Real Estate Home Mortgages/What a mess ..


Altas Foundation Repair Est...
Altas Foundation Repai  

Black Drywall
Black Drywall  
Hello Eric,
Its a long story so I'll try to keep it short, We live in Texas an in December 2007 we bought on our first home, we had a realtor/broker whose license expired 11 days after we closed OOPS. Its a small 2 story A-Frame 982 Sq Ft built in 1969 on one acre its all wood on slab w/specit tank, in 1983 the first owners did 2 add-ons a kitchen an dinning room on the back side of the A, we asked for an inspection both realtors informed us one had been done and would get a copy at closing (BIG MISTAKE).
The front living room floors sloped down we were told it was a porch that had been enclosed. We went FHA the selling price was $45.900 we had 2 appraisal's done 1st one there was a problem over a closet, the 2nd one got as a $60.000 est value,   We paid $56.500 within 2 years the house is falling apart,the sloping floors turned out to be a -3 inch foundation problem, advanced to serious mold growth in both attics and in the walls, and the slab is broke in 3 places. We never were given the appraisal or sellers disclosure until we asked for it 2 years later. I sent Chase a long letter to there research dept... explaining what had happen #no reply#. Well after 5 and 1/2 years chase has given us a new est value of $14.000 land and home our loan is now at $51.282 we have never been late or missed a payment we got locked in at 7% interest. I will not throw this loan this is all we have. I've sent you 2 pics look at the one with he black drywall and water slugs. No wonder why were sick all the time.
Well Eric like I said #What A Mess) any HELP at all would be Greatly Appreciated.
         Thank-You So Much,,



The problems you are describing should have been known to the sellers and should have been disclosed to you. You have a potential lawsuit against quite a few parties - the sellers, the realtors, and possibly the appraiser.

You need to discuss the situation with a real estate attorney, who should be able to suggest how to proceed.

Best wishes,

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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Eric Forster


Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there. And by the way - you are invited to visit my website,


More than 25 years in loan production and underwriting in Southern California.

Mortgage Bankers of America (Southern California Chapter)

Former columnist for AOL Financial Center and the author of a mortgage primer.

MBA (Finance)

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