Conduminums For Sale » Losing http://condominiumsforsales.com Wed, 23 May 2012 05:39:43 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Losing condo to foreclosure, it got vandalized and flooded, do I have to mitigate the amount of damages or? http://condominiumsforsales.com/losing-condo-to-foreclosure-it-got-vandalized-and-flooded-do-i-have-to-mitigate-the-amount-of-damages-or/455/ http://condominiumsforsales.com/losing-condo-to-foreclosure-it-got-vandalized-and-flooded-do-i-have-to-mitigate-the-amount-of-damages-or/455/#comments Sat, 05 Jun 2010 05:46:15 +0000 http://condominiumsforsales.com/losing-condo-to-foreclosure-it-got-vandalized-and-flooded-do-i-have-to-mitigate-the-amount-of-damages-or/455/ I just tried to do a short sale but my 2nd mortgage lender wouldn’t accept the offer. It is going to foreclose. It is vacant and was vandalized with flooding some time in the past few days and is terribly damaged.

If the bank is taking it away, could I be held negligent for not mitigating the damages from the obvious water damage caused by the vandalism?

Could I be liable for damage to the neighbors property from the water seaping into their walls?

Do you know the foreclosure process? What might expect after the foreclosure if the second lender has to take a huge loss?
No insurance, not investment property, the property has been secured. The flooding was due to the vandalism, someone went into the property, plugged up all sinks and turned on the water. It was apparently on for days. I just found out since I live somewhere else now. A police report was filed but it was by the HOA, I have to order a copy in the mail. I know the water has been turned off but the place has been soaked for days. The upstairs soaked the floors so much that caused damage to the downstairs ceiling. It is just awful, so I hear.

I think finding a real estate attorney is a good idea, I will likely oblige. I have a bankruptcy attorney in the family that has been trying to help me (a little) but I should probably find someone that specializes in real estate.
The 2nd mortgage is for $85k, and I have $0. No choice but to foreclose if they refused to take the short sale offer.

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