Default real estate purchase, invalid info on listing, liabilities?

here is the situation:
In Dec 2007 I purchased some real estate. Its a early 1970s mobile home on its own municipal lot....i own the land and the trailer. I currently tried to take a second mortgage out against the property to lower other borrowing costs, yet was unable to due to the fact it is a mobile home that has not been attached to the ground (ie:foundation/steel pilings).

During these conversations back and forth with the bank representitive she told me that the listing for the property they recieved when I applied for the mortgage, stated that the property's foundation consisted of "wood and or concrete". I currently have a mortgage on the property with this bank and the rep told me that had they known it was not affixed (foundation) to the land, they would have not lent me the money to purchase it.

This means my mortgage contract was written upon falsified information that solely allowed me to purchase this property. The discovery of this inaccuracy is causing me trouble, as I can not redo any lending on the property. This fact also makes it nearly impossible for me to sell the property, as I mentioned earlier no bank or mortgage insurer will loan on this type of property...especially with todays market.

Someone is liable, who would it be..the listing realtor? the vendor? the bank? sure isnt me....but I need some advice on how to handle this before I contact any 3rd party other than a lawyer.

What I would like to see is the liable party secure my residence to the ground.
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